Page:United States Statutes at Large Volume 122.djvu/2845

 12 2 STA T . 2 8 22 PUBLIC LA W 11 0– 28 9—J UL Y3 0, 2008 ofthesam e pr o vi sio n, r ul e,orre g ulation .S u c hor d er ma y , in addition to re q uiring a person to cease and desist from committing or causing a violation, require such person to comply, or to ta k e steps to effect compliance, w ith such provi - sion or regulation, upon such terms and conditions and within such time as the Secretary may specify in such order. A ny such order may, as the Secretary deems appropriate, require future compliance or steps to effect future compliance, either permanently or for such period of time as the Secretary may specify, with such provision or regulation with respect to any loan originator. (2)HEARING . —T he notice instituting proceedings pursuant to paragraph ( 1 ) shall fi x a hearing date not earlier than 30 days nor later than 6 0 days after service of the notice unless an earlier or a later date is set b y the Secretary with the consent of any respondent so served. (3) TE MPO RAR Y OR D ER.— W henever the Secretary deter- mines that the alleged violation or threatened violation speci- fied in the notice instituting proceedings pursuant to paragraph (1), or the continuation thereof, is likely to result in significant dissipation or conversion of assets, significant harm to con- sumers, or substantial harm to the public interest prior to the completion of the proceedings, the Secretary may enter a temporary order requiring the respondent to cease and desist from the violation or threatened violation and to take such action to prevent the violation or threatened violation and to prevent dissipation or conversion of assets, significant harm to consumers, or substantial harm to the public interest as the Secretary deems appropriate pending completion of such proceedings. Such an order shall be entered only after notice and opportunity for a hearing, unless the Secretary determines that notice and hearing prior to entry would be impracticable or contrary to the public interest. A temporary order shall become effective upon service upon the respondent and, unless set aside, limited, or suspended by the Secretary or a court of competent j urisdiction, shall remain effective and enforceable pending the completion of the proceedings. ( 4 ) R E V IE W O FT EMPORARY ORDER S .— (A) REVIEW B YSE C RETARY.—At any time after the respondent has been served with a temporary cease and desist order pursuant to paragraph (3), the respondent may apply to the Secretary to have the order set aside, limited, or suspended. I f the respondent has been served with a temporary cease and desist order entered without a prior hearing before the Secretary, the respondent may, within 10 days after the date on which the order was served, request a hearing on such application and the Sec- retary shall hold a hearing and render a decision on such application at the earliest possible time. ( B ) JU DICIA L REVIEW.—Within— (i) 10 days after the date the respondent was served with a temporary cease and desist order entered with a prior hearing before the Secretary or (ii) 10 days after the Secretary renders a decision on an application and hearing under paragraph (1), with respect to any temporary cease and desist order entered without a prior hearing before the Secretary, Ef f ectiv e da te .No tificatio n . D ead l ine.

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