<?xml version='1.0' encoding='utf-8'?>
<section article="gfi" article_name="Financial Institutions" number="12-424" title_number="12" title_name="Miscellaneous Institutions and Activities" subtitle_number="4" subtitle_name="Maryland Money Transmission Act">
  <level label="a">
    <text>The Commissioner may conduct an examination of a licensee or an authorized delegate with not less than 7 business days’ prior notice.</text>
  </level>
  <level label="b">
    <text>With good cause, the Commissioner may conduct an examination of a licensee or an authorized delegate with no prior notice.</text>
  </level>
  <level label="c">
    <text>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.</text>
  </level>
  <level label="d">
    <text>Any examination may be conducted in conjunction with an examination performed by a representative of a responsible supervisory agency of another state.</text>
  </level>
  <level label="e">
    <level label="1">
      <text>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.</text>
    </level>
    <level label="2">
      <text>A report accepted under paragraph (1) of this subsection is considered for all purposes as an official report of the Commissioner.</text>
    </level>
  </level>
  <level label="f">
    <text>The Commissioner may:</text>
    <level label="1">
      <text>Examine all books, accounts, and records the Commissioner determines are necessary to conduct a complete examination; and</text>
    </level>
    <level label="2">
      <text>Examine under oath any officer, director, or employee of the licensee, or any other individual who may provide information on behalf of the licensee.</text>
    </level>
  </level>
</section>
