WILLIAM DONALD SCHAEFER, Governor                   Ch. 639

SECTION 2. AND BE IT FURTHER ENACTED, That this Act applies
only to actions arising from events occurring on or after the
effective date of this Act.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1987.

Approved June 2, 1987.

CHAPTER 639

(Senate Bill 766)

AN ACT concerning

Supervision and Examination by Bank Commissioner -
Certain Tax Exempt Financial Institutions

FOR the purpose of authorizing the supervision and examination by
the Bank Commissioner of certain tax exempt financial
institutions engaged primarily in the business of extending
credit, making loans and arranging financing for socially or
economically disadvantaged businesses;' specifying
qualification of an applicant under this Act; specifying the
procedures for making an application under this Act;
authorizing the Bank Commissioner to assess financial
institutions under this Act for the cost of supervision and
examination; specifying procedures for the termination of
supervision and examinations; and generally relating to the
supervision and examination of certain tax exempt financial
institutions.

BY adding to

Article - Financial Institutions

Section 12-701 through 12-709, inclusive, to be under the
new subtitle "Subtitle 7. Supervision and
Examination of Tax Exempt Financial Institutions"

Annotated Code of Maryland

(1986 Replacement Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

SUBTITLE 7. SUPERVISION AND EXAMINATION OF TAX EXEMPT
FINANCIAL INSTITUTIONS

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