The director may issue and serve any entity regulated by this chapter with a written notice of charges and intent to issue a cease and desist order if, in the opinion of the director, the regulated entity has committed or is about to commit:

     (1) A material violation of law; or

     (2) An unsafe or unsound practice.

     Upon taking effect, the order may require the regulated entity and its directors, supervisory committee members, officers, employees, and agents to cease and desist from the violation or practice and may require them to take affirmative action to correct the conditions resulting from the violation or practice.

[2010 c 87 § 9; 2001 c 83 § 33; 1997 c 397 § 53; 1994 c 92 § 211; 1984 c 31 § 60.]