Section 9-502 – Examinations; Audits; Investigations; Special Reports
(a) (1) (i) At least once every year and at any other time that the Division Director considers appropriate, the Division Director shall have an examination made into the business of each savings and loan association not insured by the Federal Savings and Loan Insurance Corporation. The costs, as computed by the Division Director, of any examination made […]
Section 9-406 – Dividends or Interest — Special Purpose Accounts
(a) Except as required by subsection (b) of this section, a savings and loan association is not required to pay any dividend or interest on special purpose accounts such as “Christmas” or “vacation” accounts. (b) A savings and loan association shall pay at least 5 percent annual interest or dividend on savings accounts that are for: (1) A […]
Section 9-503 – Access to Records
The Division Director and any examiner from, or agent of, the Division of Savings and Loan Associations shall have access to all the records of a savings and loan association, or related entity including the records of any controlling person, director, officer, agent, or employee of the association or related entity that relate to the […]
Section 9-407 – Small Accounts
(a) As to any savings account that has a withdrawal value of less than $25, a savings and loan association: (1) Need not pay a dividend or interest on the account; and (2) May not charge a penalty or service charge. (b) This section does not apply to a negotiable or transferable order of withdrawal account.
Section 9-504 – Confidentiality of Records
(a) Except as provided in this section, the Division Director and any authorized representative of the Division Director shall keep confidential any information about a savings and loan association and its business that is: (1) Obtained in an examination of or report by a savings and loan association; or (2) Reported to the Division Director by a federal […]
Section 9-408 – Withdrawals
(a) At any time, a holder of a savings account in a savings and loan association may request to withdraw all or any part of the money in the account of the holder and, for certain classes of accounts, the request may be made by a negotiable or transferable order. (b) (1) A savings and loan association may […]
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 a savings and loan association for use in connection with a personal checking or draft account shall have the numerical month and year in which the account was opened printed on the face of the checks or drafts, except as provided in subsection (b) of this […]
Section 9-416 – Adverse Claim to Money
(a) Except as provided in subsection (b) of this section, a savings and loan association is not required to recognize or take any action on any claim to a deposit or to money or property held by the association or contained in a safe deposit box if that claim is adverse to the interests of any […]
Section 9-419 – Investments Authorized
(a) Subject to § 9-420 of this subtitle and the regulations of the Division Director, a savings and loan association may invest in any of the following types of investments: (1) Any mortgage on real property that is a first or second lien on property, but only if the requirements of § 9-420 of this subtitle are […]
Section 9-420 – Specific Limitations on Authorized Investments
(a) (1) An association may not, directly or indirectly, grant loans to any one individual or business entity in a total amount in excess of 5 percent of its assets. (2) In computing the total amount of loans made by an association to an individual, all loans made by the association to any entity in which that individual […]