§ 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.

HISTORY: 2009, ch. 741.