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Maryland Code, Financial Institutions § 12-1105

Current as of January 01, 2025 | Updated by Findlaw Staff

(a)(1) The Commissioner may use the investigative and enforcement powers provided under §§ 2-113 through 2-116 of this article to enforce this subtitle.

(2) In addition to the Commissioner, the Attorney General or the State's Attorney for the county in which a violation occurs may enforce the requirements of this subtitle and use the same investigative and enforcement powers applicable to the Commissioner under §§ 2-113 through 2-116 of this article.

(b) A student financing product provided or acquired by a student financing company that is owed by a resident of the State shall be void and unenforceable if the Commissioner finds, after notice and a hearing, that a student financing company has knowingly violated this subtitle, at the time that the product was provided or acquired, by:

(1) Failing to comply with any registration or reporting requirement; or

(2) Furnishing inaccurate information to the Commissioner.

(c) The Commissioner may order a person barred from acting as a stockholder, an officer, a director, a partner, an owner, or an employee of a student financing company for a term of 10 years or less if the person has:

(1) Been found to have knowingly violated any provision of this subtitle or regulation adopted under this subtitle; and

(2) Caused financial harm to a consumer.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 12-1105 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-12-1105/

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