Section 6-906.1 - Cease and desist orders - Civil penalty. - Maryland Statutes

§ 6-906.1. Cease and desist orders - Civil penalty.
 

(a)  Assessment.- 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)  Limits.- The civil penalty may not exceed: 

(1) $1,000 per violation; and 

(2) $1,000 per violation for each day that the violation continues. 

(c)  Notice.-  

(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)  Considerations.- 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. 

(e)  Payment; reduction.-  

(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)  Payment of penalties into General Fund.- The Commissioner shall pay all civil penalties collected under this section into the General Fund of the State. 
 

[2009, ch. 741.]