PARRIS N. GLENDENING, Governor                             Ch. 524

(1992 Replacement Volume and 1995 Supplement)

BY repealing and reenacting, with amendments,
Article - Financial Institutions
Section 11-104, 11-105, and 11-106
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

11-104.

(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)     SUBSECTION (B) OF THIS SECTION DOES NOT APPLY IF THE LICENSEE
PROVIDES 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.

(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.

(2) MONEYS MAY BE EXPENDED FROM THE FUND ONLY IF AN
APPROPRIATION IS INCLUDED IN THE ANNUAL BUDGET BILL.

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