HARRY HUGHES, Governor

3095

"Savings and loan association" is defined in §
9-101 of this title.

9-502. EXAMINATIONS; AUDITS; ACCESS.

(A)  EXAMINATIONS.

AT LEAST ONCE EVERY 2 YEARS AND AT ANY OTHER TIME THAT
THE DIVISION DIRECTOR CONSIDERS NECESSARY, THE DIVISION
DIRECTOR SHALL HAVE AN EXAMINATION MADE INTO THE BUSINESS OF
EACH SAVINGS AND LOAN ASSOCIATION.

(B)  AUDITS.

(1)  THE DIVISION DIRECTOR MAY REQUIRE A SAVINGS
AND LOAN ASSOCIATION TO BE AUDITED ANNUALLY IN A MANNER
SATISFACTORY TO THE DIVISION DIRECTOR.

(2)  IF A SAVINGS AND LOAN ASSOCIATION IS NOT
AUDITED AT LEAST ONCE EVERY 3 YEARS IN A MANNER SATISFACTORY
TO THE DIVISION DIRECTOR, THE DIRECTOR MAY REQUIRE AN AUDIT
BY A CERTIFIED PUBLIC ACCOUNTANT AT THE EXPENSE OF THE
ASSOCIATION.

(C) FEDERAL EXAMINATIONS AND AUDITS.

(1) INSTEAD OF AN EXAMINATION OR AUDIT UNDER
SUBSECTION (A) OR (B) OF THIS SECTION, THE DIVISION DIRECTOR
MAY ACCEPT A COPY OF A REASONABLY RECENT EXAMINATION OR
AUDIT MADE OR ACCEPTED BY A FEDERAL HOME LOAN BANK, THE
FEDERAL HOME LOAN BANK BOARD, OR BY THE FEDERAL SAVINGS AND
LOAN INSURANCE CORPORATION.

(2) A SUBSTITUTED AUDIT UNDER PARAGRAPH (1) OF
THIS SUBSECTION SHALL BE SIGNED AND CERTIFIED BY THE
AUDITOR.

(D) INVESTIGATIONS.

(1) IF THE BOARD OF COMMISSIONERS APPROVES, THE
DIVISION DIRECTOR MAY:

(I) MAKE ANY FURTHER INVESTIGATION OF A
SAVINGS AND LOAN ASSOCIATION; AND

(II) REQUIRE ANY OTHER REPORT FROM AN
ASSOCIATION, INCLUDING AN APPRAISAL OF ASSETS, THAT THE
DIVISION DIRECTOR CONSIDERS NECESSARY.

(2)  IF AN APPRAISAL OF ASSETS IS NOT DONE IN A
MANNER SATISFACTORY TO THE DIVISION DIRECTOR, THE DIRECTOR
MAY CAUSE AN APPRAISAL TO BE MADE.

(3)  THE DIVISION DIRECTOR MAY ACCEPT ANY
APPRAISAL CAUSED TO BE MADE BY THE FEDERAL HOME LOAN BANK,
THE FEDERAL HOME LOAN BANK BOARD, THE FEDERAL SAVINGS AND