reglab/housing_qa huggingface dataset:
MD. Financial Institutions Code Ann. §  6-906.1 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 9 - Prohibited Activities; Penalties|Section 6-906.1 - Cease and Desist Orders -- Civil Penalty

    (a)    After notice and a hearing, the Commissioner may assess a civil penalty against a credit union that the Commissioner determines has:        (1)    Violated a cease and desist order issued by the Commissioner under § 6–906 of this subtitle; or        (2)    Engaged in:            (i)    An unsafe or unsound 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 credit union 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.
MD. Financial Institutions Code Ann. §  6-906.2 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 9 - Prohibited Activities; Penalties|Section 6-906.2 - Closed Hearing in Extraordinary Circumstances

    (a)    In this section, “extraordinary circumstances” means a situation presenting specific concerns about the prompt withdrawal of money from, or the safety and soundness of, a credit union.    (b)    In extraordinary circumstances and with the consent of the credit union, the Commissioner may close to the public a hearing concerning the assessment of a civil penalty, an order to cease and desist, or any other formal enforcement action by the Commissioner.
MD. Financial Institutions Code Ann. §  6-907 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 9 - Prohibited Activities; Penalties|Section 6-907 - Unsafe or Unsound Practices

    (a)    (1)    If the Commissioner believes that an officer or official has engaged in an unsafe or unsound practice, the Commissioner shall send a warning to the officer or official.        (2)    If the Commissioner finds that the officer or official has continued to engage in the unsafe or unsound practice, the Commissioner may report the facts to the Secretary of Labor and the Attorney General.        (3)    A copy of the report shall be sent by certified mail, return receipt requested, bearing a postmark from the United States Postal Service, to each director of the credit union.    (b)    (1)    If the Commissioner finds that the unsafe or unsound practice continues after the warning and the officer, official, agent, or employee was provided an opportunity to be heard, the Commissioner may remove the officer, official, agent, or employee with the approval of the Secretary of Labor.        (2)    Notice of the hearing shall be given and the hearing shall be held in accordance with Title 10 of the State Government Article.    (c)    A copy of the removal order shall be served on the individual removed and the credit union.    (d)    If the Commissioner determines that the unsafe or unsound 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 officer or official an opportunity for a hearing to rescind the order.
MD. Financial Institutions Code Ann. §  6-908 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 9 - Prohibited Activities; Penalties|Section 6-908 - Violations

    (a)    If the Commissioner believes that any officer, official, agent, or employee of a credit union has violated any provision of this title, the Commissioner may report the violation directly to the Secretary of Labor and to the Attorney General who shall take the appropriate steps to institute a prosecution for the violation.    (b)    (1)    The Commissioner shall send a written warning to an officer, official, agent, or employee of a credit union who the Commissioner believes has violated any provision of this title.        (2)    If after a warning the violation continues, the officer, official, agent, or employee may be removed as provided in § 6–907(b) of this subtitle.        (3)    Unless otherwise specified, any officer, official, agent, or employee of a credit union who violates the provisions of this title is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $3,000 or imprisonment not exceeding 5 years.    (c)    If the Commissioner determines that the violation 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 officer, official, agent, or employee an opportunity for a hearing to rescind the order.
MD. Financial Institutions Code Ann. §  7-201 (2021)
2021 Maryland Statutes|Financial Institutions|Title 7 - Credit Union Share Insurance|Subtitle 2 - Credit Union Share Guaranty Corporations|Section 7-201 - Definitions

    (a)    In this subtitle the following words have the meanings indicated.    (b)    Unless the context requires otherwise, “credit union” has the meaning stated in § 6-101(d) of this article.    (c)    “Credit union share guaranty corporation” means a corporation that is:        (1)    Engaged in the business of providing primary share guaranty insurance for the share and deposit accounts of a credit union; and        (2)    Regulated under this subtitle.    (d)    “Participating credit union” means a credit union that has applied for and been admitted to participation in a credit union share guaranty corporation and whose participation has not terminated.
MD. Financial Institutions Code Ann. §  7-202 (2021)
2021 Maryland Statutes|Financial Institutions|Title 7 - Credit Union Share Insurance|Subtitle 2 - Credit Union Share Guaranty Corporations|Section 7-202 - Applicability

