248/Maryland Manual

Each member must have been a resident and
registered voter of the State for at least five years
immediately preceding his appointment. Three of
the industry members must have been actively en-
gaged as officers or directors of, or attorneys for,
a Maryland savings and loan association insured
by the Maryland Savings Share Insurance Corpo-
ration. Two of the industry members must have
been actively engaged as an officer or director of,
or attorney for, a Maryland association insured
by the Federal Savings and Loan Insurance Cor-
poration. The remaining four members of the
Board are selected from the public at large. Pub-
lic members must not have served during the
twelve months prior to their appointment as offi-
cers of, directors of, or attorneys for, any associa-
tion, and shall not serve in that capacity while
they are Board members.

The Board recommends to the Secretary of Li-
censing and Regulation the names of three per-
sons qualified to be Director. The Board of the
Division of Savings and Loan Associations ad-
vises and makes recommendations to the Director
on questions within the scope of his authority
and submits to the Secretary of Licensing and
Regulation proposed amendments to the savings
and loan association laws. It establishes methods
and standards to be used in making examinations
of associations for the evaluation of their assets
and for their advertising and promotional activi-
ties. The Board also makes, adopts, modifies, and
amends such rules and regulations as may be rea-
sonable and necessary (Code Financial Institu-
tions Article, secs. 8-101 through 10-117).

Subject to the evaluation and reestablishment
provisions of the Program Evaluation Act (sunset
law), authorization for the Board continues until
July 1, 1988 (Chapter 372, Acts of 1981).

DIVISION OF SAVINGS AND LOAN
ASSOCIATIONS

Charles H. Brown, Jr., Director
William S. LeCompte, Jr., Deputy Director

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

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 with regulations and policies, proce-
dures, and practices of the savings and loan busi-
ness. There are 147 State-chartered associations
actively engaged in business in Maryland that are
subject to the supervision and regulation of the
Division.

The Director of the Division is appointed by
the Secretary of Licensing and Regulation with
the approval of the Governor. With the approval
of the Secretary of Licensing and Regulation, the
Director appoints the Deputy Director, the exam-
iners, and additional employees.

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).

Subject to the evaluation and reestablishment
provisions of the Program Evaluation Act (sunset
law), authorization for the Division continues un-
til July 1, 1988 (Chapter 372, Acts of 1981).

COMMISSIONER OF CONSUMER
CREDIT

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

501 St. Paul Place
Baltimore 21202 Telephone: 659-6340
Toll Free: 1-800-492-7521

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, installment lenders, and second mortgage
lenders (holding any other license with the Com-
missioner). The agency conducts regular investi-
gations and audits of these companies to discover