Ch. 326                                    1996 LAWS OF MARYLAND

Commissioner's instructions until the [Bank] Commissioner permits it to resume
business or until the [ Bank] Commissioner orders its liquidation under item (3) of this
subsection; or

(3) Place the credit union in receivership for liquidation in the same manner
as provided for a banking institution under Title 5, Subtitle 6 of this article.

6-307.1.

(a)     The [Bank] Commissioner shall order any credit union to cease and desist
from:

(1)     An unsafe or unsound banking practice;

(2) A practice that is injurious to the public interest; or

(3) A violation of laws or rules or regulations that relate to the [Bank]
Commissioner's supervision of the credit union.

(b)     To protect depositors or shareholders, the [Bank] Commissioner may include
in a cease and desist order a restriction on the withdrawal of money from any credit
union.

(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 Labor, Licensing, and
Regulation and the Attorney General.

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