3096

LAWS OF MARYLAND

Ch. 856

LOAN INSURANCE CORPORATION, OR BY THE MARYLAND SAVINGS-SHARE
INSURANCE CORPORATION.

(E) COPY OF EXAMINATION OR AUDIT.

THE DIVISION DIRECTOR SHALL GIVE A COMPLETE COPY OF THE
REPORT OF ANY EXAMINATION OR AUDIT TO THE SAVINGS AND LOAN
ASSOCIATION EXAMINED OR AUDITED.

COMMITTEE COMMENT: This section replaces the first
three sentences of former Art. 23, § 161CC(a) and
former (b) in its entirety.

This section is broadened to give greater
regulatory overview of the operations of a
savings and loan association.

In subsection (a) of this section, in the public
interest, the former requirement of an
examination at least once every 3 years is
increased to at least once every 2 years.

In subsection (a) of this section, "business" was
substituted for the former term "affairs".

In subsection (b)(1) of this section, the former
requirement of an audit at least once every 3
years is broadened to permit the Division
Director to require an annual audit.

Subsections (c)(2), (d) and (e) of this section
are new provisions added as administrative
requirements and to protect the public interest.

"Division Director" and "savings and loan
association" are defined in § 9-101 of this
title.

9-503. ACCESS TO RECORDS.

THE DIVISION DIRECTOR, DEPUTY DIRECTOR, AND ANY
EXAMINER FROM THE DIVISION OF SAVINGS AND LOAN ASSOCIATIONS
SHALL HAVE ACCESS TO ALL THE RECORDS OF A SAVINGS AND LOAN
ASSOCIATION, INCLUDING THE RECORDS OF ANY OFFICER, AGENT, OR
EMPLOYEE OF THE ASSOCIATION THAT RELATE TO THE BUSINESS OF
THE ASSOCIATION.

COMMITTEE COMMENT: This section replaces the fourth
sentence of Art. 23, § 161CC(a).

In this section, the term "records" was
substituted for the former phrase "books and
papers" as having broader application, e.g., data
banks, and is in keeping with the presumed
legislative intent to cover all records
regardless of form.