    The provisions of this subtitle do not apply to the Credit Union Insurance Corporation established under Subtitle 1 of this title.
MD. Financial Institutions Code Ann. §  7-203 (2021)
2021 Maryland Statutes|Financial Institutions|Title 7 - Credit Union Share Insurance|Subtitle 2 - Credit Union Share Guaranty Corporations|Section 7-203 - Certificate of Authority Required

    (a)    A person may not conduct business as a credit union share guaranty corporation unless the person has a certificate of authority issued by the Commissioner under this subtitle.    (b)    A certificate of authority issued by the Commissioner under this subtitle is not transferrable.
MD. Financial Institutions Code Ann. §  7-204 (2021)
2021 Maryland Statutes|Financial Institutions|Title 7 - Credit Union Share Insurance|Subtitle 2 - Credit Union Share Guaranty Corporations|Section 7-204 - Insuring Share and Deposit Accounts

    (a)    A credit union share guaranty corporation shall insure and guarantee the share and deposit accounts of each participating credit union to at least the same extent and amount as provided by the National Credit Union Administration Share Insurance Program.    (b)    A credit union share guaranty corporation may make contracts for reinsurance.
MD. Financial Institutions Code Ann. §  7-205 (2021)
2021 Maryland Statutes|Financial Institutions|Title 7 - Credit Union Share Insurance|Subtitle 2 - Credit Union Share Guaranty Corporations|Section 7-205 - Certificate of Authority -- Qualifications; Limitations

    (a)    To qualify for a certificate of authority under this subtitle, an applicant shall satisfy the Commissioner that the applicant:        (1)    Is trustworthy and reputable;        (2)    Has a good business reputation;        (3)    If domiciled outside the State, is currently licensed and authorized to engage in the credit union share guaranty business in its state of domicile;        (4)    Has and will maintain retained earnings or equity capital of at least $5,000,000, computed in accordance with generally accepted accounting principles;        (5)    Is in compliance with:            (i)    Its charter and this subtitle; and            (ii)    If domiciled outside the State, all laws and regulations applicable to credit union share guaranty corporations in its state of domicile;        (6)    Will conduct the credit union share guaranty business in the State in a manner that will adequately protect the share and deposit accounts of its participating credit unions; and        (7)    Will maintain reserves for guaranty losses in compliance with § 7-217 of this subtitle.    (b)    A person may not be authorized to engage in the credit union share guaranty business in the State if the person has or uses a name that is so similar to the name of a credit union share guaranty corporation already issued a certificate of authority under this subtitle as to tend to cause uncertainty or confusion or to deceive or mislead.
MD. Financial Institutions Code Ann. §  7-206 (2021)
2021 Maryland Statutes|Financial Institutions|Title 7 - Credit Union Share Insurance|Subtitle 2 - Credit Union Share Guaranty Corporations|Section 7-206 - Certificate of Authority -- Applications

    (a)    (1)    To apply for a certificate of authority, an applicant shall sign and submit to the Commissioner an application made under oath on the form that the Commissioner requires.        (2)    The application shall include:            (i)    The applicant’s corporate name, business address, and any trade names under which the applicant conducts business;            (ii)    The name and business address of each of the applicant’s officers and directors;            (iii)    The address at which the business is to be conducted;            (iv)    The name and address of the applicant’s proposed resident agent in the State; and            (v)    Any other information that the Commissioner reasonably requires.    (b)    With the application, the applicant shall submit:        (1)    A certified copy of its articles of incorporation with all amendments;        (2)    A certified copy of its bylaws with all amendments;        (3)    A copy of the applicant’s annual financial statements as of the immediately preceding December 31, prepared in accordance with generally accepted accounting principles and audited and certified by an independent certified public accountant;        (4)    If domiciled outside the State, a copy of the applicant’s most recent report of examination, if any, made by the responsible supervisory official in its state of domicile;        (5)    If domiciled outside the State, certification by the responsible supervisory official in its state of domicile showing that the applicant is authorized to engage in the credit union share guaranty business in that state;        (6)    A copy of the applicant’s current standard written contract with participating credit unions containing the rights and obligations of the parties; and        (7)    Any other information and documents that the Commissioner reasonably requires.    (c)    With the application, the applicant shall pay to the Commissioner a nonrefundable application fee of $5,000.
MD. Financial Institutions Code Ann. §  7-207 (2021)
2021 Maryland Statutes|Financial Institutions|Title 7 - Credit Union Share Insurance|Subtitle 2 - Credit Union Share Guaranty Corporations|Section 7-207 - Certificate of Authority -- Approval

