32-2-601. Short title — application — purpose. (1) This chapter may be cited as the “Mutual Savings and Loan Association Act”. (2) A corporation that has been incorporated for the purpose of encouraging home ownership and thrift and making substantially all of its loans in qualified thrift investments is known in this chapter as a state mutual […]
32-2-602. General applicability.It is unlawful for any corporation, partnership, firm, or individual to engage in or transact business as a mutual association, as defined in 32-2-603, except by means of a corporation organized for that purpose. History: En. Sec. 2, Ch. 431, L. 2021.
32-2-603. Definitions. As used in this chapter, unless the context requires otherwise, the following definitions apply: (1) ”Capital” means, with respect to a mutual association: (a) retained earnings; or (b) at the discretion of the commissioner, any other form of capital, subject to any applicable federal and state laws. (2) ”Commissioner” means the commissioner of banking and financial institutions as […]
32-2-604 through 32-2-606 reserved.
32-2-607. Notice of violation — administrative hearing — penalties — liability. (1) If the department has reasonable cause to believe that a person has violated this chapter, a rule promulgated under this chapter, or an order issued by the department or has made a material misrepresentation to the department by act or omission, the department may […]
32-2-608. Criminal liabilities. (1) A person who knowingly and purposefully violates any provision of this chapter or any rule or order under this chapter shall upon conviction be fined not more than $5,000 or imprisoned not more than 10 years, or both. However, if the person has been previously convicted of a felony in any way […]
