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Code · Maryland · Financial Institutions

§ 8-402

385 words·~2 min read·/md/financial-institutions/8-402

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§8–402.
(a)Unless issued under § 8–401(e) of this subtitle, an order issued under this subtitle may not become effective until the savings and loan association or related entity named in the order has been given an opportunity for a hearing before the Division Director or the Division Director’s designee.
(b)If the savings and loan association or related entity does not request a hearing within the time specified in § 8–401(b)(4) of this subtitle or does not appear at the scheduled hearing, the order becomes final.
(1)After notifying the Secretary, the Division Director or the deputy division director may issue subpoenas compelling the attendance of witnesses or the production of records and documents at the hearing.
(2)If any person fails to comply with the subpoena, the Division Director or deputy division director may apply to the Circuit Court for Baltimore City for an order holding the person in contempt. If the court finds that, without reasonable cause, the person has failed to comply with the subpoena, the court may find the person in contempt and punish the person as if for contempt of court.
(3)The Division Director, the deputy division director, or the Division Director’s designee may administer an oath to witnesses.
(4)The Division Director shall maintain a record of the testimony and exhibits admitted at the hearing.
(5)The Division Director may adopt rules of procedure governing the conduct of hearings.
(6)If the Division Director determines by regulation that a procedure required by Title 10, Subtitle 2 (Administrative Procedure Act – Contested Cases) of the State Government Article does not apply to hearings before the Division, hearings scheduled by the Division may be conducted without regard to the procedure.
(7)The issuance of emergency orders in accordance with § 8–401(e) of this subtitle is not subject to Title 10, Subtitle 2 (Administrative Procedure Act – Contested Cases) of the State Government Article.
(d)After the savings and loan association or related entity has been given an opportunity for a hearing, the Division Director or the Division Director’s designee shall issue a final order within 30 days after the conclusion of the hearing. The order:
(1)Shall be mailed as provided in § 8–401 of this subtitle; and
(2)Becomes final 30 days after issuance of the order.
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