J. MILLARD TAWES, GOVERNOR                               329

CHAPTER 270
(Senate Bill 86)

AN ACT to repeal and re-enact, with amendments, Section 188 of
Article 11 of the Annotated Code of Maryland (1957 Edition),
title "Banks and Trust Companies", sub-title "Industrial Finance
Companies", relating to the examination of the affairs of Industrial
Finance Companies by the Bank Commissioner of Maryland.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 188 of Article 11 of the Annotated Code of Maryland
(1957 Edition), title "Banks and Trust Companies", sub-title "In-
dustrial Finance Companies", be and it is hereby repealed and re-
enacted, with amendments, and to read as follows:

188.

(A) [At least once each eighteen (18) THIRTY-SIX (36) months,
or more often if previous examinations have indicated willful or
knowing violations of this sub-title, the] (a) The Commissioner or
his duly appointed deputy or examiner, [shall make] may, at his
discretion, at any time, make an examination of the place of business
of each licensee and of the loans, transactions, books, papers, and
records of such licensee so far as they pertain to the business licensed
under this sub-title. The actual cost of examination shall be paid to
the Commissioner by each licensee so examined provided, however,
the cost of each separate and complete examination shall not exceed
one hundred dollars ($100); and the Commissioner may maintain an
action for the recovery of such costs in any court of competent juris-
diction. Provided further that the licensee shall not pay the cost of
any examination made within eighteen (18) months of a previous
examination, unless some previous examination has indicated willful
or knowing violations of this sub title.

[a] (b) Investigations.—For the purpose of discovering violations
of this sub-title or of securing information lawfully required here-
under, the Commissioner or his duly authorized representative may
at any time investigate the business and examine the books, accounts,
papers and records used therein, of (1) any licensee, (2) any other
person engaged in the business described in Section 165 of this sub-
title or participating in such business as principal, agent, broker,
or otherwise, and (3) any person whom the Commissioner has rea-
sonable cause to believe is violating any provision of this sub-title,
whether or not such person shall claim to be within the authority or
beyond the scope of this sub-title. For purposes of this section, any
person who shall advertise for, solicit, or hold himself out as willing
to make loan transactions in the amount of or of the value of fifteen
hundred dollars ($1,500) or less shall, unless legally exempt here-
under, be presumed to be engaged in the business described in Sec-
tion 165 of this sub-title. If such investigation discloses the person
investigated is violating the provisions of this sub-title, then the
Commissioner may collect from the person investigated the same

Explanation: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.