Section 9-1005 – Prohibited Acquisitions
(a) Except as expressly permitted by federal law or Title 5, Subtitle 11 of this article, a savings and loan association or savings and loan holding company that is not a Maryland association, an interstate association, an out–of–state association, a Maryland savings and loan holding company, or an out–of–state savings and loan holding company may not […]
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 holding company that controls a Maryland association, a Maryland savings and loan holding company, an interstate association, or an out–of–state savings and loan holding company having a Maryland association subsidiary shall be subject to and be entitled to the benefits of those laws of this State […]
Section 9-1007 – Powers of Division Director
(a) The Division Director may enter into cooperative agreements with any other savings and loan regulatory unit to facilitate the regulation of savings and loan associations and savings and loan holding companies doing business in this State. (b) The Division Director may accept reports of examinations and other records from any other unit instead of conducting its […]
Section 9-1008 – Purpose; Nonseverability; Monitoring and Reporting
(a) It is the purpose of this subtitle to permit orderly development of savings and loan association operations on a regional reciprocal basis. It is not the purpose of this subtitle to authorize interstate savings and loan association operations on any basis other than as provided in this subtitle. (b) Except as provided in subsection (c) of […]
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 not be affected by its conversion from a federal charter to a charter issued by a region jurisdiction, or by conversion from a charter issued by a region jurisdiction to a federal charter, so long as the out-of-state association otherwise continues to qualify as an out-of-state […]
Section 9-1101 – “Mutual Association” Defined
In this subtitle, “mutual association” means an association that: (1) Is a corporation chartered under the laws of the State as a savings and loan association that does not have the authority to issue capital stock; (2) Is insured by the State of Maryland Deposit Insurance Corporation; and (3) Has assets of $15,000,000 or less or had total […]
Section 9-912 – Civil Penalties; Directors, Officers, Employees, and Controlling Persons
(a) (1) Any director, officer, controlling person, or employee of a savings and loan association or related entity who is found to have violated any provision of this title or Title 8 of this article, whether willfully or as a result of gross negligence or recklessness, may be ordered to pay a civil penalty to the State […]
Section 9-1102 – Authority to Convert
A mutual association may convert to a credit union if: (1) Its members approve; and (2) Approval is granted by: (i) The Division Director; and (ii) The Commissioner.
Section 9-913 – Criminal Penalties
(a) Except as otherwise provided in this section and in this title, any violation of any provision of this title or any regulation adopted in accordance with this title by a director, officer, controlling person, or employee of an association is punishable by a fine not to exceed $10,000, or imprisonment in the penitentiary for not […]
Section 9-1103 – Meeting of Members
(a) If a mutual association wishes to convert to a credit union, the board of directors of the mutual association shall call a meeting of the members of the mutual association for the purpose of considering the proposal to convert. (b) The mutual association shall give notice of the meeting as provided in Title 2, Subtitle 5 […]