§ 12-1105

Maryland § 12-1105

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 12

Text

(a) (1) The Commissioner may use the investigative and enforcement powers provided under §§ 2–113 through 2–116 of this article to enforce this subtitle.

(2) In addition to the Commissioner, the Attorney General or the State’s Attorney for the county in which a violation occurs may enforce the requirements of this subtitle and use the same investigative and enforcement powers applicable to the Commissioner under §§ 2–113 through 2–116 of this article.

(b) A student financing product provided or acquired by a student financing company that is owed by a resident of the State shall be void and unenforceable if the Commissioner finds, after notice and a hearing, that a student financing company has knowingly violated this subtitle, at the time that the product was provided or acquired, by:

(1) Failing to comply with any registration or reporting requirement; or

(2) Furnishing inaccurate information to the Commissioner.

(c) The Commissioner may order a person barred from acting as a stockholder, an officer, a director, a partner, an owner, or an employee of a student financing company for a term of 10 years or less if the person has:

(1) Been found to have knowingly violated any provision of this subtitle or regulation adopted under this subtitle; and

(2) Caused financial harm to a consumer.