MARYLAND MANUAL 35

ernor concerning the operations of his office (Code 1939 and Supp.
1947, Art. 11, sees. 11-27; 29-96; Acts 1949, Ch. 286).

The General Assembly of 1929 passed what is known as the "Credit
Union Law", which provides that any seven or more persons, residents
of this State, may apply to the Bank Commissioner for permission
to organize a Credit Union. The Act further provides that all Credit
Unions which are approved and chartered shall be subject to the
supervision of the Bank Commissioner (Code 1939, 1947 Supp. Art.
11, sees. 126-150).

The department also has jurisdiction over industrial finance loan
companies under the provisions of the "Industrial Finance Law"
passed in 1945, The Act generally provides that no person or cor-
poration may charge interest or other charges in the aggregate above
that permitted by law, on loans of fifteen hundred dollars or less, if
this person or corporation were not a licensee under the terms of the
law. All companies and individuals transacting business under the
terms of this statute must secure a license from the Bank Commis-
sioner. At least once in every eighteen months, the department is re-
quired to make an examination of each licensee; it is further required
that each licensee shall submit to the Commissioner an annual report
setting forth such relevant information regarding the business and
its operations, as the Commissioner may reasonably require. The Bank
Commissioner has the power to revoke or suspend licenses for infrac-
tions of the law. The Commissioner has the power to exempt certain
companies from the terms of the Act. Automatically exempted from
the Industrial Finance Act are those companies and individuals who
are doing business under the terms of the "Small Loan Law", which
is administered by the Administrator of Loan Laws (Code 1947
Supp. Art. 11, sees. 153-196).

Expenditures, 1949 ..............--..............$142,199.70

Appropriation, 1950 ........... 151,521.00

Staff: 33.

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BANKING BOARD

James J. Lacy, Comptroller of the Treasury
Morton M. Prentis, Baltimore Clearing House, 1965

Frank W. Wrightson, Associated Mutual Savings Banks of
Baltimore, 1951

F. Eoss Myers, Maryland State Bankers' Association, 1953

The Banking Board, established in 1935, is composed of the Comp-
troller of the Treasury, and three members appointed by the Gov-
ernor, from lists of nominees submitted by (1) the Baltimore Clear-
ing House, (2) the Associated Mutual Saving Banks of Baltimore,
and (3) the Maryland State Bankers' Association. Each member
holds office for six years with one term expiring every two years.
The Board meets at the call of the Bank Commissioner to confer and
to consult with him in matters pertaining to the banking business or
banking institutions in Maryland (Code 1939, Art. 11, sec. 28).