Skip to main content
Find a Lawyer

Maryland Code, Financial Institutions § 6-906

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

(a) 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) 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) 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)(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) 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.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 6-906 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-6-906/

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.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard