HARRY HUGHES, Governor                                       3295

(C) THE BANK COMMISSIONER MAY INCLUDE IN A CEASE AND DESIST
ORDER A REQUIREMENT THAT THE OFFICERS, DIRECTORS, OR COMMITTEE
MEMBERS OF A CREDIT UNION ACT AFFIRMATIVELY TO CORRECT ANY
VIOLATION OR PRACTICE.

(D) (1) BEFORE A CEASE AND DESIST ORDER TAKES EFFECT, THE
BANK COMMISSIONER SHALL GIVE THE CREDIT UNION AN OPPORTUNITY FOR
A HEARING.

(2) NOTICE OF THE HEARING SHALL BE GIVEN AND THE
HEARING SHALL BE HELD IN ACCORDANCE WITH TITLE 10 OF THE STATE
GOVERNMENT ARTICLE.

(E) IF THE BANK COMMISSIONER DETERMINES THAT THE VIOLATION
OR PRACTICE UNDER SUBSECTION (A) OF THIS SECTION REQUIRES
IMMEDIATE ACTION TO PROTECT DEPOSITORS OR SHAREHOLDERS, THE BANK
COMMISSIONER;

(1) MAY ISSUE A CEASE AND DESIST ORDER THAT IS
EFFECTIVE ON SERVICE; AND

(2) SHALL GIVE THE CREDIT UNION AN OPPORTUNITY FOR A
HEARING TO RESCIND THE ORDER.

6-307.2.

(A) (1) IF THE BANK COMMISSIONER BELIEVES THAT A DIRECTOR,
OFFICER, OR COMMITTEE MEMBER OF A CREDIT UNION HAS ENGAGED IN AN
UNSAFE OR UNSOUND PRACTICE, THE BANK COMMISSIONER SHALL SEND A
WARNING TO THE DIRECTOR, OFFICER, OR COMMITTEE MEMBER.

(2) IF THE BANK COMMISSIONER FINDS THAT THE DIRECTOR,
OFFICER, OR COMMITTEE MEMBER HAS CONTINUED TO ENGAGE IN THE
UNSAFE OR UNSOUND PRACTICE, THE BANK COMMISSIONER MAY REPORT THE
FACTS TO THE SECRETARY OF LICENSING AND REGULATION AND THE
ATTORNEY GENERAL.

(3) A COPY OF THE REPORT SHALL BE SENT BY CERTIFIED
MAIL, RETURN RECEIPT REQUESTED, BEARING A POSTMARK FROM THE
UNITED STATES POSTAL SERVICE, TO EACH DIRECTOR OF THE CREDIT
UNION.

(B) IF THE BANK COMMISSIONER FINDS THAT THE UNSAFE OR
UNSOUND PRACTICE CONTINUES AFTER THE WARNING AND THE OFFICER,
DIRECTOR, OR COMMITTEE MEMBER WAS PROVIDED AN OPPORTUNITY TO BE
HEARD, THE BANK COMMISSIONER MAY REMOVE THE OFFICER, DIRECTOR, OR
COMMITTEE MEMBER WITH THE APPROVAL OF THE SECRETARY OF LICENSING
AND REGULATION.

(C) A COPY OF THE REMOVAL ORDER SHALL BE SERVED ON THE
INDIVIDUAL REMOVED, AND THE CREDIT UNION.

6-402.