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§ 12-928. Cease and desist orders

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2018

West's Annotated Code of Maryland
Financial Institutions
Title 12. Miscellaneous Institutions and Activities
Subtitle 9. Maryland Debt Management Services Act (Refs & Annos)
Effective: October 1, 2018
MD Code, Financial Institutions, § 12-928
§ 12-928. Cease and desist orders
In general
(a)(1) The Commissioner may enforce the provisions of this subtitle and regulations adopted under this subtitle by:
(i) Issuing an order requiring the violator:
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 $10,000 for each violation.
(2) An order issued under this subsection may apply to a licensee's agent that violates any provision of this subtitle or the regulations adopted under this subtitle.
(3) If a violator fails to comply with an order issued under paragraph (1)(i) of this subsection, the Commissioner may impose a civil penalty not exceeding $25,000 for each violation from which the violator failed to cease and desist or for which the violator failed to take corrective affirmative action.
Enforcement of orders
(b) The Commissioner may file a petition in the circuit court for any county seeking enforcement of an order issued under this section.
Factors considered in determining amount of financial penalty
(c) In determining the amount of financial penalty to be imposed under subsection (a) of this section, the Commissioner shall consider the following:
(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;
(5) The assets of the violator; and
(6) Any other factors relevant to the determination of the financial penalty.


Added by Acts 2003, c. 374, § 1, eff. Oct. 1, 2003; Acts 2003, c. 375, § 1, eff. Oct. 1, 2003. Amended by Acts 2018, c. 731, § 1, eff. Oct. 1, 2018; Acts 2018, c. 732, § 3, eff. Oct. 1, 2018.
MD Code, Financial Institutions, § 12-928, MD FIN INST § 12-928
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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