PARRIS N. GLENDENING, Governor                             Ch. 708

(c) The Commissioner shall renew the registration of each registrant that meets
the requirements of this section.

23-206.

The Commissioner shall require a premium finance company to report, on forms
provided by the Commissioner, changes in officers, directors, owners, trade names, and
PRINCIPALS, PARTNERS, business addresses, AND TELEPHONE NUMBERS.

23-207.

Each premium finance company:

(1)     shall maintain records of its premium finance transactions for at least 3
years AFTER MAKING THE FINAL ENTRY WITH RESPECT TO A PREMIUM FINANCE
AGREEMENT;

(2)     shall allow the Commissioner to examine the records; and

(3)     may keep the records in photographic, IMAGING, MICROFILM,
MICROFICHE, ELECTRONIC DATA PROCESSING, COMPUTER, or facsimile form.

23-208.

(a)     The SUBJECT TO THE HEARING PROVISIONS OF TITLE 2 OF THIS ARTICLE,
THE Commissioner may deny a registration to an applicant or suspend, revoke, or refuse
to renew the registration of a registrant if the Commissioner finds that the applicant or
registrant has:

(1)     failed to comply with a lawful requirement of the Commissioner under
this title;

(2)     violated a provision of this title;

(3)     made a material misstatement OR ENGAGED IN FRAUD in the
application for registration;

(4)     engaged in fraudulent or dishonest practices; or

(5)     demonstrated incompetency or untrustworthiness to engage in the
business of a premium finance company.

(b)     (1) Instead of or in addition to suspending, revoking, or refusing to renew a
registration, the Commissioner may:

(i) impose on the registrant, for a first or second offense, a penalty of
not less than $25 but not exceeding $500; or

(ii) require that restitution be made by a registrant that violates this
title to a person that has suffered financial injury as a result of a violation of this title.

(2) For purposes of this subsection, restitution means the sum of money
that, if paid to a person that suffers financial injury as a result of violation of this title, will
restore the person to the same financial position the person would have been in had the
violation not occurred.

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