Maryland Code, FINANCIAL INSTITUTIONS 11-101
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 11-101
- 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.
- 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
(2) “Examination” means an examination or investigation performed by the Commissioner, or the Commissioner’s designee, which is required or authorized under this article or Title 12 of the Commercial Law Article.
(3) “Licensee” means a person licensed by the Commissioner under this title.
(4) “Person” includes an individual, corporation, business trust, statutory trust, estate, partnership, association, two or more persons having a joint or common interest, or any other legal or commercial entity.
(b) Travel and living expenses reasonably incurred by the Commissioner or the Commissioner’s designated examiners arising from the examination of a licensee whose place of business being examined is located outside the geographical boundaries of Maryland, shall be paid by the entity being examined.
(c) (1) Subsection (b) of this section does not apply if the licensee physically produces all documentation deemed by the Commissioner to be necessary or appropriate to the examination within Maryland at a location designated by the Commissioner.
(2) The production of documentation under this subsection, instead of an on-site examination, shall be made at the Commissioner’s sole discretion.