Section 10-113 – Rules and Regulations; Withdrawal From Fund
(a) The Fund Director shall adopt rules and regulations to carry out the provisions of this title. (b) (1) Except as provided in subsection (c) of this section, the Fund Director may adopt rules and regulations providing for the payment of nonrefundable premiums instead of or in addition to capital deposits required for membership in the Fund and […]
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 10-115 – Application of State Insurance Laws
The Fund is not subject to the Insurance Article.
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 10-121 – Defense of Sovereign Immunity
The Fund shall have the immunity from liability described under § 5-520 of the Courts and Judicial Proceedings Article.
Section 10-108 – Conflicts of Interest — in General
(a) The Fund Director may not: (1) Be an officer or director of any State or federal savings and loan association; or (2) Engage in any other business relating to financial institutions. (b) (1) The Fund Director may not own stock or be a depositor in any member association. (2) The employees of the Fund may not own stock in any […]