once in every eighteen months, the Department is required to examine
each licensee; and each licensee must submit to the Commissioner an
annual report setting forth such information as the Commissioner may
reasonably require. The Bank Commissioner has the power to revoke
or suspend licenses for infractions of the law. He also has the power
to exempt certain companies from the terms of the "Industrial Finance
Act." Automatically exempted from the Act are those companies and
individuals that are doing business under the terms of the "Small Loan
Law," which is administered by the Administrator of Loan Laws (1957
Code, Art. II, sees. 163-205).

The Maryland Currency Exchange Law, passed in 1959 requires the
Bank Commissioner to supervise and regulate the selling or issuing of
checks, drafts, and money orders for a fee or service charge. Persons
who wish to transact such business in Maryland must qualify with the
Bank Commissioner and procure an annual license from him. The
effective date of the new Law is January 1st, 1960 (Acts 1959, chap.
597).

Appropriations 1959 1960

General Funds ................................ $244,174 $240,448
Staff: 35.

BANKING BOARD

Ex officio member: Louis L. Goldstein, Comptroller of the Treasury
Appointed members: Charles W. Hoff, Baltimore Clearing House,
1961; S. Page Nelson, Associated Mutual Savings Banks of
Baltimore, 1963; James P. Casbarian, Maryland State Bankers'
Association, 1965.

The Banking Board, established in 1935, is composed of the Comptroller
of the Treasury, and three members appointed by the Governor
from lists of nominees submitted by (1) the Baltimore Clearing House,
(2) the Associated Mutual Savings Banks of Baltimore, and (3) the
Maryland State Bankers' Association. Members hold office for six
years, one term expiring every two years. The Board meets at the call
of the Bank Commissioner to consult with him in matters pertaining
to the banking business or banking institutions in Maryland (Code
1957, Art. II, sec. 27).

STATE INSURANCE DEPARTMENT

F. Douglass Sears, Insurance Commissioner, 1963
John H. Coppage, Deputy Commissioner
Ernest J. Meredith, Chief Examiner
Sidney A. Green, Actuary
Howard E. Gates, Chief, Rating Bureau
Joseph F. Mannion, Auditor and Examiner
John J. Meyers, Chief Fire Investigator
W. Edward Dackson, Insurance License Examiner I
Ellen L. M. Conway, Principal Account Clerk I
W. Cardon Jimeson, Insurance Adviser

301 W. Preston Street, Baltimore I Telephone: Vernon 7-9000

The State Insurance Department was first created in 1872 as a part
of the office of the Comptroller of the Treasury. In 1878, the Depart-
ment became an independent agency. It is under the direction of the
Insurance Commissioner, who is appointed by the Governor for a term
of four years (Code 1957, Art. 48A, sees. 2, 3).