or a senior examiner. Every bank and trust company is required to
submit to the Bank Commissioner, under oath, at least three reports
in each calendar year; such reports must exhibit in detail the re-
sources and liabilities of the institution and show its true condition.
These reports are published in the local newspapers. All mutual sav-
ings institutions are required to report their condition to the Com-
missioner on June 80 and on December 31 of each year. The Decem-
ber 31 report of such institutions is required to be published. The
Commissioner's office examines the reports, and when necessary,
verifies them and corrects any irregularities or recommends changes.

All new banking institutions must organize under the supervision
of the Department and must obtain from it a certificate before opening
for business. The Bank Commissioner must approve all applications
for a branch office made by a State bank, trust company, or mutual
savings institution, and must pass upon all amendments to their
charters. He must also approve any mergers or voluntary liquidations.
On June 30 of each year he must make a written report to the
Governor (Code 1957, Art. II, sees. 1-26, 28-134).

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 Commissioner supervises all such Credit
Unions (Code 1957, Art. II, sees. 135-62).

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 corpora-
tion may charge interest or other charges in the aggregate above that
permitted by Taw on loans of fifteen hundred dollars or less if this
person or corporation is 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 Commissioner. At least
once in every thirty-six 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 1961 1962

General Funds ... .................. $283822 $285 552
Staff: 38.

BANKING BOARD

Ex officio member: Louis L. Goldstein, Comptroller of the Treasury
Appointed members: S. Page Nelson, Associated Mutual Savings
Banks of Maryland, 1963; James P. Casbarian, Maryland State
Bankers' Association, 1966; John A, Leutkemeyer, Baltimore
Clearing House, 1967.