Maryland Code, FINANCIAL INSTITUTIONS 2-115
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 2-115
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- including: means includes or including by way of illustration and not by way of limitation. See
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
(1) Notice of the opportunity for a hearing before the Commissioner to determine whether the summary cease and desist order should be vacated, modified, or entered as final; and
(2) Notice that the summary cease and desist order will be entered as final if the person does not request a hearing within 15 days of receipt of the summary cease and desist order.
(b) When the Commissioner determines after notice and a hearing, unless the right to notice and a hearing is waived, that a person has engaged in an act or practice constituting a violation of a law, regulation, rule, or order over which the Commissioner has jurisdiction, the Commissioner may in the Commissioner’s discretion and in addition to taking any other action authorized by law:
(1) Issue a final cease and desist order against the person;
(2) Suspend or revoke the license of the person;
(3) Issue a penalty order against the person imposing a civil penalty not exceeding:
(i) $10,000 for a first violation; and
(ii) $25,000 for each subsequent violation;
(4) Issue an order against the person requiring the person to take affirmative action to correct the violation, including making restitution to any person aggrieved by the violation; or
(5) Take any combination of the actions specified in this subsection.
(c) In determining the amount of financial penalty to be imposed under subsection (b) of this section, the Commissioner shall consider the following factors:
(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 industry involved;
(5) The assets of the violator; and
(6) Any other factors relevant to the determination of the financial penalty.
(d) Notice of any hearing under this section shall be given and the hearing shall be held in accordance with the Administrative Procedure Act.