reglab/housing_qa huggingface dataset:
MD. Financial Institutions Code Ann. §  5-1013 (2021)
2021 Maryland Statutes|Financial Institutions|Title 5 - Banking Institutions -- General Provisions|Subtitle 10 - Branch Banking|Section 5-1013 - Transactions Resulting in 30 Percent or More Control of Deposits

    (a)    Except as provided in this section, the Commissioner may not approve a transaction resulting in the establishment of a branch or branches by a bank, other than a de novo branch, if on consummation of the transaction the applicant, including any insured depository institution affiliate of the applicant, would control 30 percent or more of the total amount of deposits of insured depository institutions in this State.    (b)    The Commissioner may by regulation adopt a procedure by which the 30 percent deposit limit may be waived for good cause.
MD. Financial Institutions Code Ann. §  5-1014 (2021)
2021 Maryland Statutes|Financial Institutions|Title 5 - Banking Institutions -- General Provisions|Subtitle 10 - Branch Banking|Section 5-1014 - Out-of-State Banks

    (a)    An out-of-state bank that proposes to establish a branch in this State:        (1)    Shall qualify under § 7-203 of the Corporations and Associations Article to do business in the State as a foreign corporation; and        (2)    Within 15 days of filing a branch application with the appropriate bank supervisory agency, shall provide the Commissioner with a copy of the branch application.    (b)    An out-of-state bank that does not have a branch in this State on September 29, 1995, may not establish a branch in this State before June 1, 1997, unless the laws of that bank’s home state would permit a banking institution to establish a branch in that state under substantially similar conditions as those imposed by this subtitle.    (c)    An out-of-state bank that has a branch in this State may establish additional branches in this State to the same extent as a banking institution or to the extent otherwise permitted by federal law.
MD. Financial Institutions Code Ann. §  5-1015 (2021)
2021 Maryland Statutes|Financial Institutions|Title 5 - Banking Institutions -- General Provisions|Subtitle 10 - Branch Banking|Section 5-1015 - Severability

    If any provision of this subtitle or the application thereof to any person or circumstance is held invalid for any reason in a court of competent jurisdiction, the invalidity does not affect other provisions or any other application of this subtitle that can be given effect without the invalid provision or application.
MD. Financial Institutions Code Ann. §  5-1101 (2021)
2021 Maryland Statutes|Financial Institutions|Title 5 - Banking Institutions -- General Provisions|Subtitle 11 - Savings and Loan Associations -- Emergency Interstate Acquisitions|Section 5-1101 - Definitions

    (a)    In this subtitle the following words have the meanings indicated.    (b)    “Acquire” means to assume ownership or control, directly or indirectly, of any voting shares of, interest in, or all or a substantial portion of the assets and liabilities, including, unless otherwise determined in writing by the Director of the State of Maryland Deposit Insurance Fund Corporation to be in the best financial interest of the Fund, all savings accounts liabilities that are insured by the Fund, to the extent of the insurance, and liabilities to the State, of the following institutions:        (1)    A savings and loan association;        (2)    A newly-formed commercial bank chartered to consummate a transaction with a savings and loan association under this subtitle; or        (3)    A commercial bank that results from the conversion of a savings and loan association.    (c)    “Act” means the federal Bank Holding Company Act of 1956, as amended.    (d)    “Maryland bank holding company” means a company that is defined as a bank holding company under the Act and that conducted its principal banking business in Maryland on July 1, 1966, or on the date on which the company became a bank holding company under the Act, whichever occurred later.    (e)    “Out-of-state bank holding company” means a company that is defined as a bank holding company under the Act and that conducted its principal banking business in a jurisdiction of the United States other than Maryland on July 1, 1966, or on the date on which the company became a bank holding company under the Act, whichever occurred later.    (f)    “Savings accounts” has the meaning stated in § 10-101(k) of this article.    (g)    “Savings and loan association” means a corporation that is:        (1)    Chartered under the laws of this State as a savings and loan association; and        (2)    Insured by the State of Maryland Deposit Insurance Fund Corporation.
MD. Financial Institutions Code Ann. §  5-1101.1 (2021)
2021 Maryland Statutes|Financial Institutions|Title 5 - Banking Institutions -- General Provisions|Subtitle 11 - Savings and Loan Associations -- Emergency Interstate Acquisitions|Section 5-1101.1 - Effective Period of Subtitle

