Legislation
SECTION 560
Investigations and examinations
Banking (BNK) CHAPTER 2, ARTICLE 12-B
§ 560. Investigations and examinations. 1. The superintendent shall
have the power to make such investigations as he shall deem necessary to
determine whether any licensee or any other person has violated any of
the provisions of this article, or whether any licensee has conducted
himself in such manner as would justify the revocation of his license,
and to the extent necessary therefor, he may require the attendance of
and examine any person under oath, and shall have the power to compel
the production of all relevant books, records, accounts, and documents.
2. The superintendent shall have the power to make such examinations
of the books, records, accounts and documents used in the business of
any licensee as he shall deem necessary to determine whether any such
licensee has violated any of the provisions of this article.
3. The expenses incurred in making any examination pursuant to
subdivision two of this section five hundred sixty 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.
4. All reports of examinations and investigations, and all
correspondence and memoranda concerning or arising out of such
examinations or investigations, including any duly authenticated copy or
copies thereof in the possession of any licensee or the department of
financial services, shall be confidential communications, shall not be
subject to subpoena and shall not be made public unless, in the judgment
of the superintendent, the ends of justice and the public advantage will
be subserved by the publication thereof, in which event he may publish
or authorize the publication of a copy of any such report or other
material referred to in this subdivision four, or any part thereof, in
such manner as he may deem proper.
have the power to make such investigations as he shall deem necessary to
determine whether any licensee or any other person has violated any of
the provisions of this article, or whether any licensee has conducted
himself in such manner as would justify the revocation of his license,
and to the extent necessary therefor, he may require the attendance of
and examine any person under oath, and shall have the power to compel
the production of all relevant books, records, accounts, and documents.
2. The superintendent shall have the power to make such examinations
of the books, records, accounts and documents used in the business of
any licensee as he shall deem necessary to determine whether any such
licensee has violated any of the provisions of this article.
3. The expenses incurred in making any examination pursuant to
subdivision two of this section five hundred sixty 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.
4. All reports of examinations and investigations, and all
correspondence and memoranda concerning or arising out of such
examinations or investigations, including any duly authenticated copy or
copies thereof in the possession of any licensee or the department of
financial services, shall be confidential communications, shall not be
subject to subpoena and shall not be made public unless, in the judgment
of the superintendent, the ends of justice and the public advantage will
be subserved by the publication thereof, in which event he may publish
or authorize the publication of a copy of any such report or other
material referred to in this subdivision four, or any part thereof, in
such manner as he may deem proper.