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Session Laws, 2002
Volume 800, Page 4889   View pdf image
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PARRIS N. GLENDENING, Governor
S.B. 776
7-207.
(A) WHEN AN APPLICANT FOR A CERTIFICATE OF AUTHORITY FILES THE
APPLICATION AND PAYS THE APPLICATION FEE REQUIRED UNDER § 7-206 OF THIS
SUBTITLE, THE COMMISSIONER SHALL CONDUCT AN INVESTIGATION TO DETERMINE
IF THE APPLICANT MEETS THE REQUIREMENTS OF § 7-205 OF THIS SUBTITLE. (B) UNLESS THE COMMISSIONER NOTIFIES THE APPLICANT THAT A
DIFFERENT TIME PERIOD IS NECESSARY, THE COMMISSIONER SHALL APPROVE OR
DENY EACH APPLICATION FOR A CERTIFICATE OF AUTHORITY WITHIN 120 DAYS
AFTER THE COMPLETE APPLICATION IS FILED AND THE APPLICATION FEE IS PAID. (C) THE COMMISSIONER SHALL ISSUE A CERTIFICATE OF AUTHORITY TO ANY
APPLICANT WHO MEETS THE REQUIREMENTS OF THIS SUBTITLE. 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 APPLICANTS 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
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Session Laws, 2002
Volume 800, Page 4889   View pdf image
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