Page:United States Statutes at Large Volume 122.djvu/2794

 12 2 STA T . 2 7 71 PUBLIC LA W 11 0– 2 89—J UL Y3 0, 2008 ‘ ‘ (1)SUSPEN S IO NO R PRO H I B I T ION A UTHORIT Y.—IftheDir e c t o r s er v es w ritte n notice u n d er su b section ( a )u p ona part y sub j ect to that subsection (a) , the Director m ay, by order, suspend or remove such party from office, or prohibit such party from further participation in any manner in the conduct of the affairs of the re g u l ated entity, if the Director— ‘‘( A ) determines that such action is necessary for the protection of the regulated entity and ‘‘( B ) serves such party with written notice of the order. ‘‘( 2 ) EF FE C TI V E PERIO D .—Any order issued under this sub - section— ‘‘(A) shall become effective upon service; and ‘‘(B) unless a court issues a stay of such order under subsection (g), shall remain in effect and enforceable until— ‘‘(i) the date on which the Director dismisses the charges contained in the notice served under subsection (a) with respect to such party; or ‘‘(ii) the effective date of an order issued under subsection (b). ‘‘( 3 ) C OPY OF ORDER.—If the Director issues an order under subsection (b) to any party, the Director shall serve a copy of such order on any regulated entity with which such party is affiliated at the time such order is issued. ‘‘(c) N OTICE, H EARIN G , AND O RDER.— ‘‘(1) NOTICE.—A notice under subsection (a) of the intention of the Director to issue an order under this section shall contain a statement of the facts constituting grounds for such action, and shall fi x a time and place at which a hearing will be held on such action. ‘‘(2) T I M ING OF HEARING.—A hearing shall be fixed for a date not earlier than 3 0 days, nor later than 6 0 days, after the date of service of notice under subsection (a), unless an earlier or a later date is set by the Director at the re q uest of— ‘‘(A) the party receiving such notice, and good cause is shown; or ‘‘(B) the Attorney G eneral of the U nited States. ‘‘(3) CONSENT.—Unless the party that is the subject of a notice delivered under subsection (a) appears at the hearing in person or by a duly authori z ed representative, such party shall be deemed to have consented to the issuance of an order under this section. ‘‘( 4 ) ISSUANCE OF ORDER OF SUSPENSION.—The Director may issue an order under this section, as the Director may deem appropriate, if— ‘‘(A) a party is deemed to have consented to the issuance of an order under paragraph (3); or ‘‘(B) upon the record made at the hearing, the Director finds that any of the grounds specified in the notice have been established. ‘‘( 5 ) EFFECTIVENESS OF ORDER.—Any order issued under paragraph (4) shall become effective at the expiration of 30 days after the date of service upon the relevant regulated entity and party (except in the case of an order issued upon consent under paragraph (3), which shall become effective at the time specified therein). Such order shall remain effective and enforceable except to such extent as it is stayed, modified,

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