resources and liabilities of the institution. These
reports are published in local newspapers.
All new State banking institutions must incor-
porate under the supervision of the State Bank
Commissioner and must obtain a certificate before
opening for business. The Commissioner must ap-
prove all applications for a branch office made by a
State bank, trust company, or mutual savings bank,
and must pass upon all amendments to their char-
ters as well as the establishment of affiliates and
subsidiaries. The Commissioner also must approve
any mergers or voluntary liquidations and acquisi-
tions of State-chartered or national banks by out-
of-state bank holding companies. On June 30 of
each year, the Commissioner submits a written re-
port to the Governor (Code Financial Institutions
Article, secs. 2-101 through 5-1007).
Under the Credit Union Law, any seven or more
Maryland residents sharing common occupational, resi-
dential or social experiences or characteristics may act as
incorporators to form a credit union and apply to the
State Bank Commissioner for permission to organize.
The State 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 Commissioner (Code Financial
Institutions Article, secs. 6-101 through 6-704).
State-chartered credit unions may be insured by
the National Credit Union Administration or the
Credit Union Insurance Corporation (Chapter 658,
Acts of 1973). The State Bank Commissioner must
certify to the Corporation a credit union's financial
affairs, solvency, management, and directorship as be-
ing approved for insurance of its members' shares and
deposit accounts (Code Financial Institutions Article,
secs. 7-101 through 7-117).
The Sellers of Money Orders and Traveler's
Checks Law requires the State 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 Commissioner.
All such persons must report periodically to the
Commissioner on agent charges, financial structure,
and other conditions relative to their functions
under the Law (Code Financial Institutions Article,
secs. 12-401 through 12-424).
Tax-exempt financial institutions may apply to
the State Bank Commissioner to be supervised and
examined by the State Bank Commissioner (Code
Financial Institutions Article, sec. 12-701). These
institutions include nonstock corporations exempt
from taxes under the Internal Revenue Code (sec.
501 (c)(3)), as amended; financial institutions en-
gaged solely in extending credit and loans to socially
or economically disadvantaged businesses for their
business and commercial development; and a ma-
jority and all controlling members of a financial
institution who are persons, designated and ap-

proved by any banking institution or national bank-
ing association.
The Maryland Higher Education Loan Corpo-
ration is subject to supervision by the State Bank
Commissioner (Code Education Article, secs. 18-
1001 through 18-1014).
The State Bank Commissioner's office also han-
dles consumer complaints against institutions un-
der 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, 2002 (Code
Financial Institutions Article, sec. 2-401).

BANKING BOARD
Vacancy, Chairperson
(410) 333-6808

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 em-
ployed by any banking institution. Two members
represent the general public (Code Financial Insti-
tutions Article, secs. 2-201 through 2-204).

COMMISSIONER OF CONSUMER CREDIT
Alan T. Fell, Commissioner

501 St. Paul Place
Baltimore, MD 21202 (410) 333-6801

The office of Commissioner of Consumer Credit
was originally established as the Administrator of
Loan Laws in 1941, superseding a similar office
established in 1939 under the jurisdiction of the
Bank Commissioner (Chapter 741, Acts of 1939;
Chapter 289, Acts of 1941). It adopted the name
of Commissioner of Small Loans in 1970 and its
present name in 1974 (Chapter 402, Acts of 1970;
Chapter 457, Acts of 1974).
The Commissioner of Consumer Credit licenses,
registers, and regulates consumer loan companies,