3772

VETOES

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 IS
THAT SHALL BE A FINAL ORDER FOR PURPOSES OF SECTION 8-407 OF THIS
SUBTITLE, 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.

May 28, 1985
The Honorable Melvin A. Steinberg
President of the Senate
State House
Annapolis, Maryland 21404

Dear Mr. President:

In accordance with Article II, Section 17 of the Maryland
Constitution, I have today vetoed Senate Bill 183.