to the Bank Commissioner as to agents' charges,
financial structure, and other conditions relative
to their functions under the Sellers of Money Or-
ders and Traveler's Checks Law (Code Financial
Institutions Article, sees. 12-401 through
12-424).

The Maryland Higher Education Loan Corpo-
ration is subject to supervision by the Bank Com-
missioner (Code Education Article, sees. 18-1001
through 18-1014; and Chapter 826, Acts of 1982).

Mortgage brokers or mortgage bankers are
required to be licensed with the Bank Commis-
sioner and pay an annual license fee. The Com-
missioner may reprimand a licensee and deny,
suspend, or revoke a license (Code Financial Insti-
tutions Article, sees. 12-501 through 12-512).

The office also handles consumer complaints
against the various persons and institutions under
its jurisdiction.

Authorization for the Bank Commissioner con-
tinues until July 1, 1992 (Code Financial Institu-
tions Article, sec. 2-401).

BANKING BOARD

H. Lee Boatwright III, 1987; Kathryne C. Holdt,
1988; Saretha Gaskins Green, 1988; Reese F.
Cropper, Jr., 1989; William H. Cowie, Jr., 1991;
Margaret M. Murphy, 1992; one vacancy.

Ex officio: Louis L. Goldstein, Comptroller of the
Treasury

The Banking Board originally was established
in 1935 (Chapter 489, Acts of 1935). Members of
the Banking Board advise the Bank Commissioner
on any matter concerning the business of any
State banking institution. The Board assists the
Commissioner on the approval or disapproval of
applications by a banking institution and foreign
banking corporations. If the Bank Commissioner
does not follow the Banking Board's advice, the
Commissioner must notify the Board in writing of
the reason for the action.

The Board is composed of the Comptroller of
the Treasury and seven members appointed to six-
year terms by the Governor with the advice of the
Secretary of Licensing and Regulation. One mem-
ber represents the Baltimore Clearing House, one
the Associated Mutual Savings Banks of Balti-
more, and one the Maryland State Bankers' Asso-
ciation. One member is an economist, and one a
certified public accountant, neither of whom may
be employed by any banking institution. Two

members represent the general public (Code Fi-
nancial Institutions Article, sees. 2-201 through
2-204).

DIVISION OF SAVINGS AND LOAN
ASSOCIATIONS

William M. Griffin, Director
Louis A. Reinhardt, Jr., Deputy Director

The Brokerage
34 Market Place
Baltimore 21202 Telephone: 333-6330
Toll Free: 1-800-492-7521

The Division of Savings and Loan Associations
was originally created in 1961 as the Department
of Building, Savings and Loan Associations
(Chapter 205, Acts of 1961). It received its
present name in 1980 (Chapter 856, Acts of
1980). In 1986, the Savings and Loan Law that
governs the Division was recodified (Chapter 282,
Acts of 1986).

The Division supervises and regulates the orga-
nization and operations of State-chartered savings
and loan associations. At least once every year, or
at any time the Director requires, the Division
must examine the affairs of each association to de-
termine compliance with the Savings and Loan
Law.

Provisions are made in the law with respect to
investments, withdrawal of accounts, taxation,
promotional activities, management, and functions
of such businesses, including class and type of se-
curities, and allocation of profits, reserves, and
dividends. Provisions are also outlined for new
charters, branching, consolidation, merger, and
dissolution of associations.

The Director of the Division is appointed by the
Secretary of Licensing and Regulation with the
approval of the Governor and the advice and con-
sent of the Senate. With the approval of the Secre-
tary of Licensing and Regulation, the Director ap-
points the Deputy Director.

Authorization for the Division continues until
July 1, 1992 (Code Financial Institutions Article,
sees. 8-101 through 10-117).

BOARD OF SAVINGS AND LOAN
ASSOCIATION COMMISSIONERS

Chairperson: J. Charles Baummer, 1990