Maryland Statutes
Financial Institutions
Title 9 - Savings and Loan Associations

Section 9-210 - Forfeiture of Charter for Failure to Begin Business or for Nonuse - (a) In this section, “business” means receiving funds or making...

Section 9-211 - Charter Amendment - (a) The charter of a savings and loan association may...

Section 9-212 - Revival of Charter - (a) A savings and loan association that forfeits its charter...

Section 9-213 - Division Director May Require Filing of Bylaws - At the written request of the Division Director, a savings...

Part II - Initial Capitalization

Section 9-216 - Acquisitions of Shares of Stock of Association; Change of Control - (a) (1) In this section the following words have the...

Section 9-216.1 - Initial Accounts and Surety Bond - (a) To organize as a savings and loan association, the...

Section 9-217 - Form of Surety Bond - The chairman of the incorporators shall deliver to the Division...

Section 9-218 - Initial Subscription for Savings Accounts - The incorporators of a savings and loan association shall deliver...

Section 9-220 - Expense Fund - (a) The incorporators of a savings and loan association shall...

Section 9-221 - Initial Subscriptions for Capital Stock Account - The incorporators of a capital stock association shall have subscriptions...

Section 9-222 - Paid-in Surplus of Capital Stock Association - A capital stock association may use paid-in surplus if the...

Section 9-223 - Refund on Failure to Incorporate - If the attempt to incorporate a savings and loan association...

Section 9-224 - Net Worth Certificates - (a) Notwithstanding any other provision of any law or regulation...

Subtitle 3 - Organization and Capitalization

Part I - Organization

Section 9-301 - Member - (a) A member of a savings and loan association means...

Section 9-302 - Directors - (a) The business and affairs of a savings and loan...

Section 9-303 - Voting Rights - Except as otherwise provided by the charter or bylaws, each...

Section 9-304 - Notice of Meeting - (a) A savings and loan association shall notify each member...

Section 9-305 - Quorum; Majority Rule - At any meeting of the members of a savings and...

Section 9-306 - Statement of Financial Condition - (a) A statement of the financial condition of a savings...

Section 9-307 - Conflicts of Interest - (a) Each director, officer, and controlling person of a savings...

Section 9-308 - Fidelity Bonds - (a) A savings and loan association shall provide a fidelity...

Section 9-309 - Offices - (a) A savings and loan association may not establish or...

Section 9-310 - Electronic Terminals - (a) (1) In this section, “electronic terminal” means an automated...

Section 9-311 - Officers - (a) (1) A savings and loan association shall have a...

Section 9-312 - Reasonableness of Compensation and Fees - (a) (1) Except as otherwise provided in the bylaws, the...

Part II - Capital Structure of Associations -- Nondeposit Association

Section 9-313 - Savings Share Accounts - (a) If its charter or bylaws provide, a savings and...

Part III - Capital Structure of Associations -- Deposit Association

Section 9-314 - Deposit Association - (a) Only a deposit association may issue savings deposit accounts....

Section 9-315 - Rights of Owner of Deposit Account - (a) The holder of a savings deposit account in a...

Section 9-316 - Nature of Deposit Associations - If a savings and loan association becomes a deposit association:...

Part IV - Capital Structure of Associations -- Capital Stock Association

Section 9-319 - Power to Issue Capital Stock - If its charter provides, a savings and loan association may...

Section 9-320 - General Provisions - A capital stock association: (1) Shall obtain the prior written...

Section 9-321 - Future Issuance of Capital Stock - (a) If the Division Director approves a plan of issuance...

Section 9-322 - Nature of Capital Stock - Capital stock shall: (1) Have a par value of $1...

Section 9-323 - List of Stockholders - (a) Every stock association shall at all times keep an...

Section 9-324 - Net Worth Requirement - (a) (1) For the purposes of this section, “net worth”...

Part V - Capital Structure of Associations -- Operations

Section 9-328 - Allocation of Profits - (a) Subject to regulation of the Division Director, the board...

Section 9-329 - Priority of Claims - (a) In any distribution of assets on liquidation of a...

Subtitle 4 - General Powers and Provisions

Part I - General Provisions -- Dividends or Interest; Withdrawals

Section 9-401 - Classification of Accounts - A savings and loan association may classify its savings accounts...

