Section 9-428 – Right to Act to Avoid Loss
With the written approval of the Division Director, a savings and loan association may operate a business, manage or deal in property, or take any other action over any period of time as determined by the Division Director that may be reasonably necessary to avoid loss on a loan or investment made or obligation created […]
Section 9-404 – Dividends or Interest — Savings Accounts
(a) Subject to this title and its bylaws, a savings and loan association may: (1) Pay a dividend on savings share accounts or interest on savings deposit accounts; (2) Agree in advance to pay an additional or different rate of dividend or interest on all savings accounts in the same classification subject to the requirement that each savings […]
Section 9-405 – Dividends or Interest — Fixed Term Accounts
(a) Dividends or interest on a savings certificate account or other type of fixed term account shall be: (1) Subject to the approval of the Division Director; and (2) In accordance with the rules and regulations of the Division Director. (b) Within 45 days of the request, the Division Director shall approve an association’s request to pay a dividend […]
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 9-407 – 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 9-408 – 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 […]