reglab/housing_qa huggingface dataset:
MD. Financial Institutions Code Ann. §  9-320 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part IV - Capital Structure of Associations -- Capital Stock Association|Section 9-320 - General Provisions

    A capital stock association:         (1)    Shall obtain the prior written approval of the Division Director for each prospectus, offering circular, or advertisement offering capital stock for sale or subscription;        (2)    Shall include in each prospectus offering capital stock a statement that shares of capital stock are not insured by the State of Maryland Deposit Insurance Fund Corporation or the Federal Savings and Loan Insurance Corporation;        (3)    Except for stock issued under a plan of consolidation, merger, or reorganization approved under § 9-627 of this title, shall require that the consideration for its capital stock be paid in cash and in an amount not less than the par value of the stock;        (4)    May issue stock options under a stock option plan approved by the Division Director;        (5)    May not grant any loan which is secured in whole or in part by shares of its capital stock; and        (6)    Unless the Division Director has given prior written approval, may not repurchase shares of capital stock for its own account.
MD. Financial Institutions Code Ann. §  9-321 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part IV - Capital Structure of Associations -- Capital Stock Association|Section 9-321 - Future Issuance of Capital Stock

    (a)    If the Division Director approves a plan of issuance under subsection (b) of this section, a capital stock association may issue capital stock that is additional to that of its initial offering.    (b)    The Division Director shall approve a plan submitted under subsection (a) of this section if the plan:        (1)    Is fair; and        (2)    Conforms to this part of this subtitle.    (c)    A dividend in the form of a savings and loan association’s capital stock does not require approval of the Division Director.    (d)    A split of the number of issued shares of capital stock of a savings and loan association into a greater or lesser number of shares without increasing the stated capital of the association requires the approval of the Division Director.    (e)    Any applicant that is aggrieved by the action or nonaction of the Director may appeal to the Circuit Court for Baltimore City.
MD. Financial Institutions Code Ann. §  9-322 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part IV - Capital Structure of Associations -- Capital Stock Association|Section 9-322 - Nature of Capital Stock

    Capital stock shall:         (1)    Have a par value of $1 a share, or any greater amount that the charter may provide;        (2)    Be nonassessable, notwithstanding any provision in the charter or bylaws, or on the capital stock certificate;        (3)    Be nonredeemable until each claim against and each liability of the capital stock association is satisfied fully, and each savings account is paid to its holder at its withdrawal value;        (4)    Be entitled to payment of dividends but only after dividends or interest are paid on each savings account as provided in Subtitle 4 of this title;        (5)    Be designated “capital stock” notwithstanding any charter or bylaw provision; and        (6)    On each certificate that evidences capital stock, state that the shares are “capital stock” and are not insured by the State of Maryland Deposit Insurance Fund Corporation or the Federal Savings and Loan Insurance Corporation.
MD. Financial Institutions Code Ann. §  9-323 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part IV - Capital Structure of Associations -- Capital Stock Association|Section 9-323 - List of Stockholders

    (a)    Every stock association shall at all times keep an up-to-date list of the names of all its stockholders and those of its holding companies.    (b)    Each year, or whenever requested by the Division Director, the association shall file with the Division Director a correct list of all its stockholders and those of its holding companies, the resident address of each, and the number of shares of each class of stock held by each stockholder.    (c)    Except as provided in § 9-306(b)(2)(ii) of this subtitle, the Division Director shall keep confidential the list of stockholders.
MD. Financial Institutions Code Ann. §  9-324 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part IV - Capital Structure of Associations -- Capital Stock Association|Section 9-324 - Net Worth Requirement

    (a)    (1)    For the purposes of this section, “net worth” includes:            (i)    Capital stock;            (ii)    Paid-in capital or paid-in surplus;            (iii)    Retained income, retained earnings, earned surplus, and undivided profits;            (iv)    Subordinated debt as defined by the Division Director;            (v)    Preferred stock as defined by the Division Director; and            (vi)    Other items or amounts as defined and deemed appropriate by the Director to achieve regulatory objectives.        (2)    In this section, qualifying amounts shall be determined in accordance with generally accepted accounting principles or accounting practices determined by the Division Director to be appropriate to achieve regulatory objectives and to assure that the interests of depositors, members, stockholders, and the public are protected.    (b)    (1)    The minimum net worth requirement shall be:            (i)    An amount equal to at least 5 percent of liabilities as defined under generally accepted accounting principles, or accounting practices determined by the Division Director to be appropriate to achieve regulatory objectives, excluding that portion of subordinated debt included in net worth under subsection (a) of this section, plus            (ii)    Any additional amounts deemed necessary by the Division Director to assure that the interests of depositors, members, stockholders, and the public are protected.        (2)    Beginning on June 1, 1986, for those associations that do not meet the requirements of paragraph (1) of this subsection and, on May 31, 1986, were otherwise in compliance with the applicable general reserve requirement of 3 percent of savings and loan liabilities, as defined under laws and regulations in effect on May 31, 1986, regulatory net worth must be increased so that the requirements of paragraph (1) of this subsection are satisfied by July 1, 1989.    (c)    Dividends on capital stock may not be declared or paid if the association, after the payment of the dividends, would not be in compliance with subsection (b)(1) of this section.    (d)    In the event that an association is not in compliance with the requirements of this section, the Division Director may take any action necessary, as authorized under this title and Title 8 of this article to assure that the interests of depositors, members, stockholders, and the public are protected.
MD. Financial Institutions Code Ann. §  9-328 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part V - Capital Structure of Associations -- Operations|Section 9-328 - Allocation of Profits

