Home Table of Contents

§ 12-424. On-site 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 4. Maryland Money Transmission Act
Effective: July 1, 2023
MD Code, Financial Institutions, § 12-424
§ 12-424. On-site examinations by Commissioner
Currentness
Notice of examination
(a) The Commissioner may conduct an examination of a licensee or an authorized delegate with not less than 7 business days' prior notice.
No prior notice required with good cause
(b) With good cause, the Commissioner may conduct an examination of a licensee or an authorized delegate with no prior notice.
Costs of examination
(c) The licensee shall pay all reasonably incurred costs of an examination conducted under this section, including a per-day fee set by the Commissioner for each of the Commissioner's employees engaged in the examination.
Examinations conducted with supervisory agencies of another state
(d) 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
(e)(1) The Commissioner, in lieu of an examination, may accept the examination report of a responsible supervisory agency of another state, or a report prepared by an independent accounting firm.
(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
(f) The Commissioner may:
(1) Examine all books, accounts, and records the Commissioner determines are necessary to conduct a complete examination; and
(2) Examine under oath any officer, director, or employee of the licensee, or any other individual who may provide information on behalf of the licensee.

Credits

Added by Acts 2002, c. 539, § 1, eff. Oct. 1, 2002. Amended by Acts 2012, c. 78, § 1, eff. June 1, 2012; Acts 2023, c. 567, § 1, eff. July 1, 2023.
MD Code, Financial Institutions, § 12-424, MD FIN INST § 12-424
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.
End of Document