1062

LAWS OF MARYLAND

Ch. 282

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)  Requirement that officers or directors correct
violations.

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) Opportunity for hearing.

(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) Violations or practices requiring immediate action.

(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:

(i) May issue a cease and desist order that
shall be a final order for the purposes of § 8-407 of this
subtitle, effective on service; and

(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.]

[8-402.2. Action of Board upon finding of unsafe or unsound
business practice.

(a) Warning.

(1) If the Division Director finds that a director or
officer of a savings and loan association has engaged in an
unsafe or unsound business practice, the Division Director shall
send a written warning by certified mail, return receipt
requested, to the director or officer.