SECTION 1.  Section 10 of chapter 40M of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by striking out the title “Reports” of section 10, and inserting thereof the following: “Performance Reports, Statements of Financial Condition and Administrative Supervision.”

SECTION 2.  Section 10 of chapter 40M of the General Laws, subsection (1), is hereby amended by inserting after paragraph (D), the following new paragraphs:

(E) A group may be subject to administrative supervision by the commissioner, without a prior hearing, in the same manner as M.G.L. c. 175J, if upon examination or at any other time the commissioner determines that:

(1) the group’s condition renders the continuance of its business hazardous as defined in M.G.L. c. 175J, § 3(C) to its members or the general public;

(2) the group gives its consent; or

(3) the business of the group is being conducted fraudulently.

The commissioner shall have the same powers and limitations relative to the administrative supervision of a group as are provided under M.G.L. c. 175J, except as otherwise provided in this chapter.

(F) Nothing contained in subpart (E) of this section shall permit the commissioner to initiate judicial proceedings to place a group in rehabilitation or liquidation proceedings or any other delinquency proceedings, however designated under the General Laws.