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PARRIS N. GLENDENING, Governor
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S.B. 776
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1. TO CEASE AND DESIST FROM THE VIOLATION AND ANY
FURTHER SIMILAR VIOLATIONS; AND
2. TO TAKE AFFIRMATIVE ACTION TO CORRECT THE
VIOLATION, INCLUDING THE RESTITUTION OF MONEY OR PROPERTY TO ANY PERSON
AGGRIEVED BY THE VIOLATION; AND
(II) IMPOSING A CIVIL PENALTY NOT EXCEEDING $1,000 FOR EACH
VIOLATION.
(2) IF A VIOLATOR FAILS TO COMPLY WITH AN ORDER OR AGREEMENT
UNDER THIS SUBSECTION, THE COMMISSIONER MAY IMPOSE A CIVIL PENALTY NOT
EXCEEDING $1,000 FOR EACH VIOLATION FROM WHICH THE VIOLATOR FAILED TO
CEASE AND DESIST OR FOR WHICH THE VIOLATOR FAILED TO TAKE AFFIRMATIVE
CORRECTIVE ACTION.
(D) THE COMMISSIONER MAY FILE A PETITION IN THE CIRCUIT COURT FOR A
COUNTY SEEKING ENFORCEMENT OF AN ORDER ISSUED UNDER THIS SECTION.
(E) IN DETERMINING THE AMOUNT OF FINANCIAL PENALTY TO BE IMPOSED
UNDER SUBSECTION (C) OF THIS SECTION, THE COMMISSIONER SHALL CONSIDER:
(1) THE SERIOUSNESS OF THE VIOLATION;
(2) THE GOOD FAITH OF THE VIOLATOR;
(3) THE VIOLATOR'S HISTORY OF PREVIOUS VIOLATIONS;
(4) THE DELETERIOUS EFFECT OF THE VIOLATION ON THE PUBLIC AND
HOLDERS OF CREDIT UNION SHARE OR DEPOSIT ACCOUNTS;
(5) THE ASSETS OF THE VIOLATOR; AND
(6) ANY OTHER FACTORS RELEVANT TO THE DETERMINATION OF THE
FINANCIAL PENALTY.
(F) (1) BEFORE THE COMMISSIONER TAKES ANY ACTION UNDER
SUBSECTION (A) OR (C) OF THIS SECTION, THE COMMISSIONER SHALL GIVE THE
CREDIT UNION SHARE GUARANTY CORPORATION AN OPPORTUNITY FOR A HEARING.
(2) A HEARING UNDER THIS SUBTITLE SHALL BE HELD IN ACCORDANCE
WITH THE ADMINISTRATIVE PROCEDURE ACT.
(3) THE HEARING NOTICE SHALL BE SENT BY CERTIFIED MAIL, RETURN
RECEIPT REQUESTED, TO THE CREDIT UNION SHARE GUARANTY CORPORATION TO
THE PRINCIPAL PLACE OF BUSINESS OF THE CREDIT UNION SHARE GUARANTY
CORPORATION AT LEAST 30 DAYS BEFORE THE HEARING.
7-210.
(A) (1) THE COMMISSIONER:
(I) SHALL EXAMINE THE BUSINESS OF EACH CREDIT UNION
SHARE GUARANTY CORPORATION AT LEAST ONCE EVERY 24 MONTHS; AND
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- 4891 -
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