    (a)    When an applicant for a certificate of authority files the application and pays the application fee required under § 7-206 of this subtitle, the Commissioner shall conduct an investigation to determine if the applicant meets the requirements of § 7-205 of this subtitle.    (b)    Unless the Commissioner notifies the applicant that a different time period is necessary, the Commissioner shall approve or deny each application for a certificate of authority within 120 days after the complete application is filed and the application fee is paid.    (c)    The Commissioner shall issue a certificate of authority to any applicant who meets the requirements of this subtitle.
MD. Financial Institutions Code Ann. §  7-208 (2021)
2021 Maryland Statutes|Financial Institutions|Title 7 - Credit Union Share Insurance|Subtitle 2 - Credit Union Share Guaranty Corporations|Section 7-208 - Certificate of Authority -- Denial; Request for Hearing

    (a)    If an application for a certificate of authority is denied, the notification of the denial shall:        (1)    Be in writing; and        (2)    State the applicant’s right to a hearing held in accordance with the Administrative Procedure Act.    (b)    An applicant who seeks a hearing on an application denial shall file a written request for a hearing within 30 days following receipt of the notice of the applicant’s right to a hearing.
MD. Financial Institutions Code Ann. §  7-210 (2021)
2021 Maryland Statutes|Financial Institutions|Title 7 - Credit Union Share Insurance|Subtitle 2 - Credit Union Share Guaranty Corporations|Section 7-210 - Examinations and Investigations

    (a)    (1)    The Commissioner:            (i)    Shall examine the business of each credit union share guaranty corporation at least once every 24 months; and            (ii)    May examine the business of each credit union share guaranty corporation at any time that the Commissioner reasonably considers necessary.        (2)    The Commissioner may enter into agreements with third parties and delegate the authority to conduct an examination required or permitted under this subsection.        (3)    In lieu of performing an examination of a credit union share guaranty corporation, the Commissioner may accept an examination report from the responsible supervisory official of the credit union share guaranty corporation’s state of domicile.    (b)    (1)    A person aggrieved by the conduct of a credit union share guaranty corporation under this subtitle in connection with the credit union share guaranty business may file a written complaint with the Commissioner who may investigate the complaint.        (2)    The Commissioner may make any other investigation of any person if the Commissioner has reasonable cause to believe that the person has violated any provision of this subtitle, any regulation adopted under this subtitle, or any other law regulating credit union share guaranty corporations in the State.    (c)    In connection with an examination or investigation made under this section, the Commissioner may:        (1)    Examine the books and records of any credit union share guaranty corporation or of any other person who the Commissioner believes has violated any provision of this subtitle, any regulation adopted under this subtitle, or any other law regulating credit union share guaranty corporations in the State;        (2)    Subpoena documents or other evidence; or        (3)    Summon and examine under oath any individual whose testimony the Commissioner requires.    (d)    If any person fails to comply with a subpoena or summons issued by the Commissioner under this section, the Commissioner may file a petition for enforcement in the appropriate circuit court.
MD. Financial Institutions Code Ann. §  7-211 (2021)
2021 Maryland Statutes|Financial Institutions|Title 7 - Credit Union Share Insurance|Subtitle 2 - Credit Union Share Guaranty Corporations|Section 7-211 - Payment of Expenses; Assessments

    (a)    A credit union share guaranty corporation shall pay all reasonable expenses for transportation, lodging, and meals associated with:        (1)    An examination required or permitted under § 7-210 of this subtitle; and        (2)    Any other examination or investigation conducted under this article that results in the discovery of a violation of this subtitle by the credit union share guaranty corporation.    (b)    (1)    A credit union share guaranty corporation shall pay an annual assessment of $5,000.        (2)    A credit union share guaranty corporation shall pay the assessment imposed under paragraph (1) of this subsection to the Commissioner on or before February 15 after the assessment is imposed.
MD. Financial Institutions Code Ann. §  7-212 (2021)
2021 Maryland Statutes|Financial Institutions|Title 7 - Credit Union Share Insurance|Subtitle 2 - Credit Union Share Guaranty Corporations|Section 7-212 - Reports

