§ 2-103

Maryland § 2-103

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 2

Text

(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.

(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.

(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.

(d) The Deputy Commissioners appointed under subsection (a) of this section are entitled to the salary provided in the State budget.

(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.