# Financial Institutions (GFI) ## Title 9. Savings and Loan Associations ### Subtitle 5. Supervision of Records of Associations #### Section 9-501 In this subtitle, "savings and loan association" includes a service company or related entity of a savings and loan association. #### Section 9-502 (a) (1) (i) At least once every year and at any other time that the Division Director considers appropriate, the Division Director shall have an examination made into the business of each savings and loan association not insured by the Federal Savings and Loan Insurance Corporation. The costs, as computed by the Division Director, of any examination made by the Division Director shall be paid by the association. (ii) As to a savings and loan association insured by the Federal Savings and Loan Insurance Corporation, the Division Director shall have an examination made into the business of such association at such time as the Division Director considers appropriate, but at least every 18 months. The costs, as computed by the Division Director, of any examination made by the Division Director shall be paid by the association. (2) (i) Within 2 months from the completion of every examination, the Division Director shall communicate in writing the result of the examination to the president of the association examined and to each member of the board of directors of the association. (ii) The board of directors shall promptly report corrective action taken to the Division Director and the State of Maryland Deposit Insurance Fund Corporation or the Federal Savings and Loan Insurance Corporation, as applicable. (3) The directors, officers, controlling persons, employees, and agents of the association shall exhibit its books, accounts, papers, and records to the Division Director in order to conduct the examination of the association. A savings and loan association may not delay or obstruct an examination in any fashion. (b) (1) At least once every calendar year, every association shall have its books and records audited and certified in accordance with generally accepted auditing standards by a certified public accountant who is in good standing under the laws of this State or a certified public accounting firm, according to the American Institute of Certified Public Accountants (AICPA) guidelines. Any person or firm who is currently suspended from practice before the Securities and Exchange Commission or other governmental agency is not qualified for purposes of this subsection. (2) If an association makes written application to the Division Director showing reasonable cause, the Division Director may extend in writing, within 30 days after receipt of application, the time for compliance with this audit requirement. (3) The audit shall commence no later than 30 days after the end of the period for which the audit is prepared. The audit shall be completed within 60 days after the date on which it is commenced, unless the association makes written application to the Division Director, showing reasonable cause for an extension and the Division Director extends the time for completion. (4) Each association shall cause a copy of the certified audit report to be furnished to the Division Director within 30 days of the completion of the fieldwork of the audit. The certified audit shall include any supplemental reports that are an integral part of the audit report. (5) The costs of the audit required by this subsection shall be paid by the association. (c) (1) Instead of an examination or audit under subsection (a) or (b) of this section, the Division Director may accept a copy of a reasonably recent examination or audit made or accepted by a federal home loan bank, the Federal Home Loan Bank Board, or by the Federal Savings and Loan Insurance Corporation. (2) A substituted audit under paragraph (1) of this subsection shall be signed and certified by the auditor. (d) (1) The Division Director may: (i) Make any further investigation of a savings and loan association; (ii) Require any other report from an association, including an appraisal of assets, that the Division Director considers necessary; and (iii) Investigate any related entity. (2) If an appraisal of assets is not done in a manner satisfactory to the Division Director, the Director may cause an appraisal to be made at the expense of the association. (3) The Division Director may accept any appraisal caused to be made by the federal home loan bank, the Federal Home Loan Bank Board, the Federal Savings and Loan Insurance Corporation, or by the State of Maryland Deposit Insurance Fund Corporation. (e) All books and records of an association and any related entity shall disclose fully and accurately all of the assets and liabilities of the association and any related entity. (f) The Division Director shall inform the Secretary of any significant issues about a savings and loan association that are disclosed in an examination or audit. #### Section 9-503 The Division Director and any examiner from, or agent of, the Division of Savings and Loan Associations shall have access to all the records of a savings and loan association, or related entity including the records of any controlling person, director, officer, agent, or employee of the association or related entity that relate to the business of the association or related entity. #### Section 9-504 (a) Except as provided in this section, the Division Director and any authorized representative of the Division Director shall keep confidential any information about a savings and loan association and its business that is: (1) Obtained in an examination of or report by a savings and loan association; or (2) Reported to the Division Director by a federal or State regulatory or insuring agency. (b) This section does not apply to information disclosed: (1) In performing a public duty to report and take official action about the business of a savings and loan association; (2) As required by law; or (3) As collected general or statistical information about associations. (c) If the Division Director considers it to be in the public interest, the results of an examination of or report by a savings and loan association may be published in a newspaper of general circulation in any political subdivision where the association is located or doing business. (d) This section does not apply to a proper exchange of information about a savings and loan association and its business that is exchanged between the Division Director and the State of Maryland Deposit Insurance Fund Corporation, the Federal Home Loan Bank Board, the Federal Savings and Loan Insurance Corporation, or any similar agency that regulates or insures the business of savings and loan associations, the Attorney General's Office, the Maryland Department of Labor, and the Office of the Governor of Maryland. (e) Upon the request of a standing committee of the General Assembly with subject matter jurisdiction, the Division Director shall provide the standing committee with necessary confidential information. #### Section 9-505 (a) Within 30 days of adoption, a federal association located in the State or a savings and loan association shall submit to the Director a copy of its most recently adopted federal Community Reinvestment Act statement. (b) Within 30 days of receipt, the association shall submit to the Director a copy of the public portion of its most recent Community Reinvestment Act performance evaluation prepared by the federal regulatory agency that examines the association, together with a copy of any written response to the evaluation prepared by the association for its public Community Reinvestment Act file. (c) (1) Upon request, the Director shall make available to the public a copy of the documents submitted under this section. (2) The Director may charge a reasonable fee to a person requesting a copy to help defray the costs of providing copies of the documents to the public. --- Md. Code Ann., Fin. Inst. (as displayed at mgaleg.maryland.gov, October 16, 2026)