Md. Code Ann., Fin. Inst. § 12-424
Redline — January 1, 2019 → current.View current text →
Current — January 1, 2024
As of January 1, 2019
(a) The Commissioner may conduct an on–site examination of a licensee or authorized delegate with not less than 7 business days prior notice.
(a) The Commissioner may conduct an examination of a licensee or an authorized delegate with not less than 7 business days’ prior notice.
(b) With good cause, the Commissioner may conduct an on–site examination of a licensee or authorized delegate with no prior notice.
(b) With good cause, the Commissioner may conduct an examination of a licensee or an authorized delegate with no prior notice.
(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.
(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.
(d) The on–site examination may be conducted in conjunction with an examination performed by a representative of a responsible supervisory agency 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.
(e) (1) The Commissioner, in lieu of an on–site examination, may accept the examination report of a responsible supervisory agency of another state, or a report prepared by an independent accounting firm.
(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.
(2) A report accepted under paragraph (1) of this subsection is considered for all purposes as an official report of the Commissioner.
(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.
(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.
Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.