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MARYLAND MANUAL 143 sioner 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 30 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 State banking institutions must organize under the supervi- sion of the Department and must obtain from it a certificate before opening for business. The Bank Commissioner must approve all appli- cations 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 liquida- tions. On June 30 of each year he must make a written report to the Governor (Code 1957, Art. II, sec. 26). 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. 136-62). The Department also has jurisdiction over industrial finance com- panies under the provisions of the "Industrial Finance Law," passed in 1946. The Act generally provides that no person or corporation 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 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 (1967 Code, Art. II, sees. 163-206). The Maryland Currency Exchange Law, passed in 1969 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 1969, chap. 697). Appropriations 1966 1966 General Funds .................................... $329,794 $330,620 Staff: 38. BANKING BOARD Ex officio member: Louis L. Goldstein, Comptroller of the Treasury. Appointed members: John A. Luetkemeyer, Baltimore Clearing House, 1967; Charles M. Miller, Associated Mutual Savings Banks of Maryland, 1969; J. Robert Sherwood, Maryland State Bankers' Association, 1971. |
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Maryland Manual, 1965-66
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