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Current as of January 01, 2025 | Updated by Findlaw Staff
(a) After notice and a hearing, the Commissioner may assess a civil penalty against a banking institution that the Commissioner determines has:
(1) Violated a cease and desist order issued by the Commissioner under § 5-808 of this subtitle; or
(2) Engaged in:
(i) An unsafe or unsound banking practice; or
(ii) A practice that is injurious to the public interest.
(b) 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)(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) 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 banking industry;
(5) The assets of the violator; and
(6) Any other factors relevant to the determination of the civil penalty.
(e)(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) The Commissioner shall pay all civil penalties collected under this section into the General Fund of the State.
Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 5-808.1 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-5-808-1/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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