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PARRIS N. GLENDENING, Governor Ch. 633
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Commissioner to issue a cease and desist order under the Maryland Consumer
Loan Law under certain circumstances; authorizing the Commissioner to issue a
summary cease and desist order under the Maryland Consumer Loan Law
under certain circumstances; defining a certain term; and generally relating to
the investigative and enforcement powers of the Commissioner of Financial
Regulation.
BY adding to
Article - Financial Institutions
Section 2-113 through 2-116, inclusive
Annotated Code of Maryland
(1998 Replacement Volume and 1999 Supplement)
BY repealing and reenacting, with amendments,
Article - Financial Institutions
Section 11-215
Annotated Code of Maryland
(1998 Replacement Volume and 1999 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Financial Institutions
2-113.
(A) IN THIS SECTION, "AFFILIATE" HAS THE MEANING STATED IN § 5-401(B) OF
THIS ARTICLE.
(A) (B) EXCEPT AS PROVIDED IN SUBSECTION (D) OF THIS SECTION, THE
INVESTIGATIVE AND ENFORCEMENT POWERS OF THE COMMISSIONER AUTHORIZED
UNDER THIS SUBTITLE ARE IN ADDITION TO ANY INVESTIGATIVE OR ENFORCEMENT
POWERS OF THE COMMISSIONER AUTHORIZED UNDER ANY OTHER PROVISION OF
LAW.
(B) (C) BEGINNING IN FISCAL YEAR 2001, THE GOVERNOR SHALL
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 SUBTITLE.
(D) THE PROVISIONS OF §§ 2-114 THROUGH 2-116, INCLUSIVE, OF THIS
SUBTITLE DO NOT APPLY TO:
(1) ANY BANK, TRUST COMPANY, SAVINGS BANK, SAVINGS AND LOAN
ASSOCIATION, OR CREDIT UNION INCORPORATED OR CHARTERED UNDER THE LAWS
OF THIS STATE OR THE UNITED STATES THAT MAINTAINS ITS PRINCIPAL OFFICE IN
THIS STATE;
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- 3289 -
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