    The provisions of this subtitle which authorize an out–of–state bank holding company to acquire and hold certain institutions are only in effect through June 1, 1986. Any acquisition that was approved under this subtitle before June 1, 1986, remains subject to the terms and conditions that were in effect before that date, including the authorizations in § 5–1102(c) and (d) of this subtitle.
MD. Financial Institutions Code Ann. §  5-1102 (2021)
2021 Maryland Statutes|Financial Institutions|Title 5 - Banking Institutions -- General Provisions|Subtitle 11 - Savings and Loan Associations -- Emergency Interstate Acquisitions|Section 5-1102 - Scope of Subtitle

    (a)    This subtitle sets forth the conditions under which an out-of-state bank holding company may acquire and hold:        (1)    One or more savings and loan associations to be converted into one or more commercial banks; or        (2)    One or more newly-formed commercial banks that have acquired or acquire one or more savings and loan associations.    (b)    The acquisition of a commercial bank by an out-of-state bank holding company under this subtitle is authorized for purposes of § 3(d) of the Act.    (c)    Notwithstanding any other provision of law, an out-of-state bank holding company that has made an acquisition under this subtitle subsequently shall be permitted, directly or indirectly, to acquire and hold Maryland bank holding companies or constituent banks, as defined in Title 3, Subtitle 7 of this article, in this State as if the out-of-state bank holding company were a bank holding company the operations of whose banking subsidiaries are principally conducted in this State for purposes of § 3(d) of the Act. Any merger with or acquisition of a Maryland bank holding company by an out-of-state bank holding company, directly or indirectly, or any consolidation with, merger with or transfer of assets to a constituent bank by an out-of-state bank holding company, directly or indirectly, shall be governed by the procedural requirements of Subtitle 10 of this title.    (d)    Except for the procedural requirements of this section, an out-of-state bank holding company may acquire and hold Maryland bank holding companies or constituent banks in this State under subsection (c) of this section without regard to the restrictions found in Subtitle 10 of this title.
MD. Financial Institutions Code Ann. §  5-1104 (2021)
2021 Maryland Statutes|Financial Institutions|Title 5 - Banking Institutions -- General Provisions|Subtitle 11 - Savings and Loan Associations -- Emergency Interstate Acquisitions|Section 5-1104 - Powers of Commissioner to Consummate Acquisition

    If the Commissioner deems it appropriate in order to consummate an acquisition under this subtitle, the Commissioner may:         (1)    Convert the charter, form of ownership, or operating powers of a savings and loan association into the charter, form of ownership, or operating powers of a commercial bank;        (2)    Authorize the consolidation, merger, or transfer of assets of a savings and loan association into one or more savings and loan associations or commercial banks; and        (3)    Charter a new commercial bank or savings and loan association to acquire all or a substantial portion of the assets and liabilities of an existing savings and loan association, including all savings accounts liabilities and liabilities to the State.
MD. Financial Institutions Code Ann. §  5-1105 (2021)
2021 Maryland Statutes|Financial Institutions|Title 5 - Banking Institutions -- General Provisions|Subtitle 11 - Savings and Loan Associations -- Emergency Interstate Acquisitions|Section 5-1105 - Powers of and Restrictions on Commercial Bank Acquired Under Subtitle

