State Agencies

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 Financial Institu-
tions Article, secs. 12-401 through 12-424).

By Chapter 390, Acts of 1967, the General As-
sembly enacted a Secondary Mortgage Law,
which provides generally for the licensing of per-
sons 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 Financial Institutions Article, secs. 12-301
through 12-321).

Mortgage brokers or mortgage bankers are re-
quired to register with the Bank Commissioner
and pay an annual registration fee (Code Finan-
cial Institutions Article, secs. 12-501 through
12-512).

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

BANK REGULATIONS BOARD

Ex officio members: Joseph R. Crouse, H. Grant
Hathaway, John A. Hereher, C. Edgar Smith,
Jr.

Appointed members: Herbert Goldman, 1981;
Saretha Gaskins Greene, 1981; Kathryne C.
Holdt, 1981.

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 two-year terms. Of the three ap-
pointed 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 11 (Code Financial Institu-
tions Article, secs. 2-301 through 2-303).

Licensing and Regulation/219

BANKING BOARD

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

Appointed members: C. Edgar Smith, Jr., Associ-
ated Mutual Savings Banks of Maryland, 1981;
John A. Hereher, Maryland State Bankers Asso-
ciation, 1983; H. Grant Hathaway, Baltimore
Clearing House, 1985; Gretta A. Middleton,
1986; Michael H. Weinman, 1986.

The Banking Board, established by Chapter
489, Acts of 1935, is composed of the Comptrol-
ler of the Treasury and five members appointed
by the Governor with the advice of the Secretary
of Licensing and Regulation from lists of nomi-
nees submitted by the Baltimore Clearing House,
the Associated Mutual Savings Bank of Balti-
more, and the Maryland State Bankers' Associa-
tion. Two members represent the general public.
Members hold office for six years. The members
of the Banking Board are subject to the call of
the Bank Commissioner to confer and consult
with him in any matter concerning the business
of any State banking institution upon which the
Commissioner requests their advice and counsel.
The law further provides that the Board's func-
tions shall be purely advisory, to assist the Com-
missioner with sound and impartial guidance as
additional protection in maintaining the business
of banking and banking institutions throughout
Maryland in such manner as will give the fullest
possible protection to the interest of depositors
and stockholders (Code Financial Institutions Ar-
ticle, secs. 2-201 through 2-204).

BOARD OF SAVINGS AND LOAN
ASSOCIATION COMMISSIONERS

Chairperson: W. Thomas Gisriel, 1981

John F. Pasko, 1981; Jay FitzGerald, 1981;
Charles K. Rittenhouse, 1981; Frank L. He-
witt, Jr., 1982; John M. Balder, 1983; Joanne
Kerstetter, 1983; Broadus E. Sawyer, 1983;
Nancy Erwin, 1984.

One South Calvert Street
Baltimore 21202 Telephone: 659-6330

The Board of Savings and Loan Association
Commissioners consists of nine members ap-
pointed by the Governor with the advice of the
Secretary of Licensing and Regulation and with
the advice and consent of the Senate for four-year
terms.