HERBERT R. O'CONOR, GOVERNOR. 1597

Department, " as enacted by Chapter 360 of the Acts of
1937, be and the same is hereby repealed.

SEC. 2. And be it further enacted, That the office of
Commissioner of Loans and the positions held by the offi-
cers, clerks, stenographers, typists and other employees
appointed by said Commissioner of Loans, pursuant to the
provisions of said Section 90A of said Article 41, be and
the same are hereby abolished; provided furthermore that
all licenses issued by the Commissioner of Loans to become
effective May 1, 1939, shall remain in full force and effect
notwithstanding the abolition of the office of Commissioner
of Loans; and that the Commissioner of Loans be and he is
hereby directed, as of the effective date of this Act, to pass
over to the Bank Commissioner the surplus of monies re-
maining in his possession after payment of his salary and
of his lawful expenses, which monies, as received by the
Banking Commissioner, shall be construed to represent
receipts accruing to the Bank Commissioner pursuant to
the provisions of laws, the purpose of which is the protec-
tion of borrowers and the punishment of usurious money
lenders.

SEC. 3. And be it further enacted, That whenever the
words "Commissioner of Loans" occurs in Article 58A of
the Annotated Code of Maryland, (1924 Edition) as
amended by Chapter 564 of the Acts of 1929 and by Chap-
ter 358 of the Acts of 1937 the words "Bank Commis-
sioner" shall be substituted, and said Bank Commissioner
shall hereafter exercise all the rights, powers, duties, obli-
gations and functions heretofore conferred upon the Com-
missioner of Loans by said Article 58A as amended by
Chapter 358 of the Acts of 1937.

SEC. 4. And be it further enacted, That a new section
be and it is hereby added to Article 11 of the Annotated
Code of Maryland (1924 Edition), title "Banks and Trust
Companies", said new section to be known as Section 2A,
to follow immediately after Section 2 of said Article, and
to read as follows:

2A. There shall be an Administrator of Loan Laws
who shall be appointed by the Governor and assigned to
the office of the Bank Commissioner. The said Adminis-
trator of Loan Laws shall be under the supervision and
direction of the Bank Commissioner. He shall not be a
stockholder, officer or director of any corporation, or mem-
ber of any partnership, engaged in, or be himself engaged
in, the making of loans, and he shall devote his entire time