    (a)    Subject to regulation of the Division Director, the board of directors of each savings and loan association shall allocate the profits of the association, at least annually, at the times the bylaws provide.    (b)    The board of directors of each savings and loan association shall:        (1)    In accordance with generally accepted accounting principles, determine gross income for the association; and        (2)    Exclude from gross income:            (i)    Income received or accrued during the period of default for any asset upon which a default exists; and            (ii)    Discounts that are amortized on securities upon which a default exists.    (c)    To determine the amount of net profits, the board of directors shall deduct items from gross income in accordance with generally accepted accounting principles.    (d)    By regulation the Division Director may permit or deny other items to be included in, or deducted from, gross income.
MD. Financial Institutions Code Ann. §  9-329 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 3 - Organization and Capitalization|Part V - Capital Structure of Associations -- Operations|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 Subtitle 2 of this title; and        (2)    In a capital stock association:            (i)    General creditors (other than those who are capital stockholders) and holders of savings deposit accounts;            (ii)    Holders of savings share accounts;            (iii)    Contributors to the initial general reserve fund before June 1, 1986 and to the expense fund under Subtitle 2 of this title unless the funds were provided by paid-in surplus; and            (iv)    Capital stockholders.    (b)    Notwithstanding any other provision of law, in the case of the liquidation of a savings and loan association for which a receiver has been appointed under § 9-708 of this title:        (1)    The determination of whether the association’s savings accounts constitute savings deposit accounts or savings share accounts for purposes of subsection (a) of this section shall be made as of the date that the receiver is appointed by the court administering the receivership; and        (2)    If, as of that date, the savings and loan association in receivership constitutes a deposit association under § 9-314 of this subtitle, then all of its savings accounts shall constitute savings deposit accounts for purposes of subsection (a) of this section.
MD. Financial Institutions Code Ann. §  9-401 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 4 - General Powers and Provisions|Part I - General Provisions -- Dividends or Interest; Withdrawals|Section 9-401 - Classification of Accounts

    A savings and loan association may classify its savings accounts according to the character, amount, duration, or regularity of additions to the accounts.
MD. Financial Institutions Code Ann. §  9-402 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 4 - General Powers and Provisions|Part I - General Provisions -- Dividends or Interest; Withdrawals|Section 9-402 - Savings Certificate Accounts or Other Fixed Term Savings Accounts

