HARRY HUGHES, Governor

161

EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS SECTION,
THE BANK COMMISSIONER AND THE EMPLOYEES OF THE BANK
COMMISSIONER'S OFFICE MAY NOT:

(1)       BECOME INDEBTED TO ANY INSTITUTION THAT IS
SUBJECT TO THE JURISDICTION OF THE BANK COMMISSIONER; OR

(2)       ENGAGE OR BE INTERESTED IN THE SALE OF
SECURITIES OF OR IN THE NEGOTIATION OF LOANS FOR OTHERS TO
OR WITH ANY BANKING INSTITUTION OR CREDIT UNION.

(B)       EXCEPTION.

THIS SECTION DOES NOT APPLY TO A LOAN THAT A CREDIT
UNION MAKES TO A DEPOSITOR IF THE LOAN IS LESS THAN THE
AMOUNT OF THE DEPOSIT.

(C)       PENALTY.

ANY PERSON WHO VIOLATES ANY PROVISION OF THIS SECTION
IS SUBJECT TO FORFEITURE OF THAT PERSON'S OFFICE OR
EMPLOYMENT.

REVISOR'S NOTE: This section presently appears as Art.
11, § 23.

The present, specific reference to the Deputy
Bank Commissioner is deleted as unnecessary. As
indicated in § 2-103(b) of this subtitle, the
Deputy is considered to be an employee of the
Bank Commissioner's office.

The only other changes are in style.

It should be noted that subsection (a) (1) of this
section — which uses the words "{b}ecome
indebted" — apparently is not intended to apply
to debts already existing at the time of the Bank
Commissioner's appointment or employee's hiring.

As to the general scope of this section, see also
§§ 2-110 and 2-111 of this subtitle and their
revisor's notes.

GENERAL REVISOR'S NOTE:

As to the possible termination of the Bank
Commissioner's office, as well as the Banking Board and the
Bank Regulations Board, see Subtitle 4 of this title.

SUBTITLE 2. BANKING BOARD.

2-201. BOARD ESTABLISHED.

THERE IS A BANKING BOARD IN THE DEPARTMENT OF LICENSING
AND REGULATION.