Section 6-906 - Cease and desist orders.
§ 6-906. Cease and desist orders.
(a) When order may issue.- 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) Restrictions on withdrawal of money.- 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) Correction of violations or practices.- 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) Hearings.-
(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) Orders effective on service.- 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.
[1986, ch. 835; 1996, ch. 326, § 2; 2001, ch. 147, § 1; ch. 148, § 1; 2009, ch. 741.]