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§ 2-103. Deputy Commissioners

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

West's Annotated Code of Maryland
Financial Institutions
Title 2. Commissioner and Boards
Subtitle 1. Commissioner of Financial Regulation (Refs & Annos)
Effective: July 1, 2023
MD Code, Financial Institutions, § 2-103
§ 2-103. Deputy Commissioners
Currentness
In general
(a) With the approval of the Secretary of Labor, the Commissioner shall appoint:
(1) A Deputy Commissioner for Depository Activities; and
(2) A Deputy Commissioner for Non-Depository Activities.
Service at pleasure of Commissioner
(b) The Deputy Commissioners appointed under subsection (a) of this section serve at the pleasure of the Commissioner and are employees of the Commissioner's office.
Experience requirements
(c)(1) The Deputy Commissioner for Depository Activities shall have at least 5 years of experience in the regulation or management of financial institutions.
(2) The Deputy Commissioner for Non-Depository Activities shall have at least 5 years of experience in the regulation or management of persons required to be licensed or registered under this article or the Commercial Law Article.
Salary
(d) The Deputy Commissioners appointed under subsection (a) of this section are entitled to the salary provided in the State budget.
Powers and duties of Commissioners
(e) In addition to any other powers and duties set forth in this article:
(1) The Deputy Commissioner for Depository Activities has the powers and duties of the Commissioner:
(i) To the extent delegated by the Commissioner;
(ii) If the office of the Commissioner is vacant; and
(iii) If for any reason the Commissioner is unable to perform the duties of the office; and
(2) The Deputy Commissioner for Non-Depository Activities has the powers and duties of the Commissioner to the extent delegated by the Commissioner.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1995, c. 120, § 19, eff. July 1, 1995; Acts 1996, c. 326, § 2, eff. July 1, 1996; Acts 1997, c. 136, § 1, eff. Oct. 1, 1997; Acts 2019, c. 8, § 5; Acts 2023, c. 28, § 1, eff. July 1, 2023; Acts 2023, c. 29, § 1, eff. July 1, 2023.
Formerly Art. 11, §§ 2, 5.
MD Code, Financial Institutions, § 2-103, MD FIN INST § 2-103
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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