BLAIR LEE III, Acting Governor                         1213

Division of Building, Savings and Loan Associations

FOR the purpose of changing the selection procedure and

qualifications specified for nominees for Director of

the Division of Building, Savings and Loan
Associations.

BY repealing and reenacting, with amendments,

Article 23 - Miscellaneous Companies

Section 16lG(a)

Annotated Code of Maryland

(1973 Replacement Volume and 1977 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 23 - Miscellaneous Companies

161G.

(a) The Division of Building, Savings and Loan
Associations is established and continued as the same
Department of Building, Savings and Loan Associations
hitherto existing. The Division of Building, Savings and
Loan Associations shall be part of the Department of
Licensing and Regulation. All references in this Code, in
any other laws of this State, or in ordinances, resolutions,
rules, regulations, legal actions, directives or documents
to the Department of Building, Savings and Loan Associations
shall be deemed to mean the Division of Building, Savings
and Loan Associations. From and after July 1, 1970, all
rights, powers, duties, obligations and functions heretofore
conferred upon or exercised by the Department of Building,
Savings and Loan Associations shall be transferred to and be
exercised by the Division of Building, Savings and Loan
Associations, subject to the authority of the Secretary of
Licensing and Regulation as set forth in Article 41 of this
Code, or elsewhere in the laws of this State. The head of
the Division with general powers of administration, shall be
the Director, who shall be appointed by the Secretary of
Licensing and Regulation, with the approval of the Governor
from the list of five (5) THREE persons submitted to the
Secretary of Licensing and Regulation by the Board pursuant
to § 161E of this article. Each of the persons named on
such list shall have at least [five (5) years'] THREE
(3) YEARS' experience as an officer, director or attorney of
an association [chartered or incorporated under the laws of
the State of Maryland} or as an employee of [the Division
and each for at least the five (5) previous years shall have
been a resident and registered voter of Maryland.] A STATE
OR FEDERAL REGULATORY OR SUPERVISORY AGENCY FOR FINANCIAL

INSTITUTIONS AND EACH SHALL BE__A__RESIDENT AND REGISTERED

VOTER OF MARYLAND FOR AT LEAST THE PREVIOUS THREE YEARS.

The Director shall serve at the pleasure of the Secretary of
Licensing and Regulation. Any vacancy in the office of