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§ 5-801. Removal of officer or director

West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2019

West's Annotated Code of Maryland
Financial Institutions
Title 5. Banking Institutions--General Provisions
Subtitle 8. Prohibited Activities; Penalties (Refs & Annos)
Effective: July 1, 2019
MD Code, Financial Institutions, § 5-801
§ 5-801. Removal of officer or director
Currentness
Warning from Commissioner
(a) If the Commissioner believes that a director or officer of a banking institution has engaged in an unsafe or unsound banking practice, the Commissioner shall send a warning to the director or officer.
Report to Secretary of Labor, Licensing, and Regulation
(b)(1) If the Commissioner finds that the director or officer has continued to engage in the unsafe or unsound practice, the Commissioner may report the facts to the Secretary of Labor and the Attorney General.
(2) A copy of the report shall be sent by certified mail, return receipt requested, bearing a postmark from the United States Postal Service, to each director of the banking institution.
Grounds for removal of officer or director
(c)(1) After giving the officer or director an opportunity to be heard, if the Commissioner finds that the unsafe or unsound practice continued after the warning, the Commissioner with the approval of the Secretary of Labor may remove the officer or director.
(2) A copy of the removal order shall be served on the individual removed and the banking institution.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1983, c. 563; Acts 1995, c. 120, § 19, eff. July 1, 1995; Acts 1996, c. 326, § 2, eff. July 1, 1996; Acts 2011, c. 332, § 4, eff. July 1, 2011; Acts 2019, c. 8, § 5.
Formerly Art. 11, § 11.
MD Code, Financial Institutions, § 5-801, MD FIN INST § 5-801
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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