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§ 81-12-1. Citation of chapter - This chapter shall be cited as the "Savings Association Law."
§ 81-12-3. Definitions - When used in this chapter, the following words and phrases...
§ 81-12-4. Private corporation laws; application to savings and loan associations - All the provisions of law relating to private corporations operating...
§ 81-12-6. Department of Savings Institutions and Savings Institution Board abolished; transfer of powers, duties, etc. to other agencies - The Department of Savings Institutions and the Savings Institution Board...
§ 81-12-7. Rights, powers, privileges and duties of board - The commissioner shall have such rights, powers and privileges and...
§ 81-12-9. Determinations of commissioner final; judicial review - The determination by the commissioner upon any matter decided by...
§ 81-12-11. Duties of department - The department is charged with the execution of all laws...
§ 81-12-25. Incorporation; petition; fee; articles; bylaws; exhibits - Any five (5) or more individuals (hereinafter referred to as...
§ 81-12-27. Incorporation; examination and investigation of petition - Upon receipt of a petition for a certificate of incorporation,...
§ 81-12-31. Incorporation; meeting of board to consider petition; cross-examination of and compelling attendance of witnesses; disposition of petition - The board, at its meeting, shall consider the findings and...
§ 81-12-37. Capital stock association; minimum required capital; paid-in surplus; determining and maintaining adequate net worth - A capital stock association shall be organized in accordance with...
§ 81-12-45. Forfeiture of corporate existence; new corporations; extension of time within which to commence business - Any association which obtains its charter of incorporation subsequent to...
§ 81-12-49. Powers of associations - Every association incorporated pursuant to or operating under the provisions...
§ 81-12-51. Additional powers of capital stock associations - A capital stock savings and loan association (hereinafter referred to...
§ 81-12-53. Conversion of association organized under state law into federal association - At an annual meeting or at any special meeting of...
§ 81-12-55. Conversion of federal association into association organized under state law - At an annual meeting or at any special meeting of...
§ 81-12-57. Conversion of association organized under state law or of federal association into capital stock association - If the board of directors determines, and the commissioner concurs,...
§ 81-12-59. Conversion of association organized under state law or of federal association into capital stock association; hearing on plan of conversion; notice; costs - With respect to a conversion arising under Section 81-12-57 above,...
§ 81-12-63. Conversion prohibited; exceptions - No conversion of an association or a federal association, direct...
§ 81-12-65. Reorganization, merger and consolidation of associations - Pursuant to a plan adopted by the board of directors...
§ 81-12-75. Membership fees prohibited - An association shall not directly or indirectly charge any membership,...
§ 81-12-79. Call reports - The commissioner shall call upon each association for the reports...
§ 81-12-83. Board of directors to manage business and exercise powers of capital stock association; election of members; term of office; qualifications; oath; vacancies - At each election for directors every shareholder entitled to vote...
§ 81-12-85. Bonding of association's officers, attorneys, employees, agents and directors - Each association shall provide and maintain a fidelity bond covering...
§ 81-12-87. Fiduciary relationship of directors and officers; disclosure of personal interests; restrictions governing conduct; penalty - Directors and officers occupy a fiduciary relationship to the association...
§ 81-12-89. Deposit of association funds; approval by directors - No association shall deposit any of its funds, except with...
§ 81-12-91. Indemnification of director, officer or employee for expenses of action to which he is made a party by reason of his position - Any person may be indemnified or reimbursed by the association...
§ 81-12-93. Management contracts - No association shall make any management contract with any person...
§ 81-12-95. Records; minutes of meetings; business transactions - Every association shall keep at the home office correct and...
§ 81-12-99. Records; maintenance by means of data processing services - An association which determines to maintain any of its records...
§ 81-12-103. Records; overvaluation of assets - The commissioner, after a determination of value made in accordance...
§ 81-12-107. Records; loan and investment - Every association shall maintain complete loan and investment records in...
§ 81-12-109. Records; membership and stockholder - Every association shall maintain membership and stockholder records, which shall...
§ 81-12-111. Records; reproduction by photostatic, photographic or microfilming process - Any association may cause any or all records kept by...
§ 81-12-113. Reserves - Every association shall set up and maintain the reserves required...
§ 81-12-115. Savings liability of association to equal aggregate amount of savings accounts plus earnings; additions to accounts; responsibility of members for losses; assessment of accounts; declaration of earnings; preferences - The savings liability of an association is not limited, but...
§ 81-12-117. Savings accounts - Savings accounts may be opened and held solely and absolutely...
§ 81-12-119. Savings accounts; execution of contract by holder - Each holder of a savings account shall execute a savings...
§ 81-12-121. Savings accounts; evidence of ownership - Evidence of ownership of a savings account shall be issued...
§ 81-12-123. Savings accounts; lost or destroyed account books or certificates - Upon the filing with an association by the holder of...
§ 81-12-125. Savings accounts; inducements to open - The commissioner shall by regulation determine the conditions under which...
