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§ 6-908. Enforcement of title

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

West's Annotated Code of Maryland
Financial Institutions
Title 6. Credit Unions (Refs & Annos)
Subtitle 9. Prohibited Activities; Penalties
Effective: July 1, 2019
MD Code, Financial Institutions, § 6-908
§ 6-908. Enforcement of title
Currentness
Reporting and prosecution of violations
(a) If the Commissioner believes that any officer, official, agent, or employee of a credit union has violated any provision of this title, the Commissioner may report the violation directly to the Secretary of Labor and to the Attorney General who shall take the appropriate steps to institute a prosecution for the violation.
Written warnings from Commissioner
(b)(1) The Commissioner shall send a written warning to an officer, official, agent, or employee of a credit union who the Commissioner believes has violated any provision of this title.
(2) If after a warning the violation continues, the officer, official, agent, or employee may be removed as provided in § 6-907(b) of this subtitle.
(3) Unless otherwise specified, any officer, official, agent, or employee of a credit union who violates the provisions of this title is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $3,000 or imprisonment not exceeding 5 years.
Immediate action to protect depositors or members
(c) If the Commissioner determines that the violation 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 officer, official, agent, or employee an opportunity for a hearing to rescind the order.

Credits

Added as Financial Institutions § 6-307.3 by Acts 1986, c. 836, § 1, eff. July 1, 1986. Amended by Acts 1995, c. 120, § 19, eff. July 1, 1995; Acts 1996, c. 326, § 2, eff. July 1, 1996. Renumbered as Financial Institutions § 6-908 and amended by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001. Amended by Acts 2019, c. 8, § 5.
MD Code, Financial Institutions, § 6-908, MD FIN INST § 6-908
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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