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Maryland Code, Financial Institutions § 12-928

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

(a)(1) The Commissioner may enforce the provisions of this subtitle and regulations adopted under this subtitle by:

(i) Issuing an order requiring the violator:

1. To cease and desist from the violation and any further similar violations; and

2. To take affirmative action to correct the violation, including the restitution of money or property to any person aggrieved by the violation; and

(ii) Imposing a civil penalty not exceeding $10,000 for each violation.

(2) An order issued under this subsection may apply to a licensee's agent that violates any provision of this subtitle or the regulations adopted under this subtitle.

(3) If a violator fails to comply with an order issued under paragraph (1)(i) of this subsection, the Commissioner may impose a civil penalty not exceeding $25,000 for each violation from which the violator failed to cease and desist or for which the violator failed to take corrective affirmative action.

(b) The Commissioner may file a petition in the circuit court for any county seeking enforcement of an order issued under this section.

(c) In determining the amount of financial penalty to be imposed under subsection (a) of this section, the Commissioner shall consider the following:

(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;

(5) The assets of the violator; and

(6) Any other factors relevant to the determination of the financial penalty.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 12-928 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-12-928/

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