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Ch. 633
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2000 LAWS OF MARYLAND
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(w) This compact shall become binding on a state when enacted by it into law
and such state shall thereafter be a signatory.
(x) A signatory may withdraw from this compact by legislative act.
Withdrawal shall be effective one year after written notification of withdrawal to all
signatories: Provided, withdrawal from the compact shall not affect supplementary
agreement obligations of signatories except as provided by the terms of such
supplementary agreements.]
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2000.
Approved May 18, 2000.
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CHAPTER 633
(House Bill 727)
AN ACT concerning
Commissioner of Financial Regulation - Investigative and Enforcement
Powers
FOR the purpose of providing that the certain investigative and enforcement powers
of the Commissioner of Financial Regulation authorized under this Act are in
addition to any investigative or enforcement powers of the Commissioner
authorized under any other provision of law; exempting certain financial
institutions from the applicability of certain investigative and enforcement
powers authorized under this Act; beginning in fiscal year 2001, requiring the
Governor to appropriate in the State budget in each fiscal year to the Division of
Financial Regulation to fund funding for the positions necessary to implement
the investigative and enforcement powers authorized under this Act;
authorizing the Commissioner to make investigations under certain
circumstances to determine whether a person has violated or is about to violate
a provision of law, regulation, rule, or order over which the Commissioner has
jurisdiction; authorizing the Commissioner to administer oaths, subpoena
witnesses, compel the attendance of witnesses, take evidence, and require the
production of certain documents for the purpose of an investigation or inquiry
under certain circumstances; limiting the right of a person not to testify or
produce documents under order of authorizing a court to issue an order to
require a person to appear before the Commissioner under certain
circumstances; authorizing the Commissioner to issue a summary cease and
desist order for a certain violation prior to a hearing under certain
circumstances; authorizing the Commissioner to take certain actions for a
certain violation after a certain notice and hearing under certain circumstances;
requiring the Commissioner to consider certain factors in determining the
amount of a financial penalty for a certain violation under certain
circumstances; authorizing the Commissioner to bring certain actions to obtain
certain remedies under certain circumstances; altering the authority of the
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