§ 12-424

Maryland § 12-424

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 12

Text

(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 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.

(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 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.

(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.