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PARRIS N. GLENDENING, Governor
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S.B. 776
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7-207.
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(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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- 4889 -
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