    (a)    Except as provided in subsections (b), (c), (d), and (e) of this section, a commercial bank acquired under this subtitle may exercise all the powers of, and shall be subject only to those restrictions imposed on a commercial bank owned by a Maryland bank holding company under applicable State law.    (b)    A commercial bank that results from a conversion of a savings and loan association or acquires a savings and loan association may hold assets or conduct business activities, other than insurance assets and insurance activities, that result from the acquisition of a savings and loan association and that do not conform with applicable law, unless a different period is authorized by federal regulatory agencies:        (1)    For a period of 5 years after the acquisition; and        (2)    If the Commissioner approves, for an additional period not exceeding 5 years.    (c)    A commercial bank that results from a conversion of a savings and loan association or acquires a savings and loan association may hold insurance assets or conduct insurance activities that result from the acquisition of a savings and loan association and that do not conform with applicable law, unless a different period is authorized by federal regulatory agencies, for a period of 2 years after the date of acquisition.    (d)    Except as provided in subsection (c) of this section, a commercial bank acquired under this subtitle may hold insurance assets or conduct insurance activities only to the extent permitted under applicable law to a Maryland commercial bank.    (e)    A commercial bank that results from the conversion of a savings and loan association or acquires a savings and loan association that is subject to the provisions of this section may not exercise any rights afforded to a Maryland bank, a Maryland bank holding company, or an out-of-state bank holding company under any Maryland law authorizing reciprocal interstate banking acquisitions until such time as national reciprocal interstate banking is authorized under State law.
MD. Financial Institutions Code Ann. §  5-1106 (2021)
2021 Maryland Statutes|Financial Institutions|Title 5 - Banking Institutions -- General Provisions|Subtitle 11 - Savings and Loan Associations -- Emergency Interstate Acquisitions|Section 5-1106 - Powers of Commissioner as to Plan of Acquisition

    (a)    Notwithstanding any other provisions of law to the contrary, the Commissioner may:        (1)    Exercise any State regulatory approval that may be required to complete a plan of acquisition under this subtitle; and        (2)    Waive any procedural requirements, including publication and hearing procedures, if the Commissioner determines that prompt approval of the application protects the best interests of the depositors and creditors of the savings and loan association to be acquired under this subtitle and is in the public interest.    (b)    The Commissioner shall give notice in the Maryland Register of the final action that has been taken on an application filed under this subtitle.
MD. Financial Institutions Code Ann. §  5-1107 (2021)
2021 Maryland Statutes|Financial Institutions|Title 5 - Banking Institutions -- General Provisions|Subtitle 11 - Savings and Loan Associations -- Emergency Interstate Acquisitions|Section 5-1107 - Indemnification of Claims; Release of State of Maryland Deposit Insurance Fund Corporation; Repayment of Indebtedness to Formermaryland Savings-Share Insurance Corporation or State of Maryland Deposit Insurance Fund Corporation

    Upon and after the acquisition of each savings and loan association or commercial bank successor to a savings and loan association to be acquired under this subtitle, the out-of-state bank holding company and the acquired institution shall, unless otherwise determined in writing by the Fund Director to be in the best financial interest of the Fund:         (1)    Defend, indemnify, and hold harmless the State of Maryland, its agencies, instrumentalities, officials, agents, and employees from all claims of:            (i)    Holders of savings accounts in that savings and loan association arising out of insurance of their accounts by the Maryland Savings-Share Insurance Corporation or the State of Maryland Deposit Insurance Fund Corporation; and            (ii)    Parties to loan agreements, loan commitments, lines of credit, or letters of credit of that savings and loan association arising solely out of the failure of the commercial bank to honor within a reasonable period of time after its acquisition by the out-of-state bank holding company the terms of a legally binding written commitment entered into by that savings and loan association;        (2)    Relinquish any right to and release the State of Maryland Deposit Insurance Fund Corporation from any obligation to return any part of the capital deposit required for membership in the Fund; and        (3)    Provide for repayment of any indebtedness incurred by an acquired savings and loan association to the former Maryland Savings-Share Insurance Corporation or the State of Maryland Deposit Insurance Fund Corporation.
MD. Financial Institutions Code Ann. §  6-101 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 1 - Definitions|Section 6-101 - Definitions

