Page:United States Statutes at Large Volume 103 Part 2.djvu/1024

 103 STAT. 2034 PUBLIC LAW 101-235—DEC. 15, 1989 Public information. Federal Register, publication. District of Columbia. Material failure to comply with the provisions of a settle- ment agreement shall be sufficient cause for suspension or withdrawal. "(4) NOTICE AND HEARING.— "(A) The Board shall issue a written notice to the mortga- gee at least 30 days prior to taking any action against the mortgagee under subparagraph (B), (C), or (D) of paragraph (3). The notice shall state the specific violations which have been alleged, and shall direct the mortgagee to reply in writing to the Board within 30 days. If the mortgagee fails to reply during such period, the Board may make a determination without considering any comments of the mortgagee. "(B) If the Board takes action against a mortgagee under subparagraph (B), (C), or (D) of paragraph (3), the Board shall promptly notify the mortgagee in writing of the nature, duration, and specific reasons for the action. If, within 30 days of receiving the notice, the mortgagee re- quests a hearing, the Board shall hold a hearing on the record regarding the violations within 30 days of receiving the request. If a mortgagee fails to request a hearing within such 30-day period, the right of the mortgagee to a hearing shall be considered waived. "(C) In any case in which the notification of the Board does not result in a hearing (including any settlement by the Board and a mortgagee), any information regarding the nature of the violation and the resolution of the action shall be available to thepublic. in the Federal Register a description of and the cause for administrative action against a mortgagee. "(6) CEASE-AND-DESIST ORDERS. — "(A) Whenever the Secretary, upon request of the Mort- gagee Review Board, determines that there is reasonable cause to believe that a mortgagee is violating, has violated, or is about to violate, a law, rule or regulation or any condition imposed in writing by the Secretary or the Board, and that such violation could result in significant cost to the Federal Government or the public, the Secretary may issue a temporary order requiring the mortgagee to cease and desist from any such violation and to tsike affirmative action to prevent such violation or a continuation of such violation pending completion of proceedings of the Board with respect to such violation. Such order shall include a notice of charges in respect thereof and shall become effec- tive upon service to the mortgagee. Such order shall remain effective and enforceable for a period not to exceed 30 da3rs pending the completion of proceedings of the Board with respect to such violation, unless such order is set aside, limited, or suspended by a court in proceedings authorized by subparagraph (B) of this paragraph. The Board shall provide the mortgagee an opportunity for a hearing on the record, as soon as practicable but not later than 20 days after the temporary cease-and-desist order has been serv»i. "(B) Within 10 days after the mortgagee has been served with a temporary cease-and-desist order, the mortgagee may apply to the United States district court for the ju-
 * '(5) PuBucATiON.— The Secretary shall establish and publish

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