Maryland Code, FINANCIAL INSTITUTIONS 1-205
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 1-205
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See - Statute: A law passed by a legislature.
(2) “Compliance review committee” means:
(i) An audit, loan review, or compliance committee appointed by the board of directors of a depository institution; or
(ii) Any other person to the extent the person acts in an investigatory capacity at the direction of a compliance review committee.
(3) “Compliance review documents” means documents prepared for or created by a compliance review committee.
(4) “Depository institution” means a State-chartered or federally chartered financial institution located in this State that is authorized to maintain deposit or share accounts.
(5) “Loan review committee” means a person or group of persons who, on behalf of a depository institution, reviews loans held by the institution for the purpose of assessing the credit quality of the loans, compliance with the institution’s loan policies, and compliance with applicable laws and regulations.
(6) “Person” means an individual, group of individuals, board, committee, partnership, firm, association, corporation, or other entity.
(b) This section applies to a compliance review committee whose functions are to evaluate and seek to improve:
(1) Loan underwriting standards;
(2) Asset quality;
(3) Financial reporting to federal or State regulatory agencies; or
(4) Compliance with federal or State statutory or regulatory requirements.
(c) Except as provided in subsection (d) of this section:
(1) Compliance review documents are confidential and are not discoverable or admissible in evidence in any civil action arising out of matters evaluated by the compliance review committee; and
(2) Compliance review documents delivered to a federal or State governmental agency remain confidential and are not discoverable or admissible in evidence in any civil action arising out of matters evaluated by the compliance review committee.
(d) Subsection (c) of this section does not apply to any information required by statute or regulation to be maintained by or provided to a governmental agency while the information is in the possession of the governmental agency to the extent applicable law expressly authorizes its disclosure.
(e) This section may not be construed to limit the discovery or admissibility in any civil action of any documents that are not compliance review documents.