Maryland § 12-424
Full text of Maryland Maryland Code § 12-424, with citation guidance and answers to common questions.
§ 12-424.
(a) The Commissioner may conduct an examination of a licensee or an authorized delegate with not less than 7 business days’ prior notice.
(b) With good cause, the Commissioner may conduct an examination of a licensee or an authorized delegate with no prior notice.
(c) The licensee shall pay all reasonably incurred costs of an examination conducted under this section, including a per–day fee set by the Commissioner for each of the Commissioner’s employees engaged in the examination.
(d) Any examination may be conducted in conjunction with an examination performed by a representative of a responsible supervisory agency of another state.
(e) (1) The Commissioner, in lieu of an 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) 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.
Frequently Asked Questions About Maryland § 12-424
What does Maryland Code § 12-424 cover?
Section 12-424 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 12-424?
A common citation format is "Maryland Code § 12-424" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 12-424 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.