§ 81-12-127. Savings accounts; adverse claims to accounts - Notice to any association doing business in this state of...
§ 81-12-129. Savings plans at educational institutions - An association may contract with the proper authorities of any...
§ 81-12-131. Payroll savings plans - An association may contract with any employer with respect to...
§ 81-12-133. Attorneys authorized to make withdrawals; revocation of authority - Any association may continue to recognize the authority of an...
§ 81-12-135. Savings accounts issued to minors or persons under disability; payment of withdrawals; powers of parent or guardian; withdrawals on death of holder - An association and any federal association may issue savings accounts...
§ 81-12-139. Accounts of administrators, executors, guardians, trustees, and other fiduciaries - Any association may accept accounts in the name of any...
§ 81-12-141. Accounts of deceased nonresidents - When an account is held in any association by a...
§ 81-12-143. Payments to successors without administration - Any association may pay to the successor of a deceased...
§ 81-12-145. Accounts payable at death - [Effective from and after January 1, 2020, this section will...
§ 81-12-149. Payment of earnings on savings accounts - An association may pay earnings on its savings accounts from...
§ 81-12-151. Withdrawals by savings account holders - Any savings account holder or other account holder or his...
§ 81-12-153. Redemptions - At any time funds are on hand for the purpose,...
§ 81-12-155. Securities in which associations may invest - Associations shall have power to invest in securities as follows:...
§ 81-12-157. Association may not invest in security or grant loan when liquid assets are less than five percent of savings liability - No association shall invest in any security, other than those...
§ 81-12-159. Loans and other investments in which associations may invest - Every association shall have power to invest in loans and...
§ 81-12-161. Real estate loans to be written on approved loan plans - Real estate loans eligible for investment by an association under...
§ 81-12-163. Borrower's right to select attorney and obtain insurance in connection with loan; rules and regulations governing fire, casualty and title insurance - In connection with a loan, the borrower may be required...
§ 81-12-165. Payment of expenses in connection with closing of loan; borrower to pay only his own attorney's fee; notice of right to select attorney; right of association to require title insurance - Every association may require borrowers to pay all reasonable expenses...
§ 81-12-167. Late payment charges - A late payment charge, not exceeding Five Dollars ($5.00) or...
§ 81-12-169. Reinstatement of loan prior to foreclosure sale - The directors of an association may, at any time before...
§ 81-12-171. Right of association to deal with successor in interest of real estate securing loan - In the case of any investment made by an association...
§ 81-12-173. Right to act to avoid loss - An association, with the approval of the commissioner, may operate...
§ 81-12-176. Branch offices; additional types of offices - No association shall, without authorization by the commissioner, establish a...
§ 81-12-179. Order of discontinuance of violation; enforcement in chancery court - If the commissioner, as a result of any examination or...
§ 81-12-184. Supervisory merger - If it appears to the commissioner that it is in...
§ 81-12-185. Restrictions on appointment of conservator or receiver - No appointment of a conservator shall be confirmed, and no...
§ 81-12-191. Federal associations domiciled in state - Federal savings associations or federal savings and loan associations, domiciled...
§ 81-12-193. Fees - The department shall charge and collect for: Filing articles of...
§ 81-12-195. Offering and sale of savings accounts exempt from securities regulations - The offering and sale of savings accounts of any association...
§ 81-12-197. Acknowledgment or proof of written instrument in which association interested; membership or employee status of public officer taking as affecting validity - No public officer qualified to take acknowledgments or proofs of...
§ 81-12-199. Untrue, false and malicious statements calculated to injure reputation or business of certain savings associations; penalty for making - Whoever willfully and knowingly makes, issues, circulates, transmits or causes...
§ 81-12-201. Advertising for deposits prohibited; exception as to certain state and federal banks, credit unions and associations - From and after July 1, 1977, no person, whether or...
§ 81-12-205. Appeal from final rule, regulation or order of commissioner or board - Any interested person aggrieved by any final rule, regulation or...
§ 81-12-207. Solicitation of deposits by association or its representatives without complying with provisions of chapter; penalty - Where no other criminal penalty is specifically provided in this...
§ 81-12-217. Commissioner to issue supervisory control for association - The order approving the plan shall not take effect until...
§ 81-12-219. Appeal of cease and desist order - Any person or association against whom a cease and desist...
§ 81-12-221. Reimbursement of fines or penalties - No person who is fined or penalized for a violation...
§ 81-12-223. Cumulative fines and penalties - All penalties, fines and remedies provided by this chapter shall...
§ 81-12-225. Credit allowed; discretion of commissioner - In all examinations no association shall be allowed credit in...
§ 81-12-227. Amount of liability to association for loans - The liability to an association by a person, company, corporation...
§ 81-12-229. Commissioner to furnish copy of call reports; fee; failure or refusal; misdemeanor - A copy of the call reports of any association shall...