Tex. Fin. Code Section 35.005
Emergency Order


(a)

If the banking commissioner believes that immediate action is necessary to prevent immediate and irreparable harm to the bank and its depositors, creditors, and shareholders, the banking commissioner may issue one or more cease and desist, removal, or prohibition orders as emergency orders to become effective immediately on service without prior notice or hearing. Service must be by personal delivery or by registered or certified mail, return receipt requested.

(b)

In each emergency order the banking commissioner shall notify the bank and any person against whom the emergency order is directed of:

(1)

the specific conduct requiring the order;

(2)

the citation of each law alleged to have been violated;

(3)

the immediate and irreparable harm alleged to be threatened;

(4)

the duration of the order, including whether the duration of the order is perpetual; and

(5)

the right to a hearing.

(c)

Unless a person against whom the emergency order is directed requests a hearing in writing before the 11th day after the date it is served on the person, the emergency order is final and nonappealable as to that person.

(d)

A hearing requested under Subsection (c) must be:

(1)

given priority over all other matters pending before the banking commissioner; and

(2)

held not later than the 20th day after the date that it is requested unless the parties agree to a later hearing date.

(e)

After the hearing, the banking commissioner may affirm, modify, or set aside in whole or part the emergency order. An order affirming or modifying the emergency order is immediately final for purposes of enforcement and appeal. The order may be appealed as provided by Sections 31.202 (Appeal of Banking Commissioner Decision or Order) and 31.204 (Appeal to District Court).

(f)

An emergency order continues in effect unless the order is stayed by the banking commissioner. The banking commissioner may impose any condition before granting a stay of the emergency order.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 237 (H.B. 1962), Sec. 43, eff. September 1, 2007.
Acts 2011, 82nd Leg., R.S., Ch. 183 (S.B. 1165), Sec. 2, eff. May 28, 2011.
Acts 2019, 86th Leg., R.S., Ch. 20 (S.B. 614), Sec. 16, eff. September 1, 2019.

Source: Section 35.005 — Emergency Order, https://statutes.­capitol.­texas.­gov/Docs/FI/htm/FI.­35.­htm#35.­005 (accessed Jun. 5, 2024).

35.0001
Applicability to Bank Subsidiaries
35.001
Determination Letter
35.002
Cease and Desist Order
35.003
Removal or Prohibition Order
35.004
Hearing on Proposed Order
35.005
Emergency Order
35.006
Copy of Letter or Order in Bank Records
35.007
Effect of Final Removal or Prohibition Order
35.008
Limitation on Action
35.009
Enforcement by Commissioner
35.010
Administrative Penalty
35.011
Payment or Appeal of Administrative Penalty
35.012
Confidentiality of Records
35.013
Collection of Fees
35.0035
Removal or Prohibition Orders in Response to Certain Criminal Offenses
35.0071
Application for Release from Final Removal or Prohibition Order
35.101
Order of Supervision
35.102
Order of Conservatorship
35.103
Notice and Hearing
35.104
Post-hearing Order
35.105
Confidentiality of Records
35.106
Authority of Supervisor
35.107
Authority of Conservator
35.108
Qualifications of Appointee
35.109
Expenses
35.110
Review of Supervisor or Conservator Decision
35.111
Venue
35.112
Duration
35.113
Administrative Election of Remedies
35.114
Release Before Hearing
35.201
Inapplicability
35.202
Investigation of Unauthorized Activity
35.203
Subpoena Authority
35.204
Enforcement of Subpoena
35.205
Confidentiality of Subpoenaed Records
35.206
Evidence
35.207
Cease and Desist Order
35.208
Emergency Cease and Desist Order
35.209
Judicial Review of Cease and Desist Order
35.210
Violation of Final Cease and Desist Order
35.211
Administrative Penalty
35.212
Payment and Appeal of Administrative Penalty
35.213
Judicial Review of Administrative Penalty
35.1001
Applicability to Bank Subsidiaries

Accessed:
Jun. 5, 2024

§ 35.005’s source at texas​.gov