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180 MARYLAND MANUAL
Chapter 390, Acts of 1967, the General Assembly enacted a "Secondary Mortgage Law" which provided generally for the licensing of persons in the business of negotiating secondary mortgage loans and to pro-vide for regulations. It placed the responsibility upon the Bank Com- missioner to license and regulate the business as well as to supervise all licenses. This law became effective on January 1, 1968 (Code 1957, 1968 Repl. Vol., Art. 66, sees. 39-70). Chapter 589, Acts of 1963 provided that the Maryland Higher Edu- cation Loan Corporation be subject to the supervision and examination of the Bank Commissioner (Code 1957, 1971 Repl. Vol., Art. 43A, sec. II). Chapter 145, Acts of 1966 made the Development Credit Cor- poration. subject to supervision by the Bank Commissioner (Code 1957, 1966 Repl. Vol., Art. 23, sec. 426A). Chapter 453, Acts of 1968 required any persons other than banks, building and loan associations and credit unions engaged in the business of making more than five loans each year where the borrower is required to repay the indebted- ness in substantially equal periodic installments and which loans are not secured by a mortgage or deed of trust on real property or fully secured by negotiable stocks, bonds, or bank deposits to charge interest at a rate not in excess of 12% per year simple interest on the unpaid balance. These persons must obtain a license from the Bank Commissioner before doing any such business (Code 1957, 1968 Repl. Vol., 1970 Supp., Art. 49, sec. 5). Chapter 478, Acts of 1968 required Mortgage Brokers or Mortgage Bankers to register with the Bank Commissioner and to pay an annual registration fee (Code 1957, 1968 Repl. Vol., 1970 Supp., Art. II, sec. 61A). Appropriations 1971 1972 General Funds - $543,970 $554,562 Staff: 38. BANK REGULATION BOARD Herbert Goldman, 1973; Luther W. Gregory, 3973; Paul A. Meyer, 1973; Banking Board, ex officio, By Chapter 495, Acts of 1969, the Banking Board had an additional duty assigned to it. This Act provided that state banks may engage in banking activities permitted under Federal law under certain pro- cedures. The Bank Commissioner, the Banking Board, and three per- sons, not employed by any banking institution, are to be appointed by the Governor with the advice of the Secretary of Licensing and Regu- lation for a two-year term, one of whom must be an economist, one of whom an accountant, and one of whom must represent the general public, must authorize such action (Code 1957, 1968 Repl. Vol., 1970 Supp., Art. II, sec. 67). Chapter 631, Acts of 1969, gave banking institutions permission to have closely allied corporations under cer- tain conditions. Under the provisions of this Act, such action would be approved by the majority vote of the Bank Commissioner, the three members of the Banking Board, and three persons, not employed by any banking institution, who are to be appointed by the Governor for a two-year term. One of the additional members must be an economist, one a certified public accountant, and one must represent the general public (Code 1957, 1968 Repl. Vol., 1970 Supp., Art. II, sec. 72). BANKING BOARD Ex officio member: Louis L. Goldstein, Comptroller of the Treasury. Appointed members: John E. Motz, Baltimore Clearing House, |
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Maryland Manual, 1971-72
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