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Maryland Manual, 1979-80
Volume 179, Page 199   View pdf image (33K)
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credit unions and is required by statute to exam-
ine these institutions at least once in each calen-
dar year. These institutions are under strict
regulation requiring the Bank Commissioner's ap-
proval on such matters as: Bylaw amendments,
payment of honorariums, first real estate mort-
gage loans, investments other than those set forth
in the statute, and any venture not permissible by
statute as the membership permits the board of
directors to request approval for. Liquidations,
mergers, and conversions of credit unions must
be approved by the Bank Commissioner and in
certain instances subject to the guidelines and
procedures set forth by him. Involuntary
liquidations are handled under the same
procedures as set forth above for banks. All cred-
it unions must report, under oath, in detail annu-
ally to the Bank Commissioner in such form and
manner as prescribed by him (Code 1957, Art.
II, sees. 135-162; Corporations and Associations
Article, sees. 6-301 through 6-328).

By Chapter 658, Acts of 1973, the General As-
sembly created the Maryland Credit Union Insur-
ance Corporation making it mandatory that State
chartered credit unions be insured by this corpora-
tion. The statute requires the Bank Commissioner
to certify to the corporation a credit union's finan-
cial affairs, solvency, management, and director-
ship as being approved for insurance of its
members' share and deposit accounts. The
members' share and deposit accounts of all State
chartered credit unions are currently insured up to
a maximum of $40,000 per account by the corpora-
tion. The corporation's board of directors and the
Bank Commissioner jointly may authorize credit
unions to consummate, negotiate, transact, or en-
gage in any additional credit union activity or cred-
it union related service under the same conditions,
limitations, restrictions, and safeguards as are now
or hereafter applicable or permitted under Federal
law or regulation to any Federal credit union
(Code 1957, Art. II, sec. 140A; Art. 23, sees. 451
through 465).

"The Maryland Currency Exchange Law, which
became effective on January 1, 1960, requires the
Bank Commissioner to supervise and regulate
persons selling or issuing checks, drafts, and
money orders for a fee or service charge. Persons,
referred to as principals, who wish to transact
such business in Maryland must qualify with the
Bank Commissioner and procure an annual li-
cense from him. All principals must report peri-
odically to the Bank Commissioner as to agents'
charges, financial structure, and other conditions
relative to their functions under the Maryland
Currency Exchange Law (Code 1957, Art. II,
sees. 207.224).

By Chapter 390, Acts of 1967, the General As-
sembly enacted a Secondary Mortgage Law,
which provides generally for the. licensing of
persons in the business of negotiating secondary
mortgage loans and places the responsibility upon
the Bank Commissioner to license and regulate
these activities. Licensees are required by statute
to report annually, under oath, to the Bank Com-
missioner in such form that he may prescribe
(Code 1957, Art. 66, sees. 39-71; Commercial
Law Article, sees. 12-401 through 12-415).

The Maryland Higher Education Loan Corpora-
tion and the Development Credit Corporation are
subject to supervision by the Bank Commissioner
(Code 1957, Art. 43A, sec. II; Art. 23, sec. 426A).

Mortgage brokers or mortgage bankers are re-
quired to register with the Bank Commissioner and
pay an annual registration fee (Code 1957, Art. II,
sec. 61A).

The department also handles consumer com-
plaints against the various persons and institutions
under its jurisdiction.


Ex offido members: W. H. Holden Gibbs, J. Ste-
venson Peck, C. Edgar Smith, Jr„ John A.
Hercher, Michael H. Weinman, Carter

Appointed members: Herbert Goidman, 1979;
Luther W. Gregory, 1979; Paul A. Meyer, 1979

The Bank Regulations Board is comprised of
the Bank Commissioner, the Banking Board, and
three persons not employed by any banking insti-
tution who are appointed by the Governor with
the advice of the Secretary of Licensing and Reg-
ulation for a two-year term. Of the three
appointed members, one must be an economist
and one must represent the public at large.

The Bank Regulations Board may by majority
vote authorize State banks to engage in banking
activities as permitted by Federal law, notwith-
standing restrictions and limitations generally
contained in Article II (Code 1957, Art. II, sec.


Ex officio member: Louis L. Goldstein, Comptrol-
ler of the Treasury

Appointed members: John A. Hercher, Maryland
State Bankers Association, 1983; J. Stevenson
Peck, Baltimore Clearing House, 1979;

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Maryland Manual, 1979-80
Volume 179, Page 199   View pdf image (33K)
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