under the Law (Code Financial Institutions Article,
sees. 12-401 through 12-424).
The Maryland Higher Education Loan Cor-
poration is subject to supervision by the State Bank
Commissioner (Code Education Article, sees. 18-
1001 through 18-1014).
The Commissioner's office also handles consumer
complaints against institutions under its jurisdiction.
Appointed by the Secretary of Licensing and
Regulation with the approval of the Governor, the
State Bank Commissioner holds office at the
pleasure of the Secretary Authorization for the State
Bank Commissioner continues until July 1, 1992
(Code Rnancial Institutions Article, sec. 2-401).

BANKING BOARD
Vacancy, Chairperson

Appointed by Governor with advice of Secretary of
Licensing & Regulation: Frank A. Mucha, 1990;
William W. Cowie, Jr., 1991; Margaret M. Murphy,
1992; Harry Deitchman, 1994; Saretha Gaskins
Green, 1994; E. Roy Owens, 1995; one vacancy.

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

333-6330

The Banking Board was established in 1935
(Chapter 489, Acts of 1935). The Board advises the
State Bank Commissioner on any matter concern-
ing the business of any State banking institution.
The Board also assists the Commissioner with ap-
proval or disapproval of applications by banking
institutions and foreign banking corporations. If the
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 Baltimore,
and one the Maryland State Bankers' Association.
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 Financial In-
stitutions Article, sees. 2-201 through 2-204).

DIVISION OF SAVINGS & LOAN
ASSOCIATIONS
Louis A. Reinhardt, Jr., Director

5 01 St. Paul Place
Baltimore, MD 21202 333-6823
toll free: 1-800-492-7521

The Division of Savings and Loan Associations
was created in 1961 as the Department of Building,

Department of Licensing & Regulation/381

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 or-
ganization 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 associa-
tion to determine compliance with the Savings and
Loan Law.
The Law covers investments, withdrawal of ac-
counts, taxation, promotional activities, manage-
ment, and functions of such businesses, including
class and type of securities, and allocation of profits,
reserves, and dividends. The Law? also addresses
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 Senate advice and
consent. Authorization for the Division continues
until July 1,1992 (Code Financial Institutions Ar-
ticle, sees. 8-101 through 10-117).

STATE OF MARYLAND DEPOSIT
INSURANCE FUND CORPORATION

BOARD OF DIRECTORS

Goodloe E. Byron, Jr., Chairperson

Appointed by Governor: Rebecca M. Bednarik;
Michael J. Felber; Thomas M. Fox; James A.
Vroonland; James R. Young; two vacancies. Terms
expire 1993.

Patrick M. McCracken, Fund Director
Edward H. Kappel, Deputy Director

501 St. Paul Place
Baltimore, MD 21202 727-7810

The State of Maryland Deposit Insurance Fund
Corporation was instituted in May 1985 (Chapter 6,
Acts of First Spedal Session of 1985). The Corpora-
tion was formed when those savings and loan associa-
tions previously insured by the privately-run Maryland
Savings-Share Insurance Corporation were given a
three-tier deadline, based on assets, in which to either
secure federal insurance coverage or merge with
another federally-insured financial institution.
Created as a temporary agency the Corporation
insures the deposits of Maryland-chartered savings
and loan associations and provides funds for liquidity
to member thrifts. The Corporation restricts the
membership of savings and loan associations in the
Fund to certain time frames and conditions. All
member associations, except those in receivership,
have left the Corporation's insurance system in ac-
cordance with the established time schedules. The