55-502 - General powers and duties of agency.
§ 55-502. General powers and duties of agency.
A. The agency may adopt, amend and repeal rules and regulations and issueorders consistent with and in furtherance of the objectives of this chapter,but the agency may not intervene in the internal activities of an associationexcept to the extent necessary to prevent or cure violations of this chapter.The agency may prescribe forms and procedures for submitting information tothe agency.
B. If it appears that any person has engaged, is engaging or is about toengage in any act or practice in violation of this chapter or any of theagency's regulations or orders, the agency without prior administrativeproceedings may bring suit in the appropriate court to enjoin that act orpractice or for other appropriate relief. The agency is not required to posta bond or prove that no adequate remedy at law exists.
C. The agency may intervene in any action or suit involving the powers orresponsibilities of a declarant in connection with any cooperative for whichan application for registration is on file.
D. The agency may accept grants-in-aid from any governmental source and maycontract with agencies charged with similar functions in this or otherjurisdictions in furtherance of the objectives of this chapter.
E. The agency may cooperate with agencies performing similar functions inthis and other jurisdictions to develop uniform filing procedures and forms,uniform disclosure standards and uniform administrative practices, and maydevelop information that may be useful in the discharge of the agency'sduties.
F. In issuing any cease and desist order or order rejecting or revokingregistration of a cooperative, the agency shall state the basis for theadverse determination and the underlying facts.
G. The agency, in its sound discretion, may require bonding, escrow ofportions of sales proceeds or other safeguards it may prescribe by itsregulations to guarantee completion of all improvements labeled "MUST BEBUILT" pursuant to § 55-494.
(1982, c. 277.)