(a)(1) Any director, officer, controlling person, or employee of a savings and loan association or related entity who is found to have violated any provision of this title or Title 8 of this article, whether willfully or as a result of gross negligence or recklessness, may be ordered to pay a civil penalty to the State of up to $10,000 for each violation.
(2)In determining the amount of financial penalty to be imposed, the Division Director shall consider the following:
(i)The seriousness of the violation;
(ii)The good faith of the violator;
(iii)The violator’s history of previous violations;
(iv)The deleterious effect of the violation on the public and the savings and loan industry; and
(v
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(a) (1) Any director, officer, controlling person, or employee of a savings and loan association or related entity who is found to have violated any provision of this title or Title 8 of this article, whether willfully or as a result of gross negligence or recklessness, may be ordered to pay a civil penalty to the State of up to $10,000 for each violation.
(2) In determining the amount of financial penalty to be imposed, the Division Director shall consider the following:
(i) The seriousness of the violation;
(ii) The good faith of the violator;
(iii) The violator’s history of previous violations;
(iv) The deleterious effect of the violation on the public and the savings and loan industry; and
(v) The assets of the violator.
(b) Prior to assessing a civil penalty, the Division Director shall serve by certified mail, return receipt requested, on the person to be charged, a notice containing:
(1) The specifications of the charge; and
(2) The time and place for a hearing to be held with respect to the charges, which may be not less than 20 days from the date of mailing the notice.
(c) The Division Director shall conduct a hearing on the charges in accordance with the terms of § 8-402 of this article and rules adopted by the Division Director.
(d) Following the hearing, or if the person charged does not appear, following the date of the hearing, the Division Director shall issue a final order pursuant to § 8-402 of this article.
(e) An appeal may be taken from a final order of the Division Director to the Circuit Court for Baltimore City.
(f) In addition to any of the other penalties and remedies set forth in this section, any person who is found to have financially gained from the violation of any provision of this title or Title 8 of this article, or regulations adopted by the Division Director, shall be required to forfeit the gain.
(g) This section may not be construed to prevent any person damaged by a director, officer, controlling person, or employee of an association from bringing a separate cause of action in a court of competent jurisdiction.