HARRY HUGHES, Governor

1127

MARYLAND DEPOSIT INSURANCE FUND CORPORATION OR THE FEDERAL
SAVINGS AND LOAN INSURANCE CORPORATION, AS APPLICABLE.

(3) THE DIRECTOR DIRECTORS, OFFICERS, CONTROLLING
PERSONS, EMPLOYEES, AND AGENTS OF THE ASSOCIATION SHALL EXHIBIT
ITS BOOKS, ACCOUNTS, PAPERS, AND RECORDS TO THE DIVISION DIRECTOR
IN ORDER TO CONDUCT THE EXAMINATION OF THE ASSOCIATION. A
SAVINGS AND LOAN ASSOCIATION MAY NOT DELAY OR OBSTRUCT AN
EXAMINATION IN ANY FASHION.

(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.]

(1)  AT LEAST ONCE EVERY CALENDAR YEAR, EVERY
ASSOCIATION SHALL HAVE ITS BOOKS AND RECORDS AUDITED AND
CERTIFIED IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING
STANDARDS BY A CERTIFIED PUBLIC ACCOUNTANT WHO IS IN GOOD
STANDING UNDER THE LAWS OF THIS STATE OR A CERTIFIED PUBLIC
ACCOUNTING FIRM, ACCORDING TO THE AMERICAN INSTITUTE OF CERTIFIED
PUBLIC ACCOUNTANTS (AICPA) GUIDELINES. ANY PERSON OR FIRM WHO IS
CURRENTLY SUSPENDED FROM PRACTICE BEFORE THE SECURITIES AND
EXCHANGE COMMISSION OR OTHER GOVERNMENTAL AGENCY IS NOT QUALIFIED
FOR PURPOSES OF THIS SUBSECTION.

(2)  IF AN ASSOCIATION MAKES WRITTEN APPLICATION TO
THE DIVISION DIRECTOR SHOWING REASONABLE CAUSE, THE DIVISION
DIRECTOR MAY EXTEND IN WRITING, WITHIN 30 DAYS AFTER RECEIPT OF
APPLICATION, THE TIME FOR COMPLIANCE WITH THIS AUDIT REQUIREMENT.

(3)  THE AUDIT SHALL COMMENCE NO LATER THAN 30 DAYS
AFTER THE END OF THE PERIOD FOR WHICH THE AUDIT IS PREPARED. THE
AUDIT SHALL BE COMPLETED WITHIN 60 DAYS AFTER THE DATE ON WHICH
IT IS COMMENCED, UNLESS THE ASSOCIATION MAKES WRITTEN APPLICATION
TO THE DIVISION DIRECTOR, SHOWING REASONABLE CAUSE FOR AN
EXTENSION AND THE DIVISION DIRECTOR EXTENDS THE TIME FOR
COMPLETION.

(4)  EACH ASSOCIATION SHALL CAUSE A COPY OF THE
CERTIFIED AUDIT REPORT TO BE FURNISHED TO THE DIVISION DIRECTOR
WITHIN 30 DAYS OF THE COMPLETION OF THE FIELDWORK OF THE AUDIT.
THE CERTIFIED AUDIT SHALL INCLUDE ANY SUPPLEMENTAL REPORTS THAT
ARE AN INTEGRAL PART OF THE AUDIT REPORT.

(5)  THE COSTS OF THE AUDIT REQUIRED BY THIS
SUBSECTION SHALL BE PAID BY THE ASSOCIATION.

(c)  Substitution of federal examination or audit.