WILLIAM DONALD SCHAEFER, Governor                   Ch. 639

COMMISSIONER A VERIFIED APPLICATION ON THE FORM THAT THE BANK
COMMISSIONER REQUIRES.

(2)  THE APPLICANT SHALL COMPLY WITH ALL CONDITIONS
AND PROVISIONS WITHIN THE APPLICATION.

(3)  THE APPLICANT SHALL SUBMIT ANY OTHER INFORMATION
THAT THE BANK COMMISSIONER MAY REQUIRE.

(B) WITH THE APPLICATION, THE APPLICANT SHALL PAY TO THE
BANK COMMISSIONER AN INVESTIGATION FEE OF $100.00.

12-704.

ANY FINANCIAL INSTITUTION SUPERVISED AND EXAMINED UNDER THIS
SUBTITLE SHALL BE SUBJECT TO THE SAME REPORTING REQUIREMENTS AS A
BANKING INSTITUTION UNDER TITLE 3 5, SUBTITLE 2 OF THIS
ARTICLE, OTHER THAN § 5-208.

12-705.

(A)  UPON     90 DAYS PRIOR WRITTEN NOTICE TO THE BANK
COMMISSIONER,     A FINANCIAL INSTITUTION MAY TERMINATE THE BANK
COMMISSIONER'S  POWER TO SUPERVISE AND    EXAMINE IT UNDER THIS
SUBTITLE.

(B)  (1) IF THE BANK COMMISSIONER BELIEVES THAT A FINANCIAL
INSTITUTION SUPERVISED AND EXAMINED UNDER THIS SUBTITLE HAS
ENGAGED IN AN UNSAFE OR UNSOUND BANKING PRACTICE, OR HAS FAILED
TO COMPLY WITH THE LAW, THE BANK COMMISSIONER SHALL SEND A
WARNING TO THE FINANCIAL INSTITUTION.

(2) IF THE BANK COMMISSIONER FINDS THAT THE FINANCIAL
INSTITUTION HAS CONTINUED TO ENGAGE IN THE UNSAFE OR UNSOUND
PRACTICE, OR THAT THE FAILURE TO COMPLY WITH THE LAW HAS
CONTINUED, SUBJECT TO THE HEARING PROVISIONS OF SECTION 12-706 OF
THIS SUBTITLE, THE BANK COMMISSIONER MAY SUSPEND OR TERMINATE ITS
SUPERVISION AND EXAMINATION OF THE FINANCIAL INSTITUTION
HEREUNDER.

12-706.

(A)  IF THE BANK COMMISSIONER TAKES ANY ACTION UNDER §
12-705(B) OF THIS SUBTITLE, THE BANK COMMISSIONER SHALL GIVE THE
FINANCIAL INSTITUTION THE OPPORTUNITY FOR A HEARING.

(B)  NOTICE OF THE HEARING SHALL BE GIVEN AND A HEARING
SHALL BE HELD IN ACCORDANCE WITH THE ADMINISTRATIVE PROCEDURE
ACT.

12-707.

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