PARRIS N. GLENDENING, Governor                             S.B. 751

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.

(C) BEFORE THE COMMISSIONER MAY REVOKE, SUSPEND, OR REFUSE TO
RENEW THE REGISTRATION OF A PREMIUM FINANCE COMPANY UNDER THIS
SECTION, THE COMMISSIONER SHALL PROVIDE TO THE PREMIUM FINANCE
COMPANY, WITHIN 15 BUSINESS DAYS AFTER ITS REQUEST, A CONTESTED CASE
HEARING UNDER TITLE 10, SUBTITLE 2 OF THE STATE GOVERNMENT ARTICLE.

23-209.

(a)     A registrant may surrender a registration by delivering to the Commissioner
written notice of the surrender.

(b)     Surrender of a registration does not affect the registrant's civil or criminal
liability for acts committed before the surrender.

23-210.

Suspension, revocation, or surrender of a registration does not affect the obligation
of an insured under a lawful premium finance agreement previously acquired or held by
the registrant.

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