§ 6-906. Cease and desist orders

   (a) When order may issue. -- The Commissioner shall order any credit union to cease and desist from:

   (1) An unsafe or unsound practice;

   (2) A practice that is injurious to the public interest; or

   (3) A violation of laws or rules or regulations that relate to the Commissioner's supervision of the credit union.

(b) Restrictions on withdrawal of money. -- To protect depositors or members, the Commissioner may include in a cease and desist order a restriction on the withdrawal of money from any credit union.

(c) Correction of violations or practices. -- The Commissioner may include in a cease and desist order a requirement that the officers or officials act affirmatively to correct any violation or practice.

(d) Hearings. --

   (1) Before a cease and desist order takes effect, the Commissioner shall give the credit union an opportunity for a hearing.

   (2) Notice of the hearing shall be given and the hearing shall be held in accordance with Title 10 of the State Government Article.

(e) Orders effective on service. -- If the Commissioner determines that the violation or practice 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 credit union an opportunity for a hearing to rescind the order.

HISTORY: 1986, ch. 835; 1996, ch. 326, § 2; 2001, ch. 147, § 1; ch. 148, § 1; 2009, ch. 741.