    (a)    (1)    On or before April 1 of each year, unless the Commissioner extends the time for good cause, each credit union share guaranty corporation shall file with the Commissioner an annual report for the immediately preceding calendar year.        (2)    The annual report shall include:            (i)    The annual financial statement of the credit union share guaranty corporation prepared in accordance with generally accepted accounting principles and audited and certified by an independent certified public accountant that contains:                1.    A balance sheet;                2.    An income statement;                3.    A statement of cash flows;                4.    A statement of changes of the credit union share guaranty corporation’s equity; and                5.    Notes to the financial statement;            (ii)    The following information regarding all participating credit unions, as appropriate, regardless of the state in which a participating credit union is domiciled:                1.    The composite CAMEL rating of each credit union if the composite CAMEL rating of a credit union is 4 or 5; and                2.    Any current administrative action or any current plan for corrective action concerning each credit union initiated by the credit union share guaranty corporation or the responsible supervisory official in the credit union’s state of domicile; and            (iii)    An analysis of the components of the guaranty fund required under § 7-216 of this subtitle, including any reserves for guaranty losses established under § 7-217 of this subtitle.        (3)    Unless the Commissioner extends the time for filing, a credit union share guaranty corporation that fails to file an annual report on or before April 10 shall pay a penalty of $100 for each day from April 1 to the day before the Commissioner receives the report.    (b)    At any time, the Commissioner may require a credit union share guaranty corporation to file an interim report containing the information that the Commissioner considers necessary.
MD. Financial Institutions Code Ann. §  7-213 (2021)
2021 Maryland Statutes|Financial Institutions|Title 7 - Credit Union Share Insurance|Subtitle 2 - Credit Union Share Guaranty Corporations|Section 7-213 - Exchange of Information

    (a)    This section applies notwithstanding any other provision of law.    (b)    A credit union share guaranty corporation and the Commissioner may exchange information, including information obtained during an examination, about a participating credit union or a credit union that is applying for participation in the credit union share guaranty corporation.    (c)    The Commissioner may exchange information, including information obtained during an examination, about a credit union share guaranty corporation with any state or federal agency having supervisory authority over the credit union share guaranty corporation.
MD. Financial Institutions Code Ann. §  7-214 (2021)
2021 Maryland Statutes|Financial Institutions|Title 7 - Credit Union Share Insurance|Subtitle 2 - Credit Union Share Guaranty Corporations|Section 7-214 - Contracts With Participating Credit Unions

    (a)    A credit union share guaranty corporation shall have a written contract with each participating credit union that clearly establishes the rights and obligations of the parties.    (b)    At least 30 days before the effective date of any material amendment to the standard written contract that is submitted under § 7-206(b) of this subtitle, the credit union share guaranty corporation shall file the amendment with the Commissioner.
MD. Financial Institutions Code Ann. §  7-215 (2021)
2021 Maryland Statutes|Financial Institutions|Title 7 - Credit Union Share Insurance|Subtitle 2 - Credit Union Share Guaranty Corporations|Section 7-215 - Notice to Commissioner

    A credit union share guaranty corporation shall provide written notice to the Commissioner of:         (1)    The receipt from a credit union of an application for participation in the credit union share guaranty corporation;        (2)    The credit union share guaranty corporation’s underwriting decision regarding the application for participation; and        (3)    The voluntary or involuntary termination of the participation of a credit union in the credit union share guaranty corporation.
MD. Financial Institutions Code Ann. §  7-217 (2021)
2021 Maryland Statutes|Financial Institutions|Title 7 - Credit Union Share Insurance|Subtitle 2 - Credit Union Share Guaranty Corporations|Section 7-217 - Reserves for Guaranty Losses

    (a)    (1)    A credit union share guaranty corporation shall establish reserves for guaranty losses on an incurred basis in accordance with generally accepted accounting principles during the period in which the losses become evident.        (2)    The reserves shall provide for:            (i)    Losses reported to the credit union share guaranty corporation;            (ii)    Losses incurred but not previously reported; and            (iii)    Estimated losses on the collection of notes and other guarantees to participating credit unions.    (b)    The reserves shall be maintained until the losses for which the reserves were established have been satisfied.