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§ 12-701. Supervision and examination by Commissioner

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 12. Miscellaneous Institutions and Activities
Subtitle 7. Supervision and Examination of Tax Exempt Financial Institutions (Refs & Annos)
MD Code, Financial Institutions, § 12-701
§ 12-701. Supervision and examination by Commissioner
Currentness
In general
(a) A financial institution may apply to the Commissioner to be supervised and examined by the 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
(3) The financial institution is engaged solely in the extension of credit, making of loans and arranging of financing for socially or economically disadvantaged businesses for the purpose of:
(i) Encouraging and supporting the business and commercial development of such businesses; and
(ii) Participating in and supporting special State, federal, local or private industry programs intended to make available, offer, encourage, guarantee, or otherwise facilitate loan and other financing programs for socially or economically disadvantaged businesses.
Duty of Commissioner to supervise and examine qualified financial institutions
(b) The Commissioner shall supervise and examine a financial institution that has applied to the Commissioner and has met the requirements set forth under subsection (a) of this section.

Credits

Added by Acts 1987, c. 639, § 1, eff. July 1, 1987. Amended by Acts 1989, c. 567; Acts 1991, c. 55, § 1; Acts 1996, c. 326, § 2, eff. July 1, 1996.
MD Code, Financial Institutions, § 12-701, MD FIN INST § 12-701
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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