HARRY HUGHES, Governor

1059

LOAN ASSOCIATIONS, ANY UNSAFE OR UNSOUND BUSINESS PRACTICE IN THE
OPERATION OF THE ASSOCIATION, ANY INSIDER LOAN NOT AUTHORIZED BY
§ 9-307 OF THIS ARTICLE, OR ANY REPEATED VIOLATION OF THE
ASSOCIATION'S CHARTER OR BYLAWS.

(b) Content.

An order issued by the Division Director under this section
to a savings and loan association, HOLDING COMPANY, OR SUBSIDIARY
OR RELATED ENTITY shall:

(1)  Be in writing and signed by the Division
Director;

(2)  State the alleged violation in detail and the
facts that constitute the violation;

(3)  Direct the association HOLDING COMPANY, OR

SUBSIDIARY OR RELATED ENTITY to discontinue the violation [and to
comply with any law, rule, or regulation] OR TO TAKE THE ORDERED
REMEDIAL ACTION; and

(4)  State [the time and place of a hearing before the
Division Director, which time may not be less than 20 days from
the date of mailing] THAT THE ASSOCIATION, HOLDING COMPANY, OR
SUBSIDIARY OR RELATED ENTITY HAS A RIGHT TO A HEARING WITH
RESPECT TO MATTERS SET FORTH IN THE ORDER IF IT SUBMITS A REQUEST
FOR HEARING WITHIN 15 20 DAYS OF THE DATE OF THE ORDER.

(C) UPON RECEIPT OF SUCH REQUEST, A HEARING SHALL BE
SCHEDULED PROMPTLY BEFORE THE DIVISION DIRECTOR OR THE DIVISION
DIRECTOR'S DESIGNEE AND NOTICE OF THE DATE, TIME, AND PLACE OF
THE HEARING SHALL BE PROVIDED TO THE ASSOCIATION, HOLDING
COMPANY, OR SUBSIDIARY IN WRITING BY THE DIVISION DIRECTOR.

[(c)] (D) Service.

An order shall be sent by [certified] mail, [return receipt
requested,] bearing a postmark from the United States Postal
Service, to:

(1)  The president of the savings and loan
association, HOLDING COMPANY, OR SUBSIDIARY OR RELATED ENTITY at
its principal office in this State; or

(2)  Whomever the association, HOLDING COMPANY, OR
SUBSIDIARY OR RELATED ENTITY designates to the DIVISION Director.

(E) EMERGENCY ORDERS.

(1) (I) IN ADDITION TO AN ORDER ISSUED UNDER
SUBSECTION (A) OF THIS SECTION, THE DIVISION DIRECTOR MAY ISSUE
AN EMERGENCY ORDER WITH RESPECT TO ANY MATTER SET FORTH IN
SUBSECTION (A) OF THIS SECTION IF THE DIVISION DIRECTOR
DETERMINES THAT THE PROTECTION OF DEPOSITORS, MEMBERS, OR