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§ 6-906. Cease and desist orders

West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2009

West's Annotated Code of Maryland
Financial Institutions
Title 6. Credit Unions (Refs & Annos)
Subtitle 9. Prohibited Activities; Penalties
Effective: July 1, 2009
MD Code, Financial Institutions, § 6-906
§ 6-906. Cease and desist orders
Currentness
In general
(a) The Commissioner shall order any credit union to cease and desist from:
(1) An unsafe or unsound practice;
(2) A practice that is injurious to the public interest; or
(3) A violation of laws or rules or regulations that relate to the Commissioner's supervision of the credit union.
Restrictions on withdrawal of money
(b) To protect depositors or members, the Commissioner may include in a cease and desist order a restriction on the withdrawal of money from any credit union.
Actions by officers or officials to correct violation or practice
(c) The Commissioner may include in a cease and desist order a requirement that the officers or officials act affirmatively to correct any violation or practice.
Opportunity for hearing
(d)(1) Before a cease and desist order takes effect, the Commissioner shall give the credit union an opportunity for a hearing.
(2) Notice of the hearing shall be given and the hearing shall be held in accordance with Title 10 of the State Government Article.
Immediate action to protect depositors or members
(e) If the Commissioner determines that the violation or practice under subsection (a) of this section requires immediate action to protect depositors or members, the Commissioner:
(1) May issue a cease and desist order that is effective on service; and
(2) Shall give the credit union an opportunity for a hearing to rescind the order.

Credits

Added as Financial Institutions § 6-307.1 by Acts 1986, c. 835, § 1, eff. July 1, 1986. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996. Renumbered as Financial Institutions § 6-906 and amended by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001. Amended by Acts 2009, c. 741, § 1, eff. July 1, 2009.
MD Code, Financial Institutions, § 6-906, MD FIN INST § 6-906
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.
End of Document