3952

VETOES

institutions in the State. The Secretary of Licensing
and Regulation has brought this oversight to my
attention.

Senate Bill 573 defines "fiduciary institutions" on
page 2. It then defines a "supervisory agency" and
provides that this law does not prohibit the examination
of any financial records by, or the furnishing of
financial records by a fiduciary institution to, any
employee of a supervisory agency for use solely in the
exercise of his duties. The obvious purpose in exempting
certain institutions from the definitional section and
from the very purpose of the bill was to allow the
Federal and State regulatory agencies to conduct their
examinations and audits as they are mandated by law to
do.

The definition of supervisory agency does not
include the Division of Building, Savings and Loan
Associations or the Commissioner of Consumer Credit,
Both of these agencies are mandated to conduct regular
audits of their licensees (Article 23, Section 161CC and
Article 11, Section 188). The result of this omission in
the definition of a "supervisory agency" would thus
preclude the Division of Building, Savings and Loan
Associations and the Commissioner of Consumer Credit from
examining the records of their licensees.

This result was obviously not intended or forseen by
the bill's sponsor. I support the concept of this
legislation, and I hope that the General Assembly will
consider this legislation next year in a corrected form.

For these reasons, I have decided to veto Senate
Bill 573.

Sincerely,

/s/ Marvin Mandel

Governor

Senate Bill No. 578 — Prince George's County; Operation

of Motor Vehicles

AN ACT concerning

Prince George's County — Operation of Motor Vehicles

FOR the purpose of including property owned by the Board
of Education of Prince George's County in those