State Agencies

to supervise and regulate persons selling or issu-
ing 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 license from him. All princi-
pals must report periodically to the Bank Com-
missioner as to agents' charges, financial struc-
ture, and other conditions relative to their
functions under the Sellers of Money Orders and
Traveler's Checks 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). Chapter 616, Acts of 1981, pro-
vides that the Commissioner of Consumer Credit
license and regulate such persons if they are li-
censed in any other capacity by the Commission-
er of Consumer Credit.

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.

Subject to the evaluation and reestablishment
provisions of the Program Evaluation Act (sunset
law), authorization for the Bank Commissioner
continues until July 1, 1988 (Chapter 374, Acts
of 1981).

BANKING BOARD

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

Appointed members: John A. Hercher, Maryland
State Bankers Association, 1983; Herbert
Goldman, 1984; H. Grant Hathaway,
Baltimore Clearing House, 1985; Michael H.
Weinman, 1986; H. Lee Boatwright III, Associ-
ated Mutual Savings Banks a/Baltimore, 1987;
Kathryne C. Holdt, 1988; Saretha Gaskins
Green, 1989.

The Banking Board, established by Chapter
489, Acts of 1935, amended by Chapter 753,
Acts of 1981, is composed of the Comptroller of

Licensing and Regulation/247

the Treasury and seven members appointed by
the Governor with the advice of the Secretary of
Licensing and Regulation. One member repre-
sents the Baltimore Clearing House, one the As-
sociated Mutual Savings Bank of Baltimore, and
one the Maryland State Bankers' Association.
One member must be an economist and one a
certified public accountant, neither of whom may
be employed by any banking institution. 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 ad-
vice and counsel. The Board's function is adviso-
ry. The Board assists the Commissioner with
sound and impartial advice on the approval or
disapproval of applications by a banking institu-
tion and foreign banking corporation. The
Board's advice serves 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
interests of the general public and of depositors
and stockholders (Code Financial Institutions Ar-
ticle, secs. 2-201 through 2-204). If the Bank
Commissioner does not follow the Banking
Board's advice, the Commissioner shall notify the
Board in writing of the reason for the action
(Chapter 753, Acts of 1981).

BOARD OF SAVINGS AND LOAN
ASSOCIATION COMMISSIONERS

Chairperson: W. Thomas Gisriel, 1985

John M. Balder, 1983; Joanne Kerstetter, 1983;
Broadus E. Sawyer, 1983; Nancy Erwin, 1984;
Jay FitzGerald, 1985; Charles K. Rittenhouse,
1985; Robert L. Stocksdale, 1985; Frank L.
Hewitt, Jr., 1986.

501 St. Paul Place
Baltimore 21202 Telephone: 659-6330
Toll Free: 1-800-492-7521

The Board was originally created in 1961 as
the Board of Building, Savings and Loan Associa-
tion Commissioners (Chapter 205, Acts of 1961).
By Chapter 856, Acts of 1980, it received its
present name.

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.