220/Maryland Manual

Each of the members must have been a resi-
dent and registered voter of the State of Mary-
land for at least five years immediately preceding
his appointment. Three of the industry members
must have been actively engaged as officers or di-
rectors of, or attorneys for, a Maryland savings
and loan association insured by the Maryland
Savings Share Insurance Corporation. Two of the
industry members must have been actively en-
gaged as an officer or director of, or attorney for,
a Maryland association insured by the United
States government. The remaining four members
of the Board are selected from the public at large.
The public members must not have served during
the twelve months prior to their appointment as
officers of, directors of, or attorneys for, any as-
sociation, and shall not serve in that capacity
while they are members of the Board.

The Board recommends the names of three per-
sons qualified to be Director to the Secretary of
Licensing and Regulation. The Board also has
full power to advise and make recommendations
to the Director on questions within the scope of
his authority; to submit to the Secretary of Li-
censing and Regulation proposed amendments to
the savings and loan association laws; to establish
methods and standards to be used in making ex-
aminations of associations for the evaluation of
assets of associations and for advertising and pro-
motional activities by the associations; and to
make, adopt, modify, and amend such rules and
regulations as may be reasonable and necessary
(Code Financial Institutions Article, secs. 8-101
through 10-117).

DIVISION OF SAVINGS AND LOAN
ASSOCIATIONS

Charles H. Brown, Jr., Director
David H. Wells, Jr., Deputy Director

One South Calvert Street
Baltimore 21202 Telephone: 659-6330

The Division of Savings and Loan Associations
was originally created by Chapter 205, Acts of
1961, as the Department of Building, Savings and
Loan Associations. It received its present name
by Chapter 856, Acts of 1980.

The Division supervises and regulates the orga-
nization and operations of State-chartered savings
and loan associations. The Division also examines
the affairs of each association at least once a year,
if possible, to determine compliance with the Act,
as well as regulations and policies, procedures,

The Director of the Division is appointed by
the Secretary of Licensing and Regulation with
the approval of the Governor. The Director, with
the approval of the Board of Savings and Loan
Association Commissioners, appoints the Deputy
Director, the examiners, and such number of ad-
ditional employees as may be provided for in the
budget.

Provisions are made in the law with respect to
investments, withdrawal of accounts, taxation,
promotional activities, management, and func-
tions of such businesses, including class and type
of securities, and allocation of profits, reserves,
and dividends. Provisions are also outlined for
the branching, consolidation, merger, and dissolu-
tion of associations (Code Financial Institutions
Article, secs. 8-101 through 10-117).

COMMISSIONER OF CONSUMER
CREDIT

Alan T. Fell, Commissioner
George L. Rayburn, Assistant Commissioner

One South Calvert Street
Baltimore 21202 Telephone: 659-6340

The office of the Commissioner of Consumer
Credit was originally established as the Adminis-
trator of Loan Laws, an independent agency, by
Chapter 289, Acts of 1941, superseding a similar
office established under the jurisdiction of the
Bank Commissioner (Chapter 741, Acts of 1939).
It adopted the name of Commissioner of Small
Loans by Chapter 402, Acts of 1970, and its
present name by Chapter 457, Acts of 1974. The
Commissioner is appointed by the Secretary of
Licensing and Regulation with the approval of
the Governor (Code Financial Institutions Arti-
cle, sec. 11-103).

The Commissioner is responsible for licensing
consumer loan companies, sales finance compa-
nies, and installment lenders. The agency con-
ducts regular investigations and audits of these
companies to discover violations of the law. Fol-
lowing a formal hearing, the Commissioner may
suspend or revoke a license upon a finding of ille-
gal activity (Code Financial Institutions Article,
secs. 11-101 through 11-419).