    (a)    In this title the following words have the meanings indicated.    (b)    “Board” means the board of directors of a credit union.    (c)    (1)    “Branch” means a credit union office at which shares or deposits are received, share drafts or checks are paid, or money is lent.        (2)    “Branch” includes a mobile branch or other special–purpose facility that performs a function of a branch.        (3)    “Branch” does not include an automated teller machine as defined in § 1–401(d) of this article.    (d)    “Credit union” means a cooperative, nonprofit financial institution organized under this title to conduct business in the State.    (e)    “Credit union service organization” means an entity formed to engage in activities that:        (1)    Are incidental to the conduct of the business of a credit union;        (2)    Advance or facilitate the purposes of a credit union; and        (3)    Primarily serve a credit union and its members.    (f)    (1)    “Credit union share guaranty corporation” means a corporation engaged in the business of guaranteeing or insuring payment of a credit union share or deposit account.        (2)    “Credit union share guaranty corporation” includes the Credit Union Insurance Corporation established under Title 7 of this article.    (g)    “Deposit account” means a balance held by a credit union on which a contractual rate of interest may be paid as a debt owed by the credit union to the depositor.    (h)    “Fixed assets” includes land, buildings, leasehold improvements, furniture, fixtures, and equipment used in the conduct of the regular business of a credit union.    (i)    “Member in good standing” means a member who:        (1)    Owns at least one share in a credit union;        (2)    Is current on all credit obligations to the credit union; and        (3)    Has not caused the credit union a credit or deposit loss that is currently outstanding.    (j)    “Officer” means any officer that a Maryland corporation is required or permitted to have under § 2–412 of the Corporations and Associations Article.    (k)    “Official” means:        (1)    A director;        (2)    A member of a credit committee; or        (3)    A member of a supervisory committee.    (l)    “Out–of–state credit union” means:        (1)    A federal credit union with its main office in a state other than this State; or        (2)    A credit union chartered and primarily regulated by another state.    (m)    “Share” or “share account” means a balance held by a credit union on which a dividend may be paid and which confers membership and voting rights on the member.
MD. Financial Institutions Code Ann. §  6-201 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 2 - General Provisions|Section 6-201 - General Banking Law Not Applicable

    Except as otherwise indicated in this title, Titles 3 through 5 of this article do not apply to credit unions.
MD. Financial Institutions Code Ann. §  6-202 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 2 - General Provisions|Section 6-202 - Supervision by Commissioner

    Credit unions are subject to the supervision of the Commissioner.
MD. Financial Institutions Code Ann. §  6-203 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 2 - General Provisions|Section 6-203 - Exemption From Taxation

    A credit union incorporated under the laws of this State, including its income, net worth, and other funds are exempt from all taxes imposed by this State or by any of its political subdivisions to the same extent as federal credit unions are exempt.
MD. Financial Institutions Code Ann. §  6-204 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 2 - General Provisions|Section 6-204 - Exercise of Powers

    A credit union may exercise all the rights, privileges, and incidental powers necessary or appropriate to exercise its specific powers and to accomplish the purposes for which the credit union is organized.
MD. Financial Institutions Code Ann. §  6-205 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 2 - General Provisions|Section 6-205 - Liberal Construction

    This title shall be construed liberally to effectuate its purpose.
MD. Financial Institutions Code Ann. §  6-206 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 2 - General Provisions|Section 6-206 - Short Title

    This title may be cited as the Maryland Credit Union Act.
MD. Financial Institutions Code Ann. §  6-401 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 4 - Examinations and Reports|Section 6-401 - Supervisory Committee -- in General

