Sec. 151.702. CEASE AND DESIST ORDERS FOR UNLICENSED PERSONS. (a) If the commissioner has reason to believe that an unlicensed person has engaged or is likely to engage in an activity for which a license is required under this chapter, the commissioner may order the person to cease and desist from the violation until the person is issued a license under this chapter. The commissioner's order is subject to Section 151.709, unless the order is issued as an emergency order. The commissioner may issue an emergency cease and desist order in accordance with Section 151.710 if the commissioner finds that the person's violation or likely violation threatens immediate and irreparable harm to the public.
(b) A cease and desist order under this section may require the unlicensed person to take affirmative action to correct any condition resulting from or contributing to the activity or violation, including the payment of restitution to each resident of this state damaged by the violation.
Added by Acts 2005, 79th Leg., Ch. 1099 (H.B. 2218), Sec. 1, eff. September 1, 2005.
Amended by:
Acts 2017, 85th Leg., R.S., Ch. 428 (S.B. 1403), Sec. 9, eff. September 1, 2017.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Subtitle E - Other Financial Businesses
Chapter 151 - Regulation of Money Services Businesses
Section 151.701. Injunctive Relief
Section 151.702. Cease and Desist Orders for Unlicensed Persons
Section 151.703. Suspension and Revocation of License
Section 151.704. Suspension and Revocation of Authorized Delegate Designation
Section 151.705. Cease and Desist Orders for License Holders or Authorized Delegates
Section 151.706. Consent Orders
Section 151.707. Administrative Penalty
Section 151.708. Criminal Penalty
Section 151.709. Notice, Hearing, and Other Procedures for Nonemergency Orders
Section 151.710. Requirements and Notice and Hearing Procedures for Emergency Orders