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<section article="gfi" article_name="Financial Institutions" number="12-1105" title_number="12" title_name="Miscellaneous Institutions and Activities" subtitle_number="11" subtitle_name="Student Financing Companies">
  <level label="a">
    <level label="1">
      <text>The Commissioner may use the investigative and enforcement powers provided under §§ 2–113 through 2–116 of this article to enforce this subtitle.</text>
    </level>
    <level label="2">
      <text>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.</text>
    </level>
  </level>
  <level label="b">
    <text>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:</text>
    <level label="1">
      <text>Failing to comply with any registration or reporting requirement; or</text>
    </level>
    <level label="2">
      <text>Furnishing inaccurate information to the Commissioner.</text>
    </level>
  </level>
  <level label="c">
    <text>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:</text>
    <level label="1">
      <text>Been found to have knowingly violated any provision of this subtitle or regulation adopted under this subtitle; and</text>
    </level>
    <level label="2">
      <text>Caused financial harm to a consumer.</text>
    </level>
  </level>
</section>
