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 […]
Section 9-421 – Alternative Mortgage Instruments
(a) In accordance with the regulations of the Division Director, a savings and loan association may permit borrowers to repay indebtedness on a loan by any method of repayment or plan, including a plan or repayment of indebtedness on a loan that is other than a direct monthly reduction of principal plan that has a fixed […]
Section 9-422 – Title to Investments; Exception
A savings and loan association shall take title to all its investments in its own name, except as may be permitted by regulation or order of the Division Director to assign or grant a security interest in collateral given by a savings and loan association to any State or federal government agency or instrumentality, including […]
Section 9-423 – Right to Hold Investments
If a savings and loan association holds an investment that was permitted under this subtitle at the time the investment was made, and the Division Director later withdraws the authorization, the association may continue to hold the investment.
Section 9-308 – Fidelity Bonds
(a) A savings and loan association shall provide a fidelity bond, in the amount that the Division Director requires, to cover each director, officer, employee, or agent of the association who has control over or access to cash or securities of the association. (b) If a person fails to qualify for the bond required by subsection (a) […]
Section 9-329 – Priority of Claims
(a) In any distribution of assets on liquidation of a savings and loan association, the priority of claims is as follows: (1) In a mutual association: (i) General creditors and holders of savings deposit accounts; (ii) Holders of savings share accounts; and (iii) Contributors to the initial general reserve fund before June 1, 1986 and to the expense fund under […]
Section 9-309 – Offices
(a) A savings and loan association may not establish or relocate any branch office or relocate a principal office unless the Division Director approves its application to do so. (b) An application for the establishment or relocation of a branch office or relocation of a principal office shall include: (1) An application fee of $500 unless the application […]