Section 9-402 - Savings Certificate Accounts or Other Fixed Term Savings Accounts - In accordance with rules and regulations of the Division Director,...

Section 9-403 - Interest Bearing Accounts - (a) (1) As to the interest bearing account of each...

Section 9-404 - Dividends or Interest -- Savings Accounts - (a) Subject to this title and its bylaws, a savings...

Section 9-405 - Dividends or Interest -- Fixed Term Accounts - (a) Dividends or interest on a savings certificate account or...

Section 9-406 - Dividends or Interest -- Special Purpose Accounts - (a) Except as required by subsection (b) of this section,...

Section 9-407 - Small Accounts - (a) As to any savings account that has a withdrawal...

Section 9-408 - Withdrawals - (a) At any time, a holder of a savings account...

Section 9-412.1 - Month and Year Account Opened to Appear on Checks or Drafts; Exceptions - (a) Any checks or drafts provided directly or indirectly by...

Part II - General Provisions -- Operations

Section 9-416 - Adverse Claim to Money - (a) Except as provided in subsection (b) of this section,...

Section 9-419 - Investments Authorized - (a) Subject to § 9-420 of this subtitle and the...

Section 9-420 - Specific Limitations on Authorized Investments - (a) (1) An association may not, directly or indirectly, grant...

Section 9-421 - Alternative Mortgage Instruments - (a) In accordance with the regulations of the Division Director,...

Section 9-422 - Title to Investments; Exception - A savings and loan association shall take title to all...

Section 9-423 - Right to Hold Investments - If a savings and loan association holds an investment that...

Section 9-424 - Expenses Charged Borrowers - (a) A savings and loan association may require a borrower...

Section 9-425 - Depository - (a) A savings and loan association may: (1) Act as...

Section 9-426 - Trustee or Custodian Under Federal Retirement Acts - If the Division Director approves its application, a savings and...

Section 9-428 - Right to Act to Avoid Loss - With the written approval of the Division Director, a savings...

Subtitle 5 - Supervision of Records of Associations

Section 9-501 - "Savings and Loan Association" Defined - In this subtitle, “savings and loan association” includes a service...

Section 9-502 - Examinations; Audits; Investigations; Special Reports - (a) (1) (i) At least once every year and at...

Section 9-503 - Access to Records - The Division Director and any examiner from, or agent of,...

Section 9-504 - Confidentiality of Records - (a) Except as provided in this section, the Division Director...

Section 9-505 - Documents Submitted by a Federal Association or a Savings and Loan Association - (a) Within 30 days of adoption, a federal association located...

Subtitle 6 - Conversions; Extraordinary Actions

Part I - Mutual Association Conversion to Capital Stock Association

Section 9-601 - Authority to Convert - A mutual association may convert to a capital stock association...

Section 9-602 - Application to Convert - To convert to a capital stock association, a mutual association...

Section 9-603 - Proposed Plan of Conversion - A proposed plan of conversion to a capital stock association...

Section 9-604 - Review by Division Director - The Division Director: (1) Shall review an application for conversion...

Section 9-605 - Preliminary Approval - Within 60 days of the filing of an application, if...

Section 9-606 - Meeting of Members - (a) On receipt of the Division Director’s letter of preliminary...

Section 9-607 - Member Approval - A proposed plan of conversion to a capital stock association...

Section 9-608 - Approval by Division Director - (a) The board of directors of the converting association shall...

Section 9-609 - Appeal - Any applicant aggrieved by the action or nonaction of the...

Section 9-610 - Effective Date of Conversion - (a) After the final order of approval, the board of...

Section 9-611 - Modified Conversions of Savings and Loan Associations to Capital Stock Associations - (a) In this section, “savings and loan association” means a...

Section 9-612 - Voluntary Conversions of Savings and Loan Associations to Capital Stock Associations - (a) In this section, “savings and loan association” means a...

Part II - State-Chartered Conversion to Federally Chartered

Section 9-613 - Authority to Convert - A Maryland savings and loan association may convert to a...

Section 9-614 - Meeting of Members - (a) If a savings and loan association wishes to convert...

Section 9-615 - Member Approval - A proposal to convert to a federal association requires approval...

