Ch. 192

1996 LAWS OF MARYLAND

CHAPTER 192
(House Bill 166)

AN ACT concerning

Financial Institutions - Frequency of Examinations - Publication of Reports

FOR the purpose of reducing altering the required frequency of examinations of financial
institutions; repealing the requirement that banking institutions publish in a
newspaper a summary of their periodic reports of financial condition; and generally
relating to examinations and reports.

BY repealing and reenacting, with amendments,
Article - Financial Institutions
Section 5-201 and 5-206
Annotated Code of Maryland
(1992 Replacement Volume and 1995 Supplement)

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

Article - Financial Institutions

5-201.

(a)     An examiner shall visit each banking institution and examine its business:

(1)     At least once [during each calendar year] EVERY 18 MONTHS, UNLESS
THE BANK COMMISSIONER DETERMINES THAT, DURING A CALENDAR YEAR. AN
EXAMINATION IS UNNECESSARY, IN WHICH EVENT AN EXAMINATION SHALL OCCUR
NO LESS FREQUENTLY THAN ONCE EVERY 18 MONTHS;

(2)     When asked to do so by the board of directors of the institution; or

(3)     At any other time that the Bank Commissioner considers necessary.

(b)     The examiner shall determine:

(1)     The condition of the institution; and

(2)     Whether it is complying with the law.

(c)     During an examination, the examiner, in the presence of an officer of the
banking institution, shall have access to all of the vaults and records of the institution.

5-206.

(a)     At least twice a year, the Bank Commissioner shall ask every banking
institution to submit a financial report that shows in detail the assets and liabilities of the
institution as of the close of the business day that the Bank Commissioner specifies.

(b)     The Bank Commissioner shall:

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