Ch. 326

1996 LAWS OF MARYLAND

(2)     Any person who is engaged or participating in the business of issuing or
selling payment instruments or traveler's checks, whether as principal, agent, or
otherwise; and

(3)     Any other person who the [Bank] Commissioner has cause to believe is
violating this subtitle, whether that person claims to be within or beyond the scope of this
subtitle.

(b) For the purposes of this section, the [ Bank] Commissioner:

(1)     Shall be given access to the place of business, books, papers, records,
safes, and vaults of the person under investigation; and

(2)     May summon and examine under oath any person whose testimony the
[Bank] Commissioner requires.

12-420.

(a)     Subject to the hearing provisions of § 12-421 of this subtitle, the [Bank]
Commissioner may suspend or revoke the license of any licensee who violates any
provision of this subtitle.

(b)     The [Bank] Commissioner shall begin proceedings to revoke the license of
any licensee who the [Bank] Commissioner finds ceases to meet the requirements for
licensure.

12-421.

(a) Before the [Bank] Commissioner denies an application for a license under §
12-407 of this subtitle or takes any action under § 12-420 of this subtitle, the [Bank]
Commissioner shall give the applicant or licensee an opportunity for a hearing.

12-422.

Any person who is aggrieved by any decision or finding of the [Bank]
Commissioner under this subtitle may appeal to the circuit court for the county in which
the aggrieved person resides or has a principal place of business.

12-701.

(a) A financial institution may apply to the [Bank] Commissioner OF
FINANCIAL REGULATION to be supervised and examined by the [Bank]
Commissioner to the same extent that a banking institution is supervised and examined
under Title 5, Subtitle 2 of this article, other than § 5-203, if:

(1)     The financial institution is a nonstock corporation under Title 5, Subtitle
2 of the Corporations and Associations Article which is recognized by the Internal
Revenue Service as exempt from tax under § 501(c)(3) of the Internal Revenue Code, as
amended;

(2)     A majority and all controlling members of the financial institution are
persons designated and approved by any banking institutions or national banking
associations; and

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