Part III - Federally Chartered Conversion to State-Chartered

Section 9-618 - Authority to Convert - A federal association may convert to a Maryland savings and...

Section 9-619 - Member Approval - A proposal to convert to a Maryland savings and loan...

Section 9-620 - Application to Convert - To convert to a Maryland savings and loan association, the...

Section 9-621 - Notice of Filing and Hearing - (a) (1) When the Division Director receives the items listed...

Section 9-622 - Findings Required for Approval - The Division Director shall approve an application if the Division...

Section 9-623 - Approval or Refusal; Appeal - (a) The Division Director may require any change in the...

Section 9-624 - Filing for Record; Status - (a) On final order of approval of the articles of...

Part IV - Consolidation; Merger; Transfer of Assets; Statutory Merger

Section 9-627 - Authority to Merge, Consolidate, or Transfer Assets - (a) A savings and loan association may consolidate with, merge...

Section 9-628 - Statutory Merger - A savings and loan association may effect a statutory merger...

Section 9-629 - Partial Liquidation, Dissolution, or Reorganization - A savings and loan association may reorganize, partially liquidate, or...

Section 9-630 - Approval or Disapproval of Plan; Appeal - (a) To consolidate, merge, transfer assets, effect a statutory merger,...

Part V - Capital Stock Savings and Loan Association Conversion to a Commercial Bank

Section 9-631 - When Conversion Permitted - A capital stock savings and loan association may convert to...

Section 9-632 - Procedure for Conversion - To convert to a commercial bank, a capital stock savings...

Section 9-633 - Duty of Commissioner - The Commissioner: (1) Shall review an application for conversion to...

Section 9-634 - Issuance of Letter of Preliminary Approval - Within 60 days of the filing of an application, if...

Section 9-635 - Meeting for Consideration of Plan of Conversion - (a) On receipt of the Commissioner’s letter of preliminary approval,...

Section 9-636 - Stockholder Approval - A proposed plan of conversion to a commercial bank and...

Section 9-637 - Delivery of Minutes and Charter Amendments; Action by Commissioner - (a) The board of directors of the converting association shall...

Section 9-638 - Appeals - Any applicant aggrieved by the action or nonaction of the...

Section 9-639 - Filing Endorsed Charter Amendments; Acceptance of Charter Amendments - (a) After the final order of approval, the board of...

Section 9-640 - Powers of Converted Capital Stock Savings and Loan Association; Assets; Conducting Insurance Activity - (a) Except as provided in subsections (b), (c), and (d)...

Subtitle 7 - Involuntary Actions -- Conservator; Receivership

Part I - Conservatorship

Section 9-701 - Appointment of Conservator - (a) With the prior written approval of the Secretary, the...

Section 9-702 - Function of Conservator - (a) A conservator shall endeavor to correct the irregularities in...

Section 9-703 - Operation of Savings and Loan Association by Conservator - (a) (1) If a court appoints a conservator, each director,...

Section 9-704 - Expenses of Conservatorship - (a) A savings and loan association shall pay the expenses...

Part II - Receivership

Section 9-708 - Receiver - (a) With the prior written approval of the Secretary, the...

Part III - General Provisions

Section 9-709 - Insuring Agency as Receiver or Conservator - The Federal Savings and Loan Insurance Corporation or the State...

Section 9-710 - Jurisdiction of Circuit Court - (a) (1) Notwithstanding any other provision of law and to...

Section 9-711 - Powers of Circuit Court in Administering Conservatorship or Receivership - (a) The circuit court administering a conservatorship or receivership under...

Section 9-712 - Approval of Sale, Transfer, or Pledge of Assets - (a) In this section, savings and loan association includes its...

Subtitle 8 - Foreign Associations

Section 9-801 - "Foreign Association" Defined - In this subtitle, “foreign association” means any savings and loan...

Section 9-802 - General Prohibition; Exceptions - (a) Except as provided under subsection (b) of this section,...

Section 9-803 - Relocation of Permitted Office - (a) Subject to § 9-309 of this title and the...

Section 9-804 - Activities Not Considered Doing Business - (a) For the purposes of this article and the Corporations...

Section 9-805 - Examination of Offices - Except for a foreign association incorporated under the laws of...

