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§ 12-924. Examinations by Commissioner

West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2023

West's Annotated Code of Maryland
Financial Institutions
Title 12. Miscellaneous Institutions and Activities
Subtitle 9. Maryland Debt Management Services Act (Refs & Annos)
Effective: July 1, 2023
MD Code, Financial Institutions, § 12-924
§ 12-924. Examinations by Commissioner
In general
(a) The Commissioner may conduct an examination of a licensee with or without prior notice.
Costs relating to examination
(b) The licensee shall pay all reasonably incurred costs directly related to an examination conducted under this section, including the travel expenses, lodging expenses, and a per diem for examiners.
Examinations conducted with supervisory agencies of another state
(c) Any examination may be conducted in conjunction with an examination performed by a representative of a responsible supervisory agency of another state.
Examination reports from supervisory agencies of another state
(d)(1) The Commissioner, in lieu of an examination, may accept the examination report of a responsible supervisory agency of another state.
(2) A report accepted under paragraph (1) of this subsection is considered for all purposes as an official report of the Commissioner.
Examination of books, accounts, records, officers, directors, and employees
(e) The Commissioner may:
(1) Examine all books, accounts, and records that the Commissioner determines are necessary to conduct a complete examination, including the books, accounts, and records in the possession of a subsidiary, affiliate, or other person that relate to the operation of and services provided by the licensee's debt management services business; and
(2) Examine under oath any owner, officer, director, principal, and employee of the licensee or any other individual who may provide information on behalf of the licensee.

Credits

Added by Acts 2003, c. 374, § 1, eff. Oct. 1, 2003; Acts 2003, c. 375, § 1, eff. Oct. 1, 2003. Amended by Acts 2023, c. 567, § 1, eff. July 1, 2023.
MD Code, Financial Institutions, § 12-924, MD FIN INST § 12-924
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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