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Maryland Code, Financial Institutions § 5-206

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) At least twice a year, the Commissioner shall ask every banking institution to submit a financial report that shows in detail the assets and liabilities of the institution as of the close of the business day that the Commissioner specifies.

(b) The Commissioner shall:

(1) Provide forms that conform as closely as practicable to the forms that the federal banking authorities use; or

(2) Accept from a banking institution a copy of a reasonably recent report that the institution submitted to a federal banking authority.

(c)(1) Within 30 days after a banking institution receives the request for a financial report, the institution shall submit the report.

(2) Each report shall be signed and verified by the president, vice president, cashier, or treasurer of the banking institution.

(d) Upon the written request of a banking institution, the Commissioner may permit the financial reports required by this section to be electronically submitted provided that:

(1) The appropriate federal banking authority has approved electronic submission of the report as satisfactory for its requirements;

(2) The report is submitted through a federally approved vendor; and

(3) The banking institution retains, for at least 2 years, a copy of the report, signed and verified by the president, vice president, cashier, or treasurer of the banking institution.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 5-206 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-5-206/

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