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This entry was published on 2014-09-22
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SECTION 585
Superintendent authorized to examine
Banking (BNK) CHAPTER 2, ARTICLE 12-C
§ 585. Superintendent authorized to examine. For the purpose of
discovering violations of this article or securing information lawfully
required by him or her hereunder, the superintendent may at any time,
and as often as he or she may determine, either personally or by a
person duly designated by him or her, investigate the business and
examine the books, accounts, records, and files used therein of every
licensee hereunder. For that purpose the superintendent and his or her
duly designated representative shall have free access to the offices and
place of business, books, accounts, papers, records, files, safes and
vaults of all such licensees. The superintendent and any person duly
designated by him or her shall have authority to require the attendance
of and to examine under oath all persons whose testimony he or she may
require relative to such business. The expenses incurred in making any
examination pursuant to this section shall be assessed against and paid
by the licensee so examined, except that traveling and subsistence
expenses so incurred shall be charged against and paid by licensees in
such proportions as the superintendent shall deem just and reasonable,
and such proportionate charges shall be added to the assessment of the
other expenses incurred upon each examination. Upon written notice by
the superintendent of the total amount of such assessment, the licensee
shall become liable for and shall pay such assessment to the
superintendent. If, upon review, the superintendent shall determine that
the fees or service charges set by the licensee are unreasonable, he or
she shall direct the licensee to make adjustments in said fees and
service charges in accordance with his or her findings, which shall set
forth a detailed factual basis and reasoning supporting such finding.