Action to review the commissioner's actions -- Supervision of actions of commissioner in possession -- Authority of commissioner and court

(1) Before taking possession of an institution or other person under the commissioner's jurisdiction, or within a reasonable time after taking possession of an institution or other person without court order, as provided in this chapter, the commissioner shall bring an action in a court with jurisdiction under Title 78A, Judiciary and Judicial Administration, to provide the court with supervisory jurisdiction to review the actions of the commissioner. (2) (a) The actions of the commissioner are subject to review of the court. (b) The court may: (i) hear all objections to the actions of the commissioner; and (ii) rule upon all motions and actions coming before the court. (c) Standing to seek review of any action of the commissioner or any receiver or liquidator appointed by the commissioner is limited to persons whose rights, claims, or interests in the institution would be adversely affected by the action. (3) (a) The authority of the commissioner under this chapter is of an administrative and not judicial receivership. (b) The court may not overrule a determination or decision of the commissioner if it is not arbitrary, capricious, fraudulent, or contrary to law. (c) If the court overrules an action of the commissioner, the matter shall be remanded to the commissioner for a new determination by the commissioner, and the new determination shall be subject to court review.