ROBERT L. EHRLICH, JR., Governor                             Ch. 275

8-608.

SUBJECT TO THE HEARING PROVISIONS OF TITLE 2 OF THIS ARTICLE, THE
COMMISSIONER MAY DENY A REGISTRATION TO AN APPLICANT OR REFUSE TO
RENEW, SUSPEND, OR REVOKE THE REGISTRATION OF A REGISTRANT IF THE
APPLICANT OR REGISTRANT:

(1)     KNOWINGLY MAKES A MATERIAL MISSTATEMENT IN AN
APPLICATION FOR REGISTRATION;

(2)      FRAUDULENTLY OR DECEPTIVELY OBTAINS OR ATTEMPTS TO
OBTAIN A REGISTRATION FOR THE APPLICANT OR REGISTRANT OR FOR ANOTHER;

(3)      HAS BEEN CONVICTED OF A FELONY OR OF A MISDEMEANOR
INVOLVING MORAL TURPITUDE;

(4)      IN CONNECTION WITH THE VIATICAL SETTLEMENT CONTRACT AND
RELATED INSURANCE APPLICATION, COMMITS FRAUD OR ENGAGES IN ILLEGAL OR
DISHONEST ACTIVITIES;

(5)      OTHERWISE HAS SHOWN A LACK OF TRUSTWORTHINESS OR
COMPETENCE TO ACT AS A VIATICAL SETTLEMENT BROKER OR VIATICAL
SETTLEMENT PROVIDER; OR

(6)      VIOLATES ANY PROVISION OF THIS SUBTITLE OR A REGULATION
ADOPTED UNDER IT.

8-609.

INSTEAD OF OR IN ADDITION TO SUSPENDING OR REVOKING A REGISTRATION,
THE COMMISSIONER MAY:

(1)      IMPOSE ON THE HOLDER A PENALTY NOT EXCEEDING $125,000 FOR
EACH VIOLATION OF THIS SUBTITLE; AND

(2)      REQUIRE THE HOLDER TO MAKE RESTITUTION TO ANY PERSON
THAT HAS SUFFERED FINANCIAL INJURY BECAUSE OF THE VIOLATION OF THIS
SUBTITLE.

8-610.

(A) IT IS A VIOLATION OF THIS SUBTITLE FOR A VIATICAL SETTLEMENT
BROKER OR VIATICAL SETTLEMENT PROVIDER TO:

(1)     VIOLATE ANY PROVISION OF THIS SUBTITLE OR ANY REGULATION
ADOPTED UNDER THIS SUBTITLE;

(2)      FAIL TO REGISTER WITH THE COMMISSIONER IN ACCORDANCE WITH
THIS SUBTITLE BEFORE ACTING OR REPRESENTING ITSELF AS A VIATICAL
SETTLEMENT BROKER OR VIATICAL SETTLEMENT PROVIDER;

(3)      FAIL TO PROVIDE A VIATOR WITH A DISCLOSURE STATEMENT IN
ACCORDANCE WITH THIS SUBTITLE;

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