§ 6-906.1
286 words·~1 min read·
/md/financial-institutions/6-906-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§6–906.1.
(a)After notice and a hearing, the Commissioner may assess a civil penalty against a credit union that the Commissioner determines has:
(1)Violated a cease and desist order issued by the Commissioner under § 6–906 of this subtitle; or
(2)Engaged in:
(i)An unsafe or unsound practice; or
(ii)A practice that is injurious to the public interest.
(b)The civil penalty may not exceed:
(1)$1,000 per violation; and
(2)$1,000 per violation for each day that the violation continues.
(1)A civil penalty shall be assessed by written notice of assessment served on the person to be assessed.
(2)The notice of assessment shall state the:
(i)Amount of the civil penalty;
(ii)Legal authority for the assessment; and
(iii)Matters of fact or law constituting the grounds for the assessment.
(3)The notice of assessment shall constitute a final order for purposes of judicial review pursuant to § 10–221 of the State Government Article.
(d)In determining the amount of the civil penalty to be assessed, the Commissioner shall consider:
(1)The seriousness of the violation;
(2)The good faith of the violator;
(3)The violator’s history of previous violations;
(4)The deleterious effect of the violation on the public and the credit union industry;
(5)The assets of the violator; and
(6)Any other factors relevant to the determination of the civil penalty.
(1)A civil penalty assessed under this section shall be due and payable within 30 days after the Commissioner issues the notice of assessment.
(2)The Commissioner may reduce or set aside a civil penalty.
(f)The Commissioner shall pay all civil penalties collected under this section into the General Fund of the State.