Section 190.30  Cease and Desist Procedures

a)         If the Secretary issues a Cease and Desist Order pursuant to Section 8(4) of the Act, that Cease and Desist Order will be served on the credit union in the manner set forth in Section 190.19, with a copy sent to each member of the board of directors.

b)         Within 90 days after service the Cease and Desist Order, the credit union may file a Petition for a Hearing pursuant to 38 Ill. Adm. Code 100.30. If no Petition for Hearing is filed, or the Cease and Desist Order is agreed to in writing, the credit union shall be deemed to have consented to the issuance of the Cease and Desist Order.

c)         A cease and desist order shall become effective upon service and shall remain effective until it is terminated by action of the Secretary or a reviewing court.

(Source:  Amended at 46 Ill. Reg. 12537, effective July 8, 2022)