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§ 12-1105. Violation of duties

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2023

West's Annotated Code of Maryland
Financial Institutions
Title 12. Miscellaneous Institutions and Activities
Subtitle 11. Student Financing Companies (Refs & Annos)
Effective: October 1, 2023
MD Code, Financial Institutions, § 12-1105
§ 12-1105. Violation of duties
Currentness
Investigation and enforcement
(a)(1) The Commissioner may use the investigative and enforcement powers provided under §§ 2-113 through 2-116 of this article to enforce this subtitle.
(2) In addition to the Commissioner, the Attorney General or the State's Attorney for the county in which a violation occurs may enforce the requirements of this subtitle and use the same investigative and enforcement powers applicable to the Commissioner under §§ 2-113 through 2-116 of this article.
Void and unenforceable product
(b) A student financing product provided or acquired by a student financing company that is owed by a resident of the State shall be void and unenforceable if the Commissioner finds, after notice and a hearing, that a student financing company has knowingly violated this subtitle, at the time that the product was provided or acquired, by:
(1) Failing to comply with any registration or reporting requirement; or
(2) Furnishing inaccurate information to the Commissioner.
Discretion of Commissioner
(c) The Commissioner may order a person barred from acting as a stockholder, an officer, a director, a partner, an owner, or an employee of a student financing company for a term of 10 years or less if the person has:
(1) Been found to have knowingly violated any provision of this subtitle or regulation adopted under this subtitle; and
(2) Caused financial harm to a consumer.

Credits

Added by Acts 2023, c. 456, § 1, eff. Oct. 1, 2023.
MD Code, Financial Institutions, § 12-1105, MD FIN INST § 12-1105
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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