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S.B. 776
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VETOES
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(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;
(7) REFUSES TO BE EXAMINED OR TO PRODUCE RECORDS OR FILES FOR
EXAMINATION BY THE COMMISSIONER WHEN REQUIRED;
(8) REFUSES TO PROVIDE ADDITIONAL INFORMATION REASONABLY
REQUESTED BY THE COMMISSIONER; OR
(9) OTHERWISE DEMONSTRATES UNWORTHINESS, BAD FAITH,
DISHONESTY, OR ANY OTHER QUALITY THAT INDICATES THAT THE BUSINESS OF THE
CREDIT UNION SHARE GUARANTY CORPORATION HAS NOT BEEN OR WILL NOT BE
CONDUCTED HONESTLY, FAIRLY, AND EQUITABLY.
(B) IN DETERMINING WHETHER THE CERTIFICATE OF AUTHORITY OF A
CREDIT UNION SHARE GUARANTY CORPORATION SHOULD BE SUSPENDED OR
REVOKED FOR A CONVICTION LISTED FN SUBSECTION (A)(2) OF THIS SECTION, THE
COMMISSIONER SHALL CONSIDER:
(1) THE NATURE OF THE CRIME;
(2) THE RELATIONSHIP OF THE CRIME TO THE ACTIVITIES AUTHORIZED
BY THE CERTIFICATE OF AUTHORITY;
(3) THE RELEVANCE OF THE CONVICTION TO THE FITNESS AND
QUALIFICATION OF THE CREDIT UNION SHARE GUARANTY CORPORATION TO
ENGAGE IN THE CREDIT UNION SHARE GUARANTY BUSINESS;
(4) THE LENGTH OF TIME SINCE THE CONVICTION; AND
(5) THE BEHAVIOR AND ACTIVITIES OF THE CREDIT UNION SHARE
GUARANTY CORPORATION SINCE THE CONVICTION.
(C) (1) THE COMMISSIONER MAY ENFORCE THE PROVISIONS OF THIS
SUBTITLE AND ANY RULE OR REGULATION ADOPTED UNDER THIS SUBTITLE BY:
(I) ISSUING AN ORDER TO THE CREDIT UNION SHARE GUARANTY
CORPORATION OR ENTERING INTO AN AGREEMENT UNDER WHICH THE CREDIT
UNION SHARE GUARANTY CORPORATION AGREES:
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- 4890 -
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