    In accordance with rules and regulations of the Division Director, a savings and loan association may issue a savings certificate account or any other fixed term savings account.
MD. Financial Institutions Code Ann. §  9-404 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 4 - General Powers and Provisions|Part I - General Provisions -- Dividends or Interest; Withdrawals|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 account in the same classification receive the same ratable portion of dividends or interest; and        (3)    Provide for penalties in a savings account contract, subject to approval of the Division Director.    (b)    The board of directors of a savings and loan association, by resolution, shall determine as to dividends or interest on savings accounts:        (1)    The rate;        (2)    The method of calculation; and        (3)    The payment date.    (c)    Dividends or interest on savings accounts may be paid only from current earnings, earned surplus, the expense fund, or as otherwise provided in this title.
MD. Financial Institutions Code Ann. §  9-405 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 4 - General Powers and Provisions|Part I - General Provisions -- Dividends or Interest; Withdrawals|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 or interest under this section if:        (1)    Earnings of the association are sufficient to pay the proposed dividend for a period of at least 1 year; and        (2)    The public interest is protected.    (c)    An applicant aggrieved by the action or nonaction of the Division Director under this section may appeal to the appropriate circuit court.
MD. Financial Institutions Code Ann. §  9-406 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 4 - General Powers and Provisions|Part I - General Provisions -- Dividends or Interest; Withdrawals|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 period of 1 year or less; and        (2)    A special purpose, such as “Christmas” or “vacation” accounts.
MD. Financial Institutions Code Ann. §  9-407 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 4 - General Powers and Provisions|Part I - General Provisions -- Dividends or Interest; Withdrawals|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.
MD. Financial Institutions Code Ann. §  9-408 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 4 - General Powers and Provisions|Part I - General Provisions -- Dividends or Interest; Withdrawals|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 permit withdrawals from a savings account to be made by negotiable or transferable order.        (2)    As to any savings account from which withdrawal may be made by a negotiable or transferable order of withdrawal, a savings and loan association:            (i)    Need not pay any dividend or interest on the account; and            (ii)    May impose a service charge on any account in accordance with the regulations of the Division Director.    (c)    (1)    As long as a written withdrawal request remains on file, a member who is a holder of a savings account in a savings and loan association who has requested a withdrawal from the account remains a member of the association until the withdrawal request is paid.        (2)    A holder of a savings share account in a savings and loan association who has requested a withdrawal from the account is not a creditor of the association, either before or after the request to withdraw money, unless an association defaults in any payment due under this section.    (d)    This section does not prevent a savings and loan association from restricting by contract a withdrawal from an account of $100,000 or over, or any account that is pledged to the association.
MD. Financial Institutions Code Ann. §  9-412.1 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 4 - General Powers and Provisions|Part I - General Provisions -- Dividends or Interest; Withdrawals|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.    (b)    The provisions of subsection (a) of this section shall not apply under certain conditions:        (1)    If an individual personal checking account is closed at a particular savings and loan and a joint personal account is opened at the same savings and loan that includes one of the customers who previously had the individual personal account, then the numerical month and year printed on the face of the checks or drafts shall be the numerical month and year in which the individual personal account was established.        (2)    If a joint personal account is closed at a particular savings and loan and an individual personal account is opened at the same savings and loan by one of the customers who previously was included under the joint account, then the numerical month and year printed on the face of the checks or drafts shall be the numerical month and year in which the joint account was established.        (3)    If a customer with an individual personal account or with a joint personal account opens an additional account at the same savings and loan, then the numerical month and year printed on the face of the checks or drafts shall be the numerical month and year in which the initial account was established.        (4)    In the case of a personal checking or draft account that is closed and a new personal checking or draft account opened simultaneously on the advice of the savings and loan association, the checks or drafts for the new account shall have the numerical month and year in which the closed account was originally opened printed on the face of the checks or drafts.        (5)    If the closed account was opened prior to July 1, 1987, a date is not required to be printed on the checks or drafts.    (c)    A check, draft, or order provided on the opening of a personal checking or draft account for use by the customer until printed checks or drafts have been prepared is not required to have the numerical month and year in which the account was opened printed on the face of the check, draft, or order.    (d)    (1)    The savings and loan association and the check printer may not be held liable for unintentional errors in the month and year printed on the face of the check.        (2)    The customer may not be charged for the reprinting of the checks when the checks are reprinted due to error in the month and year printed on the face of the check.
MD. Financial Institutions Code Ann. §  9-416 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 4 - General Powers and Provisions|Part II - General Provisions -- Operations|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 person who, on its records, appears to be entitled to the deposit, money, or property.    (b)    If, in an action to which an adverse claimant is a party, a court order or decree involving a claim to the deposit, money, or property is served on a savings and loan association, the association may, or if required by the court, shall impound the deposit, money, or property, subject to further order of the court, and without any liability for these actions.
MD. Financial Institutions Code Ann. §  9-421 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 4 - General Powers and Provisions|Part II - General Provisions -- Operations|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 interest rate, level payments, and full amortization.    (b)    If a savings and loan association offers any alternative mortgage instrument on an owner-occupied residential loan in addition to a standard direct monthly reduction of principal plan, as required by the Division Director, the association shall give each prospective borrower information on the alternative plan and the standard plan.
MD. Financial Institutions Code Ann. §  9-422 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 4 - General Powers and Provisions|Part II - General Provisions -- Operations|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 the State of Maryland Deposit Insurance Fund Corporation, a federal reserve bank, or a federal home loan bank, to secure loans to the savings and loan association.
MD. Financial Institutions Code Ann. §  9-423 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 4 - General Powers and Provisions|Part II - General Provisions -- Operations|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.
MD. Financial Institutions Code Ann. §  9-424 (2021)
2021 Maryland Statutes|Financial Institutions|Title 9 - Savings and Loan Associations|Subtitle 4 - General Powers and Provisions|Part II - General Provisions -- Operations|Section 9-424 - Expenses Charged Borrowers

    (a)    A savings and loan association may require a borrower to pay all charges in connection with a loan to the borrower.    (b)    At each settlement, a savings and loan association shall give the borrower a memorandum of settlement that details each charge made in connection with the settlement.    (c)    This section does not modify the usury laws of this State.