HARRY HUGHES, Governor                                     3103

NOTWITHSTANDING ANY OTHER PROVISIONS OF THIS SUBTITLE,
COMPLIANCE WITH SUBCHAPTER IV OF THE FEDERAL CONSUMER CREDIT
PROTECTION ACT AND REGULATIONS PROMULGATED THEREUNDER SHALL
CONSTITUTE COMPLIANCE WITH THIS SUBTITLE.

14-1706.

(A) IF A WRITTEN COMPLAINT FOR VIOLATION OF ANY PROVISION
OF THIS SUBTITLE OR ANY OTHER LAW OF THIS STATE REGULATING LOANS
OR OTHER EXTENSIONS OF CREDIT IS FILED WITH THE COMMISSIONER OF
CONSUMER CREDIT, THE COMMISSIONER MAY INVESTIGATE THE COMPLAINT
AND HOLD A HEARING ON IT IN ACCORDANCE WITH § 11-413 OF THE
FINANCIAL INSTITUTIONS ARTICLE.

(B) (1) THE COMMISSIONER SHALL GIVE TO THE CREDIT GRANTOR
AGAINST WHOM A COMPLAINT IS FILED WRITTEN NOTICE OF THE COMPLAINT
AND THE TIME AND PLACE OF ANY HEARING.

(2) THE NOTICE SHALL:

(I) BE IN WRITING; AND

(II) BE SENT BY REGISTERED OR CERTIFIED MAIL,
RETURN RECEIPT REQUESTED, TO THE CREDIT GRANTOR'S PRINCIPAL PLACE
OF BUSINESS AT LEAST 10 DAYS PRIOR TO THE DATE OF THE HEARING.
(C) (1) IF, AFTER THE HEARING, THE COMMISSIONER FINDS THAT

THE CREDIT GRANTOR HAS ENGAGED OR IS ENGAGING IN ANY ACT OR
PRACTICE PROHIBITED BY THIS SUBTITLE, THE COMMISSIONER SHALL
ORDER THE PERSON TO CEASE AND DESIST FROM THE ACT OR PRACTICE.

(2) THE ORDER OF THE COMMISSIONER SHALL COMPLY WITH
THE ADMINISTRATIVE PROCEDURE ACT OF THE CODE.

(D) (1) IF NO APPEAL IS FILED, THE ORDER BECOMES FINAL
AFTER EXPIRATION OF THE TIME ALLOWED BY THE ADMINISTRATIVE
PROCEDURE ACT FOR APPEALS FROM THE COMMISSIONER'S ORDERS.

(2) IF AN APPEAL IS FILED, THE ORDER BECOMES FINAL
AFTER A FINAL DECISION OF A COURT AFFIRMING THE ORDER OR
DISMISSING THE APPEAL.

(E) FOR THE PURPOSES OF THIS SECTION, THE COMMISSIONER'S
ORDER MAY NOT APPLY TO ANY:

(1) INCORPORATED BANK, SAVINGS INSTITUTION, OR TRUST
COMPANY;

(2) SAVINGS AND LOAN ASSOCIATION; OR

(3) FEDERAL OR STATE CREDIT UNION.

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