Section 8-307 – Limitations on Outside Activity and Interests; Gifts
(a) The Division Director shall devote full time to the duties of the office. (b) The Division Director and staff may not be officers, directors, employees, auditors, agents of, or attorneys for, nor retained in any manner by, nor have any ownership interest or deposit whatsoever in, any savings and loan association or related entity. (c) The Division […]
Section 9-208 – Approval or Refusal; Appeal
(a) The Division Director may require any change in the proposed articles of incorporation or bylaws that the Division Director considers necessary. (b) (1) Not later than 60 days after application, the Division Director shall pass a preliminary order in writing approving or refusing the application to organize. (2) The Division Director shall issue a final written order of […]
Section 8-308 – Subpoena Powers; Oaths
After notifying the Secretary, the Division Director may: (1) Subpoena witnesses and administer oaths or affirmations in the examination of any controlling person, director, officer, employee, or agent of an association or related entity, or of any other person in relation to the affairs, transactions, and conditions of the association or related entity; (2) Require the production […]
Section 9-208.1 – Approvals on or After July 1, 1990
(a) Except as provided in subsection (b) of this section, the Division Director may not approve any applications seeking incorporation of a newly formed savings and loan association under this title on or after July 1, 1990. (b) The Division Director may approve an application seeking incorporation of a newly formed savings and loan association under this […]
Section 8-309 – Annual Report to Governor, General Assembly, and Secretary; Recommendation on Legislation
(a) (1) On June 30 of each year, or at the discretion of the Division Director or as circumstances warrant, the Division Director shall provide a written report to the Governor, the President of the Senate, the Speaker of the House of Delegates, and the Secretary of Labor on: (i) The operations of the Division Director’s office; (ii) The […]
Section 9-209 – Filing for Record; Status
(a) On final approval of the articles of incorporation by the Division Director, the chairman of the incorporators of a savings and loan association shall file for record with the State Department of Assessments and Taxation the endorsed, executed articles of incorporation. (b) When the State Department of Assessments and Taxation accepts the articles of incorporation for […]
Section 7-219 – Termination of Participation
(a) A credit union share guaranty corporation may terminate the participation of a participating credit union for any of the following reasons: (1) The participating credit union fails to satisfy the risk eligibility standards established by the credit union share guaranty corporation and applicable to all participating credit unions; (2) The participating credit union operates in an unsafe […]
Section 7-220 – Violations; Penalty
A person who violates any provision of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $5,000 or imprisonment not exceeding 5 years or both.
Section 7-221 – State Not Liable for Payment of Funds
Nothing in this subtitle creates any liability on the State for the payment of any funds to any participating credit union or other person by reason of: (1) An act or omission of a credit union share guaranty corporation; or (2) A deficiency of a participating credit union in the event a credit union share guaranty corporation […]
Section 7-222 – Insurance Article Not Applicable
A credit union share guaranty corporation, its participating credit unions, and persons who have share or deposit accounts in the participating credit unions are not subject to the provisions of the Insurance Article as a result of any of the activities of the credit union share guaranty corporation under this subtitle.