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§ 10-707. Denial, suspension, or revocation of license

West's Annotated Code of MarylandInsuranceEffective: October 1, 2012

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 10. Regulation of Insurance Professions
Subtitle 7. Portable Electronics Vendors (Refs & Annos)
Effective: October 1, 2012
MD Code, Insurance, § 10-707
§ 10-707. Denial, suspension, or revocation of license
Currentness
Grounds for discipline
(a) The Commissioner may suspend, revoke, or refuse to renew a limited lines license issued under this subtitle after notice and opportunity for a hearing under Title 2, Subtitle 2 of this article if the vendor or an employee or authorized representative of the vendor has:
(1) willfully violated this article or another law of the State that relates to insurance;
(2) operated without a limited lines license as required under this subtitle;
(3) failed to provide the disclosures required under § 10-705 of this subtitle;
(4) offered or sold unapproved insurance products;
(5) failed to hold an appointment with an insurer;
(6) failed to train employees or authorized representatives as required under § 10-705 of this subtitle; or
(7) misrepresented pertinent facts or policy provisions concerning a policy of portable electronics insurance.
Representations as authorized insurer or insurance producer prohibited
(b) A vendor and the employees and authorized representatives of the vendor may not advertise, represent, or otherwise hold themselves out as an authorized insurer or as an insurance producer for any kind or subdivision of insurance, except as provided in this subtitle.
Penalties or restitution to persons suffering financial injury
(c) Instead of, or in addition to, suspending or revoking a limited lines license issued under this subtitle, the Commissioner may:
(1) impose on the vendor a penalty of not more than $2,500 for each violation of this subtitle; and
(2) require that restitution be made to any person who has suffered financial injury because of a violation of this subtitle.

Credits

Added by Acts 2009, c. 316, § 1, eff. Jan. 1, 2010; Acts 2009, c. 317, § 1, eff. Jan. 1, 2010. Amended by Acts 2012, c. 601, § 1, eff. Oct. 1, 2012; Acts 2012, c. 602, § 1, eff. Oct. 1, 2012.
MD Code, Insurance, § 10-707, MD INSURANCE § 10-707
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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