HARRY HUGHES, Governor

493

(B)   AUDITS.

(1)   AT LEAST ONCE EVERY 3 YEARS, A SAVINGS AND
LOAN ASSOCIATION SHALL BE AUDITED.

(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 EXAMINATION UNDER SUBSECTION

(A) OF THIS SECTION MAY INCLUDE AN AUDIT BY A CERTIFIED
PUBLIC ACCOUNTANT.

(C)   ACCESS TO RECORDS.

THE DIVISION DIRECTOR, DEPUTY DIRECTOR, AND DIVISION
EXAMINERS 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.

(D)   FEDERAL EXAMINATIONS AND AUDITS.

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 THE FEDERAL SAVINGS AND LOAN INSURANCE
CORPORATION.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, § 161CC.

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

In subsection (b)(2) of this section, the present
reference to "...any such audit" is interpreted,
in light of the practice by the Board of
Commissioners, as meaning only an audit required
by the Division Director.

In subsection (c) of this section, the term
"records" is substituted for "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.

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

9-502. CONFIDENTIALITY.

(A) CONFIDENTIALITY.

EXCEPT AS PROVIDED IN THIS SECTION, THE DIVISION
DIRECTOR AND EMPLOYEES OF THE DIVISION OF SAVINGS AND LOAN
ASSOCIATIONS SHALL KEEP CONFIDENTIAL ANY INFORMATION: