The Insurance Division conducts periodic exam-
inations of all companies organized under the laws
of Maryland and from time to time participates in
the examination of non-resident companies doing
business in the State. The Division also investigates
and resolves consumer complaints and questions
concerning all insurance companies doing business
in the State.

Authorization for the State Insurance Division
and the Insurance Commissioner continues until
July 1, 1993 (Code 1957, Art. 48A, secs. 1-580).

DIVISION OF FINANCIAL
REGULATION

BANK COMMISSIONER

Margie Muller, Bank Commissioner
Charles R. Georgius, Deputy Bank Commissioner

34 Market Place
Baltimore 21202 Telephone: 659-6262
Toll Free: 1-800-^92-7521

The office of the Bank Commissioner was creat-
ed by Chapter 219, Acts of 1910. The Bank
Commissioner is appointed by the Secretary of
Licensing and Regulation with the approval of the
Governor, and holds office at the pleasure of the
Secretary. The Commissioner's office has general
supervision over all banking institutions in the
State other than national banks. It must examine
each institution at least once every twelve months,
at such other times as the Commissioner may deem
expedient, and at any time upon request of the
Board of Directors of the institution. These exami-
nations can be made in conjunction with federal
regulatory agencies.

Every bank, trust company, and mutual savings
bank is required to submit under oath to the Bank
Commissioner at least two reports in each calendar
year. Such reports must exhibit in detail the
resources and liabilities of the institution. These
reports are published in the local newspapers.

All new State banking institutions must organize
under the supervision of the Commissioner and
must obtain a certificate before opening for busi-
ness. The Bank Commissioner must approve all
applications for a branch office made by a State
bank, trust company, or mutual savings institution,
and must pass upon all amendments to their
charters. The Commissioner also must approve
any mergers or voluntary liquidations. On June 30
of each year the Commissioner submits a written
report to the Governor (Code Financial Institu-
tions Article, secs. 2-101 through 5-809).

Licensing and Regulation/25 3

The General Assembly of 1929 passed the Credit
Union Law. This law provides that any seven or
more Maryland residents who share common
occupational, residential, or social experiences or
characteristics may act as incorporators to form a
credit union and apply to the Bank Commissioner
for permission to organize.

The Bank Commissioner supervises all State
chartered credit unions and is required to examine
these institutions at least once each year. All credit
unions must report annually to the Bank Commis-
sioner (Code Financial Institutions Article, secs.
6-101 through 6-704).

State chartered credit unions must be insured by
the Maryland Credit Union Insurance Corporation
(Chapter 658, Acts of 1973). The Bank Commis-
sioner must certify to the Corporation a credit
union's financial affairs, solvency, management,
and directorship as being approved for insurance of
its members' share and deposit accounts (Code
Financial Institutions Article, secs. 7-101 through
7-117).

The Sellers of Money Orders and Traveler's
Checks Law, formerly the Maryland Currency
Exchange Law, requires the Bank Commissioner
to supervise and regulate persons issuing checks,
drafts, and money orders for a fee. Persons who
wish to transact such business in Maryland must
procure an annual license from the Bank Commis-
sioner. All such persons must report periodically to
the Bank Commissioner as to agents' charges,
financial structure, and other conditions relative to
their functions under the Sellers of Money Orders
and Traveler's Checks Law (Code Financial Insti-
tutions Article, secs. 12^01 through 12-424).

The Maryland Higher Education Loan Corpora-
tion and the Development Credit Corporation of
Maryland are subject to supervision by the Bank
Commissioner (Code Education Article, secs.
18-1001 through 18-1014 and Chapter 826, Acts
of 1982).

Mortgage brokers or mortgage bankers are re-
quired to be licensed with the Bank Commissioner
and pay an annual license fee. The Commissioner
may reprimand a licensee and deny, suspend, or
revoke a license (Code Financial Institutions Arti-
cle, secs. 12-501 through 12-512).

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

Authorization for the Bank Commissioner con-
tinues until July 1, 1988 (Chapter 374, Acts of
1981).