§ 9-502. Audits and reporting requirements
West's Annotated Code of MarylandFinancial Institutions
MD Code, Financial Institutions, § 9-502
§ 9-502. Audits and reporting requirements
(a)(1)(i) At least once every year and at any other time that the Division Director considers appropriate, the Division Director shall have an examination made into the business of each savings and loan association not insured by the Federal Savings and Loan Insurance Corporation. The costs, as computed by the Division Director, of any examination made by the Division Director shall be paid by the association.
(ii) As to a savings and loan association insured by the Federal Savings and Loan Insurance Corporation, the Division Director shall have an examination made into the business of such association at such time as the Division Director considers appropriate, but at least every 18 months. The costs, as computed by the Division Director, of any examination made by the Division Director shall be paid by the association.
(3) The directors, officers, controlling persons, employees, and agents of the association shall exhibit its books, accounts, papers, and records to the Division Director in order to conduct the examination of the association. A savings and loan association may not delay or obstruct an examination in any fashion.
(b)(1) At least once every calendar year, every association shall have its books and records audited and certified in accordance with generally accepted auditing standards by a certified public accountant who is in good standing under the laws of this State or a certified public accounting firm, according to the American Institute of Certified Public Accountants (AICPA) guidelines. Any person or firm who is currently suspended from practice before the Securities and Exchange Commission or other governmental agency is not qualified for purposes of this subsection.
(3) The audit shall commence no later than 30 days after the end of the period for which the audit is prepared. The audit shall be completed within 60 days after the date on which it is commenced, unless the association makes written application to the Division Director, showing reasonable cause for an extension and the Division Director extends the time for completion.
(c)(1) Instead of an examination or audit under subsection (a) or (b) of this section, the Division Director may accept a copy of a reasonably recent examination or audit made or accepted by a federal home loan bank, the Federal Home Loan Bank Board, or by the Federal Savings and Loan Insurance Corporation.
(d)(1) The Division Director may:
(e) All books and records of an association and any related entity shall disclose fully and accurately all of the assets and liabilities of the association and any related entity.
Credits
Added by Acts 1980, c. 856, § 2, eff. July 1, 1980. Amended by Acts 1986, c. 5, § 1; Acts 1986, c. 282, § 1, eff. June 1, 1986.
Formerly Art. 23, § 161CC.
MD Code, Financial Institutions, § 9-502, MD FIN INST § 9-502
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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