Massachusetts § 2D - Unfair practices; findings; cease and desist orders; penalty; modification of order

§ 2D. Unfair practices; findings; cease and desist orders; penalty; modification of order

Section 2D. If, after such hearing, the commissioner shall determine that the bank charged has engaged in an unfair or deceptive act or practice, he shall reduce his findings to writing and shall issue and cause to be served upon the bank charged with the violation a copy of such findings and an order requiring such bank to cease and desist from engaging in such method of competition, act or practice. In addition, any bank which commits such an act or practice may be punished by a fine of not more than one thousand dollars for each and every such act or practice.

Until the expiration of the time allowed under section two E for filing a petition for review, if no such petition has been filed within such time or, if a petition has been filed within such time, then until the transcript of the record in the proceeding has been filed in the supreme judicial court, as hereinafter provided, the commissioner may at any time, upon such notice and in such manner as he shall deem proper, modify or set aside, in whole or in part, any order issued by him under this section.

Upon the expiration of the time allowed for filing such a petition for review and in the event that no such petition has been duly filed, the commissioner may at any time, after notice and opportunity for hearing, reopen and alter, modify or set aside, in whole or in part, any order issued by him under this section whenever in his opinion conditions of fact or of law have so changed as to require such action or if the public interest shall so require.