Section 12-424 - Examinations. - Maryland Statutes

§ 12-424. Examinations.
 

(a)  On-site examinations.- The Commissioner may conduct an on-site examination of a licensee or authorized delegate with not less than 7 business days prior notice. 

(b)  Same - Without notice.- With good cause, the Commissioner may conduct an on-site examination of a licensee or authorized delegate with no prior notice. 

(c)  Costs.- The licensee shall pay all reasonably incurred costs of an examination. 

(d)  Examination made in conjunction with representative from other states.- The on-site examination may be conducted in conjunction with an examination performed by a representative of a responsible supervisory agency of another state. 

(e)  Report in lieu of on-site examination.-  

(1) The Commissioner, in lieu of an on-site examination, may accept the examination report of a responsible supervisory agency of another state, or a report prepared by an independent accounting firm. 

(2) A report accepted under paragraph (1) of this subsection is considered for all purposes as an official report of the Commissioner. 

(f)  Extent.- The Commissioner may: 

(1) Examine all books, accounts, and records the Commissioner determines are necessary to conduct a complete examination; and 

(2) Examine under oath any officer, director, or employee of the licensee, or any other individual who may provide information on behalf of the licensee. 
 

[2002, ch. 539.]