Subtitle 9 - Miscellaneous

Section 9-901 - Membership in Maryland Deposit Insurance Fund or Federal Savings and Loan Insurance Corporation - A savings and loan association shall become and participate as...

Section 9-902 - Notice of Rejection of Application for Residential Mortgage - If a savings and loan association rejects an application for...

Section 9-903 - Mortgage Insurance Premiums - If a savings and loan association holds a first mortgage...

Section 9-904 - Exemption From Blue Sky Law - The sale of savings accounts of any savings and loan...

Section 9-905 - Promotional Activities; Advertising - (a) The Division Director shall regulate promotional activities by savings...

Section 9-906 - Loans Conditioned on Certain Transactions Prohibited - An association or related entity may not require as a...

Section 9-908 - Termination of Certain Provisions of This Title - Subject to the evaluation and reestablishment provisions of the Program...

Section 9-909 - Notice - (a) In this section, “payor institution” means a bank, credit...

Section 9-911 - Persons Convicted of Crime - (a) Except with the written consent of the Division Director,...

Section 9-912 - Civil Penalties; Directors, Officers, Employees, and Controlling Persons - (a) (1) Any director, officer, controlling person, or employee of...

Section 9-913 - Criminal Penalties - (a) Except as otherwise provided in this section and in...

Section 9-914 - Withdrawing Funds From Failing Institution - (a) A controlling person, officer, or director may not withdraw...

Section 9-915 - Scope of Judicial Review - (a) In any appeal of an order of the Division...

Section 9-916 - Indemnification Prohibition - Notwithstanding any provision of law, a savings and loan association,...

Section 9-917 - Rules of Construction - In the interpretation and construction of this title and Title...

Section 9-918 - Receiverships Effective June 1, 1992 - On June 1, 1992 any savings and loan association that...

Subtitle 10 - Regional Reciprocal Interstate Savings and Loan Acquisitions

Section 9-1001 - Definitions - (a) In this subtitle the following words have the meanings...

Section 9-1002 - Scope of Subtitle - (a) This subtitle sets forth the conditions under which an...

Section 9-1003 - Acquisition by Out-of-State Savings and Loan Holding Company - (a) (1) An out-of-state savings and loan holding company not...

Section 9-1004 - Acquisition by Out-of-State Association - (a) (1) An out-of-state association that has not acquired a...

Section 9-1005 - Prohibited Acquisitions - (a) Except as expressly permitted by federal law or Title...

Section 9-1006 - Duties of Interstate Association or Out-of-State Savings and Loan Holding Company - (a) An interstate association or an out–of–state savings and loan...

Section 9-1007 - Powers of Division Director - (a) The Division Director may enter into cooperative agreements with...

Section 9-1008 - Purpose; Nonseverability; Monitoring and Reporting - (a) It is the purpose of this subtitle to permit...

Section 9-1009 - Conversion to or From Federal or Regional Charter; Divestment by Associations Not Federally Chartered - (a) An out-of-state association’s status as an out-of-state association shall...

Subtitle 11 - Mutual Association Conversion to a Credit Union

Section 9-1101 - "Mutual Association" Defined - In this subtitle, “mutual association” means an association that: (1)...

Section 9-1102 - Authority to Convert - A mutual association may convert to a credit union if:...

Section 9-1103 - Meeting of Members - (a) If a mutual association wishes to convert to a...

Section 9-1104 - Member Approval - A proposed plan of conversion to a credit union shall...

Section 9-1105 - Application to Convert; Examination; Audit - (a) To convert to a credit union, the mutual association...

Section 9-1106 - Review and Approval of Application by Commissioner - (a) In reviewing an application for conversion, the Commissioner shall...

Section 9-1107 - Effective Date of Conversion - (a) On approval of the application for conversion, the applicant...

Section 9-1108 - Changes in Application or Exhibits; Actions of Commissioner Upon Approval or Denial of Application - (a) The Commissioner may require any changes to the application...

Section 9-1109 - Membership - In addition to membership authorized in § 6-302 of this...

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Maryland Statutes Financial Institutions Title 9 - Savings and Loan Associations

Maryland Statutes
Financial Institutions
Title 9 - Savings and Loan Associations