HARRY HUGHES, Governor                                      2123

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.

Approved May 21, 1985.

CHAPTER 291

(House Bill 333)

AN ACT concerning

Savings and Loan Division - Cease and Desist Orders

FOR the purpose of providing that the Director of the Savings and
Loan Division of the Department of Licensing and Regulation
may order a savings and loan association to cease and desist
from certain practices or violations; providing that the
Division Director may include certain restrictions or
requirements in a cease and desist order; providing for
notice and hearing before a certain body before a cease and
desist order may take effect; providing for certain
exceptions from the notice and hearing requirement under
certain circumstances; providing that a cease and desist
order shall be final under certain circumstances; providing
that the hearing shall be in accordance with a certain Act;
and generally relating to the enforcement powers of the
Director of the Savings and Loan Division.

BY adding to

Article - Financial Institutions
Section 8-402.2 8-402.1
Annotated Code of Maryland
(1980 Volume and 1984 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

8-402.2. 8-402.1.

(A) THE DIVISION DIRECTOR MAY ORDER ANY SAVINGS AND LOAN
ASSOCIATION TO CEASE AND DESIST FROM:

(1)  AN UNSAFE OR UNSOUND BANKING BUSINESS PRACTICE;

(2)  A PRACTICE THAT IS INJURIOUS TO THE PUBLIC
INTEREST; OR

(3)  A VIOLATION OF: