Section 7-209 - Certificate of authority - Suspension or revocation(a) The Commissioner may suspend or revoke the certificate of authority of a credit union share guaranty corporation if the credit union share guaranty corporation or a director or officer of the credit union share guaranty corporation:(1) Makes a material misstatement in an application for a certificate of authority;(2) Is convicted under the laws of the United States or any state of: (ii) A misdemeanor that is directly related to the activities authorized by the certificate of authority;(3) In connection with any credit union share guaranty transaction:(ii) Engages in an illegal or dishonest activity; or(iii) Misrepresents or fails to disclose a material fact to a person entitled to that information;(4) Violates any provision of this subtitle, any rule or regulation adopted under this subtitle, or any other law regulating credit union share guaranty business in the State, or fails to comply with an order of the Commissioner;(5) Is found by the Commissioner to be in unsound condition or in a condition that renders further transaction of credit union share guaranty business hazardous to participating credit unions, the members of the participating credit unions, or the public;(6) Refuses or delays payment of amounts due claimants without just cause;(7) Refuses to be examined or to produce records or files for examination by the Commissioner when required;(8) Refuses to provide additional information reasonably requested by the Commissioner; or(9) Otherwise demonstrates unworthiness, bad faith, dishonesty, or any other quality that indicates that the business of the credit union share guaranty corporation has not been or will not be conducted honestly, fairly, and equitably.(b) In determining whether the certificate of authority of a credit union share guaranty corporation should be suspended or revoked for a conviction listed in subsection (a)(2) of this section, the Commissioner shall consider:(1) The nature of the crime;(2) The relationship of the crime to the activities authorized by the certificate of authority;(3) The relevance of the conviction to the fitness and qualification of the credit union share guaranty corporation to engage in the credit union share guaranty business;(4) The length of time since the conviction; and(5) The behavior and activities of the credit union share guaranty corporation since the conviction.(c)(1) The Commissioner may enforce the provisions of this subtitle and any rule or regulation adopted under this subtitle by:(i) Issuing an order to the credit union share guaranty corporation or entering into an agreement under which the credit union share guaranty corporation agrees: 1. To cease and desist from the violation and any further similar violations; and2. 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 $1,000 for each violation.(2) If a violator fails to comply with an order or agreement under this subsection, the Commissioner may impose a civil penalty not exceeding $1,000 for each violation from which the violator failed to cease and desist or for which the violator failed to take affirmative corrective action.(d) The Commissioner may file a petition in the circuit court for a county seeking enforcement of an order issued under this section.(e) In determining the amount of financial penalty to be imposed under subsection (c) of this section, 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 holders of credit union share or deposit accounts;(5) The assets of the violator; and(6) Any other factors relevant to the determination of the financial penalty.(f)(1) Before the Commissioner takes any action under subsection (a) or (c) of this section, the Commissioner shall give the credit union share guaranty corporation an opportunity for a hearing.(2) A hearing under this subtitle shall be held in accordance with the Administrative Procedure Act.(3) The hearing notice shall be sent by certified mail, return receipt requested, to the credit union share guaranty corporation to the principal place of business of the credit union share guaranty corporation at least 30 days before the hearing.