Section 10-114 – Exchange of Information
Section 9-504 of this article does not prevent the Division Director and the Fund Director from exchanging information about an association.
Section 11-206 – Applications for Licenses
(a) (1) To apply for a license, an applicant shall: (i) Complete, sign, and submit to the Commissioner an application made under oath in the form, and in accordance with the process, that the Commissioner requires; and (ii) Provide all the information that the Commissioner requests. (2) The application shall include: (i) The applicant’s name, the applicant’s principal executive office address, […]
Section 10-115 – Application of State Insurance Laws
The Fund is not subject to the Insurance Article.
Section 11-207 – Investigation of Application; Issuance of License or Denial of Application
(a) When an applicant for a license files the application and bond and pays the fees required by § 11–206 of this subtitle, the Commissioner shall investigate the facts relevant to the application to determine if the applicant meets the requirements of this subtitle. (b) Unless the Commissioner and an applicant agree in writing to extend the […]
Section 10-116 – Appropriation Policy
It is the policy of this State that funds will be appropriated to the Fund to the extent necessary to protect holders of savings accounts in member associations, and to enable the Fund to meet its obligations under a hardship withdrawal plan or partial distribution of assets.
Section 10-117 – Eligibility for Membership — Major Associations
(a) A major association is not eligible for new or continued membership in the Fund on or after June 1, 1985, unless it qualifies under subsection (b) of this section. (b) A major association may remain a member of the Fund only under the following circumstances: (1) If the major association has applied for federal insurance on or […]
Section 10-118 – Eligibility for Membership — Other Associations
(a) (1) An association that is not a major association and had total assets of at least $15,000,000 but less than $40,000,000 as of May 18, 1985, is not eligible for new or continued membership in the Fund on or after July 1, 1987. (2) An association that is not a major association and has total assets of […]
Section 10-119 – Penalty for Submitting False Information
(a) Any person who knowingly submits false information to the Fund is guilty of a misdemeanor. (b) A person who violates the provisions of subsection (a) of this section is subject to a fine of not more than $5,000, or imprisonment for not more than 5 years, or both.
Section 10-120 – Accrual of Certain Rights, Claims, and Liabilities of Fund to Successor Agency or Maryland Department of Labor
(a) In addition to any other remedies available at law or equity, the Fund is vested with all claims and rights of the former Maryland Savings–Share Insurance Corporation against any person. (b) Notwithstanding any other provision of law, in any action of the Fund as insurer, subrogee, conservator, or receiver against a shareholder, director, officer, employee, agent, […]
Section 10-107 – Fund Director to Devote Full Time to Duties of Fund
The Fund Director shall devote full time to the duties of the Fund.