N.D. Cent. Code § 6-01-04.4
This is the official text of N.D. Cent. Code § 6-01-04.4, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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6-01-04.4. Prompt corrective action
Official statutory text
6-01-04.4. Prompt corrective action
The commissioner or board may enter an order if the commissioner or board finds that a
state bank is undercapitalized, significantly undercapitalized, or critically undercapitalized. For
the purpose of this section, undercapitalized, significantly undercapitalized, and critically
undercapitalized have the same definition as found in title 12, Code of Federal Regulations,
part 324, section 403, as amended April 15, 2016. The order may require an undercapitalized
state bank to take prompt corrective action as the commissioner or board determines
reasonable to bring the bank to an adequately capitalized condition, including the submission
and implementation of an acceptable capital restoration plan. A bank may request a hearing
before the state banking board within ten days of the order to review the factual basis used to
issue the request for prompt corrective action. The decision made by the board during this
hearing is final. If a hearing is not requested, the initial decision of the commissioner or board is
final. For a significantly or critically undercapitalized state bank, the commissioner or board may
issue a temporary cease and desist order appointing a receiver in accordance with chapter
6-07.2.
The commissioner or board may enter an order if the commissioner or board finds that a
state bank is undercapitalized, significantly undercapitalized, or critically undercapitalized. For
the purpose of this section, undercapitalized, significantly undercapitalized, and critically
undercapitalized have the same definition as found in title 12, Code of Federal Regulations,
part 324, section 403, as amended April 15, 2016. The order may require an undercapitalized
state bank to take prompt corrective action as the commissioner or board determines
reasonable to bring the bank to an adequately capitalized condition, including the submission
and implementation of an acceptable capital restoration plan. A bank may request a hearing
before the state banking board within ten days of the order to review the factual basis used to
issue the request for prompt corrective action. The decision made by the board during this
hearing is final. If a hearing is not requested, the initial decision of the commissioner or board is
final. For a significantly or critically undercapitalized state bank, the commissioner or board may
issue a temporary cease and desist order appointing a receiver in accordance with chapter
6-07.2.
Status: in_force · Read it on the official government site
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