    (a)    Each credit union shall have a supervisory committee.    (b)    The board shall appoint the members of the supervisory committee at:        (1)    The first meeting of the board following the annual meeting of the members; and        (2)    Any time there is a vacancy.    (c)    (1)    Subject to the provisions of paragraph (2) of this subsection, the board shall determine the number of members on the supervisory committee.        (2)    The supervisory committee shall have at least three and not more than seven members.    (d)    (1)    Each member of the supervisory committee shall be appointed from among the members of the credit union.        (2)    Not more than one member of the supervisory committee may be a director.        (3)    An officer of the credit union, a member of the credit committee, or an employee of the credit union may not be a member of the supervisory committee.        (4)    At least one member of the supervisory committee shall have experience in:            (i)    Accounting;            (ii)    Auditing; or            (iii)    General business.        (5)    Each member of the supervisory committee:            (i)    Shall be bonded;            (ii)    May not have been convicted of any criminal offense involving dishonesty or breach of trust;            (iii)    May not have habitually neglected to pay any debts;            (iv)    May not become insolvent or bankrupt while serving on the supervisory committee; and            (v)    May not have been removed by the Commissioner or any state or federal regulatory agency as an officer, official, or employee of a financial institution.    (e)    The members of the supervisory committee shall elect the chairman of the supervisory committee:        (1)    At the beginning of each term of appointment to the committee; and        (2)    At any time there is a vacancy and the board is notified.    (f)    A member of the supervisory committee serves for 1 year and until a successor is appointed and qualifies.    (g)    Each member of the supervisory committee shall take an oath to perform faithfully the duties of the office.    (h)    (1)    The board shall appropriate funds:            (i)    For an audit conducted by an outside auditor; and            (ii)    If required, for an internal auditing function.        (2)    The supervisory committee has the sole authority to engage or terminate outside and internal auditors.
MD. Financial Institutions Code Ann. §  6-403 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 4 - Examinations and Reports|Section 6-403 - Examinations of Credit Unions

    (a)    In this section, “examiner” means:        (1)    The Commissioner; and        (2)    An individual whom the Commissioner designates as examiner.    (b)    An examiner shall visit each credit union and examine its business:        (1)    At least once during each calendar year, unless the Commissioner determines that, during a calendar year, an examination is unnecessary, in which event an examination shall occur no less frequently than once every 18 months;        (2)    When requested by the board or supervisory committee of the credit union; and        (3)    At any other time that the Commissioner considers necessary.
MD. Financial Institutions Code Ann. §  6-404 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 4 - Examinations and Reports|Section 6-404 - Reports to Commissioner

    (a)    On or before March 31 of each year, each credit union shall report to the Commissioner on the business of the credit union during the preceding calendar year.    (b)    The Commissioner may require any other reports from a credit union that the Commissioner considers necessary.    (c)    Each report made under this section shall be:        (1)    On the form that the Commissioner provides; and        (2)    Signed and acknowledged by:            (i)    A majority of the members of the supervisory committee; and            (ii)    The president, vice-president, secretary, or treasurer of the credit union.    (d)    If a credit union fails to make any report as required by this title, the credit union shall pay to the Commissioner $50 for each day that the report is overdue.
MD. Financial Institutions Code Ann. §  6-405 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 4 - Examinations and Reports|Section 6-405 - Commissioner May Require Independent Audit

    (a)    If the Commissioner finds that the supervisory committee of a credit union is not performing its duties properly, the Commissioner may require the credit union to have a certified public accountant audit the credit union for any period of time that the Commissioner considers necessary.    (b)    The audit required under subsection (a) of this section shall be made at the expense of the credit union.
MD. Financial Institutions Code Ann. §  6-406 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 4 - Examinations and Reports|Section 6-406 - Unsafe or Unauthorized Practices -- Action by Board and Members

    (a)    The board may call a meeting of the members of the credit union to act on any practice of the credit union that the supervisory committee considers unsafe or unauthorized.    (b)    The board shall give the Commissioner advance notice of a meeting of the members that is called under subsection (a) of this section.