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2002 LAWS OF MARYLAND
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Ch. 540
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7-208.
(A) IF AN APPLICATION FOR A CERTIFICATE OF AUTHORITY IS DENIED, THE
NOTIFICATION OF THE DENIAL SHALL:
(1) BE IN WRITING; AND
(2) STATE THE APPLICANT'S RIGHT TO A HEARING HELD IN
ACCORDANCE WITH THE ADMINISTRATIVE PROCEDURE ACT.
(B) AN APPLICANT WHO SEEKS A HEARING ON AN APPLICATION DENIAL
SHALL FILE A WRITTEN REQUEST FOR A HEARING WITHIN 30 DAYS FOLLOWING
RECEIPT OF THE NOTICE OF THE APPLICANT'S RIGHT TO A HEARING.
7-209.
(A) THE COMMISSIONER MAY SUSPEND OR REVOKE THE CERTIFICATE OF
AUTHORITY OF A CREDIT UNION SHARE GUARANTY CORPORATION IF THE CREDIT
UNION SHARE GUARANTY CORPORATION OR A DIRECTOR OR OFFICER OF THE
CREDIT UNION SHARE GUARANTY CORPORATION:
(1) MAKES A MATERIAL MISSTATEMENT IN AN APPLICATION FOR A
CERTIFICATE OF AUTHORITY;
(2) IS CONVICTED UNDER THE LAWS OF THE UNITED STATES OR ANY
STATE OF:
(I) A FELONY; OR
(II) A MISDEMEANOR THAT IS DIRECTLY RELATED TO THE
ACTIVITIES AUTHORIZED BY THE CERTIFICATE OF AUTHORITY;
(3) IN CONNECTION WITH ANY CREDIT UNION SHARE GUARANTY
TRANSACTION:
(I) COMMITS A FRAUD;
(II) ENGAGES IN AN ILLEGAL OR DISHONEST ACTIVITY; OR
(III) MISREPRESENTS OR FAILS TO DISCLOSE A MATERIAL FACT TO
A PERSON ENTITLED TO THAT INFORMATION;
(4) VIOLATES ANY PROVISION OF THIS SUBTITLE, ANY RULE OR
REGULATION ADOPTED UNDER THIS SUBTITLE, OR ANY OTHER LAW REGULATING
CREDIT UNION SHARE GUARANTY BUSINESS IN THE STATE, OR FAILS TO COMPLY
WITH AN ORDER OF THE COMMISSIONER;
(5) IS FOUND BY THE COMMISSIONER TO BE IN UNSOUND CONDITION
OR IN A CONDITION THAT RENDERS FURTHER TRANSACTION OF CREDIT UNION
SHARE GUARANTY BUSINESS HAZARDOUS TO PARTICIPATING CREDIT UNIONS, THE
MEMBERS OF THE PARTICIPATING CREDIT UNIONS, OR THE PUBLIC;
(6) REFUSES OR DELAYS PAYMENT OF AMOUNTS DUE CLAIMANTS
WITHOUT JUST CAUSE;
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- 4102 -
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