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ROBERT L. EHRLICH, JR., Governor
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Ch. 84
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Commissioner's sole discretion, shall determine whether a licensee under
certain consumer credit laws may produce certain documentation at a location
within the State instead of being examined at the licensee's principal place of
business; repealing certain provisions of law that require certain funds to be
held in a special revolving fund and disbursed for a certain purpose; making
stylistic changes; and generally relating to the examination of licensees under
consumer credit laws.
BY repealing and reenacting, with amendments,
Article - Financial Institutions
Section 11-101
Annotated Code of Maryland
(2003 Replacement Volume and 2005 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Financial Institutions
11-101.
(a) (1) In this section the following words have the meanings indicated.
(2) "Examination" means an examination or investigation performed by
the Commissioner, or the Commissioner's designee, which is required or authorized
under this article or Title 12 of the Commercial Law Article.
(3) "Licensee" means a person licensed by the Commissioner under this
title.
(4) "Person" includes an individual, corporation, business trust, estate,
partnership, association, two or more persons having a joint or common interest, or
any other legal or commercial entity.
(b) Travel and living expenses reasonably incurred by the Commissioner or
the Commissioner's designated examiners arising from the examination of a licensee
whose place of business being examined is located outside the geographical
boundaries of Maryland, shall be paid by the entity being examined.
(c) (1) Subsection (b) of this section does not apply if the licensee [provides]
PHYSICALLY PRODUCES all documentation deemed by the Commissioner to be
necessary or appropriate to the examination[, to be physically produced] within
Maryland at a location designated by the Commissioner.
(2) THE PRODUCTION OF DOCUMENTATION UNDER THIS SUBSECTION,
INSTEAD OF AN ON-SITE EXAMINATION, SHALL BE MADE AT THE COMMISSIONER'S
SOLE DISCRETION.
[(d) (1) All funds collected under this section shall be held by the Comptroller
of the Treasury in a special revolving fund, and disbursed for the sole purpose of
defraying the cost of examinations required or authorized by the Commissioner.
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