Md. Code, Financial Institutions § 12-424
This is the official text of Md. Code, Financial Institutions § 12-424, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
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§12–424.
Official statutory text
(a) The Commissioner may conduct an examination of a licensee or an authorized delegate with not less than 7 business days’ prior notice.
(b) With good cause, the Commissioner may conduct an examination of a licensee or an authorized delegate with no prior notice.
(c) The licensee shall pay all reasonably incurred costs of an examination conducted under this section, including a per–day fee set by the Commissioner for each of the Commissioner’s employees engaged in the examination.
(d) Any examination may be conducted in conjunction with an examination performed by a representative of a responsible supervisory agency of another state.
(e) (1) The Commissioner, in lieu of an examination, may accept the examination report of a responsible supervisory agency of another state, or a report prepared by an independent accounting firm.
(2) A report accepted under paragraph (1) of this subsection is considered for all purposes as an official report of the Commissioner.
(f) The Commissioner may:
(1) Examine all books, accounts, and records the Commissioner determines are necessary to conduct a complete examination; and
(2) Examine under oath any officer, director, or employee of the licensee, or any other individual who may provide information on behalf of the licensee.
(b) With good cause, the Commissioner may conduct an examination of a licensee or an authorized delegate with no prior notice.
(c) The licensee shall pay all reasonably incurred costs of an examination conducted under this section, including a per–day fee set by the Commissioner for each of the Commissioner’s employees engaged in the examination.
(d) Any examination may be conducted in conjunction with an examination performed by a representative of a responsible supervisory agency of another state.
(e) (1) The Commissioner, in lieu of an examination, may accept the examination report of a responsible supervisory agency of another state, or a report prepared by an independent accounting firm.
(2) A report accepted under paragraph (1) of this subsection is considered for all purposes as an official report of the Commissioner.
(f) The Commissioner may:
(1) Examine all books, accounts, and records the Commissioner determines are necessary to conduct a complete examination; and
(2) Examine under oath any officer, director, or employee of the licensee, or any other individual who may provide information on behalf of the licensee.
Status: in_force · Read it on the official government site
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