2124                                          LAWS OF MARYLAND                                      Ch. 291

(I) A LAW; OR

(II) A RULE OR REGULATION OF THE BOARD OF
COMMISSIONERS.

(B)  TO PROTECT DEPOSITORS, MEMBERS, STOCKHOLDERS, OR THE
PUBLIC, THE DIVISION DIRECTOR MAY INCLUDE IN A CEASE AND DESIST
ORDER A RESTRICTION ON THE WITHDRAWAL OF MONEY FROM ANY SAVINGS
AND LOAN ASSOCIATION BY THE PERSON OR PERSONS IDENTIFIED IN THE
ORDER.

(C)  THE DIVISION DIRECTOR MAY INCLUDE IN A CEASE AND DESIST
ORDER A REQUIREMENT THAT THE OFFICERS OR DIRECTORS OF A SAVINGS
AND LOAN ASSOCIATION ACT AFFIRMATIVELY TO CORRECT ANY VIOLATION
OR PRACTICE UNDER SUBSECTION (A) OF THIS SECTION.

(D)  (1) BEFORE A CEASE AND DESIST ORDER TAKES EFFECT, THE
DIVISION DIRECTOR SHALL GIVE THE SAVINGS AND LOAN ASSOCIATION AN
OPPORTUNITY FOR A HEARING BEFORE THE BOARD OF SAVINGS AND LOAN
COMMISSIONERS.

(2) PROMPT NOTICE OF THE HEARING SHALL BE GIVEN AND
THE HEARING SHALL BE HELD IN ACCORDANCE WITH THE ADMINISTRATIVE
PROCEDURE ACT.

(E)  (1) IF THE DIVISION DIRECTOR DETERMINES THAT THE
VIOLATION OR PRACTICE UNDER SUBSECTION (A) OF THIS SECTION
REQUIRES IMMEDIATE ACTION TO PROTECT DEPOSITORS, MEMBERS,
STOCKHOLDERS, OR THE PUBLIC, THE DIVISION DIRECTOR:

(1) (I) MAY ISSUE A CEASE AND DESIST ORDER THAT SHALL
BE A FINAL ORDER FOR THE PURPOSES OF § 8-407 OF THIS SUBTITLE AND
IS , EFFECTIVE ON SERVICE; AND

(2) (II) SHALL IMMEDIATELY GIVE THE SAVINGS AND LOAN
ASSOCIATION AN OPPORTUNITY FOR A HEARING BEFORE THE BOARD OF
SAVINGS AND LOAN COMMISSIONERS TO RESCIND THE ORDER.

(2) THE HEARING SHALL BE HELD IN ACCORDANCE WITH THE
ADMINISTRATIVE PROCEDURE ACT.

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

Approved May 21, 1985.