may act as incorporators to form a credit union and
apply to the State Bank Commissioner for permis-
sion to organize.

The State Bank Commissioner supervises all
State-chartered credit unions and is required to
examine these institutions at least once each year.
All credit unions must report annually to the Com-
missioner (Code Financial Institutions Article, secs.
6-101 through 6-704).

State-chartered credit unions may be insured by
the National Credit Union Administration or the
Credit Union Insurance Corporation (Chapter
658, Acts of 1973). The State Bank Commissioner
must certify to the Corporation a credit union's
financial affairs, solvency; management, and direc-
torship as being approved for insurance of its
members' shares and deposit accounts (Code Fi-
nancial Institutions Article, secs. 7-101 through
7-117).

The Sellers of Money Orders and Traveler's
Checks Law requires the State Bank Commissioner
to supervise and regulate persons issuing checks,
drafts, and money orders for a fee. Persons who
wish to transact such business in Maryland must
procure an annual license from the Commissioner.
All such persons must report periodically to the
Commissioner on agent charges, financial structure,
and other conditions relative to their functions
under the Law (Code Financial Institutions Article,
secs. 12-401 through 12-424).

The Maryland Higher Education Loan Corpo-
ration is subject to supervision by the State Bank
Commissioner (Code Education Article, secs. 18-
1001 through 18-1014).

Mortgage brokers or mortgage bankers are re-
quired to be licensed by the State Bank Commis-
sioner and pay an annual license fee. The
Commissioner may reprimand a licensee and den$
suspend, or revoke a license (Code Financial Insti-
tutions Article, secs. 12-501 through 12-512).

The Commissioner's office also handles con-
sumer complaints against persons and institutions
under its jurisdiction.

Appointed by the Secretary of Licensing and
Regulation with the approval of the Governor, the
State Bank Commissioner holds office at the plea-
sure of the Secretary. Authorization for the State
Bank Commissioner continues until July 1, 1992
(Code Financial Institutions Article, sec. 2-401).

BASKING BOARD

Appointed by Governor with advice of Secretary of
Licensing & Regulation: Saretha Gaskins Green,
1988; Reese F. Cropper, Jr., 1989; Frank A.
Mucha, 1990; William W. Cowie, Jr., 1991;

Department of Licensing & Regulation/325

Margaret M. Murphy, 1992; Harry Deitchman,
1994; one vacancy.

Ex officio: Louis L. Goldstein, Comptroller of the
Treasury

The Banking Board was established in 1935
(Chapter 489, Acts of 1935). The Board advises the
State Bank Commissioner on any matter concern-
ing the business of any State banking institution.
The Board also assists the Commissioner with ap-
proval or disapproval of applications by banking
institutions and foreign banking corporations. If the
Commissioner does not follow the Banking Board's
advice, the Commissioner must notify the Board in
writing of the reason for the action.

The Board is composed of the Comptroller of
the Treasury and seven members appointed to six-
year terms by the Governor with the advice of the
Secretary of Licensing and Regulation. One mem-
ber represents the Baltimore Clearing House, one
the Associated Mutual Savings Banks of Baltimore,
and one the Maryland State Bankers' Association.
One member is an economist, and one a certified
public accountant, neither of whom may be em-
ployed by any banking institution. Two members
represent the general public (Code Financial Insti-
tutions Article, secs. 2-201 through 2-204).

DIVISION OF SAVINGS AND LOAN
ASSOCIATIONS

Louis A. Reinhardt, Jr., Director
George W. Jones, Deputy Director

The Brokerage
34 Market Place
Baltimore, MD 21202 333-6330
toll free: 1-800-492-7521

The Division of Savings and Loan Associations
was created in 1961 as the Department of Building,
Savings and Loan Associations (Chapter 205, Acts
of 1961). It received its present name in 1980
(Chapter 856, Acts of 1980). In 1986, the Savings
and Loan Law that governs the Division was recod-
ified (Chapter 282, Acts of 1986).

The Division supervises and regulates the orga-
nization and operations of State-chartered savings
and loan associations. At least once every year, or at
any time the Director requires, the Division must
examine the affairs of each association to determine
compliance widi the Savings and Loan Law.

The Law covers investments, withdrawal of ac-
counts, taxation, promotional activities, manage-
ment, and functions of such businesses, including
class and type of securities, and allocation of profits,
reserves, and dividends. The Law also addresses
new chatters, branching, consolidation, merger,
and dissolution of associations.