§ 11-517. Suspension or revocation of license
West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2018
Effective: October 1, 2018
MD Code, Financial Institutions, § 11-517
§ 11-517. Suspension or revocation of license
(a) Subject to the hearing provisions of § 11-518 of this subtitle, the Commissioner may suspend or revoke the license of any licensee if the licensee or any owner, director, officer, member, partner, stockholder, employee, or agent of the licensee:
(b) In determining whether the license of a licensee should be suspended or revoked for a reason described in subsection (a)(2) of this section, the Commissioner shall consider:
(c)(1) The Commissioner may enforce the provisions of this subtitle, regulations adopted under § 11-503 of this subtitle, and the applicable provisions of Title 12 of the Commercial Law Article by:
(2) 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 affirmative action to correct.
(d) The Commissioner may file a petition in the circuit court for any 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:
(f) The employment of a mortgage originator licensed under Subtitle 6 of this title by a mortgage lender does not relieve the mortgage lender of a responsibility under this subtitle, a rule or regulation adopted under this subtitle, or a law governing mortgage lending in the State.
Credits
Added by Acts 1989, c. 476, § 3, eff. July 1, 1989. Amended by Acts 2000, c. 691, § 1, eff. Oct. 1, 2000; Acts 2005, c. 590, § 1, eff. Oct. 1, 2005; Acts 2009, c. 4, § 1, eff. July 1, 2009; Acts 2018, c. 731, § 1, eff. Oct. 1, 2018; Acts 2018, c. 732, § 3, eff. Oct. 1, 2018.
MD Code, Financial Institutions, § 11-517, MD FIN INST § 11-517
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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