A. If an association submits a written contract under Regulation .36, .37 or .38 of this chapter, the application documents shall include, for each party to the contract:
- (1) Audited financial statements and an auditor's report; or
- (2) Unaudited financial statements and a report by an independent certified public accountant.
- B. The application documents shall include a financial statement required by this regulation for each of the 3 years preceding the date the application documents are submitted.
- C. The application documents shall state the qualifications and background of the auditor or accountant who prepared the report submitted under this regulation.
- D. The Commission shall review each contract submitted under this regulation in executive session, with these documents deemed to be “Confidential Financial Information”.
Authority: Business Regulation Article, §11-210, Annotated Code of Maryland
Effective date: December 13, 1999 (26:25 Md. R. 1897)