reglab/statecodes huggingface dataset:
2023 Maryland Statutes › Financial Institutions › Title 7 - Credit Union Share Insurance › Subtitle 2 - Credit Union Share Guaranty Corporations › Section 7-206 - Certificate of Authority -- Applications

(a)    (1)    To apply for a certificate of authority, an applicant shall sign and submit to the Commissioner an application made under oath on the form that the Commissioner requires.
(2)    The application shall include:
(i)    The applicant’s corporate name, business address, and any trade names under which the applicant conducts business;
(ii)    The name and business address of each of the applicant’s officers and directors;
(iii)    The address at which the business is to be conducted;
(iv)    The name and address of the applicant’s proposed resident agent in the State; and
(v)    Any other information that the Commissioner reasonably requires.
(b)    With the application, the applicant shall submit:
(1)    A certified copy of its articles of incorporation with all amendments;
(2)    A certified copy of its bylaws with all amendments;
(3)    A copy of the applicant’s annual financial statements as of the immediately preceding December 31, prepared in accordance with generally accepted accounting principles and audited and certified by an independent certified public accountant;
(4)    If domiciled outside the State, a copy of the applicant’s most recent report of examination, if any, made by the responsible supervisory official in its state of domicile;
(5)    If domiciled outside the State, certification by the responsible supervisory official in its state of domicile showing that the applicant is authorized to engage in the credit union share guaranty business in that state;
(6)    A copy of the applicant’s current standard written contract with participating credit unions containing the rights and obligations of the parties; and
(7)    Any other information and documents that the Commissioner reasonably requires.
(c)    With the application, the applicant shall pay to the Commissioner a nonrefundable application fee of $5,000.
2023 Maryland Statutes › Financial Institutions › Title 7 - Credit Union Share Insurance › Subtitle 2 - Credit Union Share Guaranty Corporations › Section 7-207 - Certificate of Authority -- Approval

(a)    When an applicant for a certificate of authority files the application and pays the application fee required under § 7-206 of this subtitle, the Commissioner shall conduct an investigation to determine if the applicant meets the requirements of § 7-205 of this subtitle.
(b)    Unless the Commissioner notifies the applicant that a different time period is necessary, the Commissioner shall approve or deny each application for a certificate of authority within 120 days after the complete application is filed and the application fee is paid.
(c)    The Commissioner shall issue a certificate of authority to any applicant who meets the requirements of this subtitle.
2023 Maryland Statutes › Financial Institutions › Title 7 - Credit Union Share Insurance › Subtitle 2 - Credit Union Share Guaranty Corporations › Section 7-208 - Certificate of Authority -- Denial; Request for Hearing

(a)    If an application for a certificate of authority is denied, the notification of the denial shall:
(1)    Be in writing; and
(2)    State the applicant’s right to a hearing held in accordance with the Administrative Procedure Act.
(b)    An applicant who seeks a hearing on an application denial shall file a written request for a hearing within 30 days following receipt of the notice of the applicant’s right to a hearing.
2023 Maryland Statutes › Financial Institutions › Title 7 - Credit Union Share Insurance › Subtitle 2 - Credit Union Share Guaranty Corporations › Section 7-210 - Examinations and Investigations

(a)    (1)    The Commissioner:
(i)    Shall examine the business of each credit union share guaranty corporation at least once every 24 months; and
(ii)    May examine the business of each credit union share guaranty corporation at any time that the Commissioner reasonably considers necessary.
(2)    The Commissioner may enter into agreements with third parties and delegate the authority to conduct an examination required or permitted under this subsection.
(3)    In lieu of performing an examination of a credit union share guaranty corporation, the Commissioner may accept an examination report from the responsible supervisory official of the credit union share guaranty corporation’s state of domicile.
(b)    (1)    A person aggrieved by the conduct of a credit union share guaranty corporation under this subtitle in connection with the credit union share guaranty business may file a written complaint with the Commissioner who may investigate the complaint.
(2)    The Commissioner may make any other investigation of any person if the Commissioner has reasonable cause to believe that the person has violated any provision of this subtitle, any regulation adopted under this subtitle, or any other law regulating credit union share guaranty corporations in the State.
(c)    In connection with an examination or investigation made under this section, the Commissioner may:
(1)    Examine the books and records of any credit union share guaranty corporation or of any other person who the Commissioner believes has violated any provision of this subtitle, any regulation adopted under this subtitle, or any other law regulating credit union share guaranty corporations in the State;
(2)    Subpoena documents or other evidence; or
(3)    Summon and examine under oath any individual whose testimony the Commissioner requires.
(d)    If any person fails to comply with a subpoena or summons issued by the Commissioner under this section, the Commissioner may file a petition for enforcement in the appropriate circuit court.
2023 Maryland Statutes › Financial Institutions › Title 7 - Credit Union Share Insurance › Subtitle 2 - Credit Union Share Guaranty Corporations › Section 7-211 - Payment of Expenses; Assessments

(a)    A credit union share guaranty corporation shall pay all reasonable expenses for transportation, lodging, and meals associated with:
(1)    An examination required or permitted under § 7-210 of this subtitle; and
(2)    Any other examination or investigation conducted under this article that results in the discovery of a violation of this subtitle by the credit union share guaranty corporation.
(b)    (1)    A credit union share guaranty corporation shall pay an annual assessment of $5,000.
(2)    A credit union share guaranty corporation shall pay the assessment imposed under paragraph (1) of this subsection to the Commissioner on or before February 15 after the assessment is imposed.
2023 Maryland Statutes › Financial Institutions › Title 7 - Credit Union Share Insurance › Subtitle 2 - Credit Union Share Guaranty Corporations › Section 7-212 - Reports

(a)    (1)    On or before April 1 of each year, unless the Commissioner extends the time for good cause, each credit union share guaranty corporation shall file with the Commissioner an annual report for the immediately preceding calendar year.
(2)    The annual report shall include:
(i)    The annual financial statement of the credit union share guaranty corporation prepared in accordance with generally accepted accounting principles and audited and certified by an independent certified public accountant that contains:
1.    A balance sheet;
2.    An income statement;
3.    A statement of cash flows;
4.    A statement of changes of the credit union share guaranty corporation’s equity; and
5.    Notes to the financial statement;
(ii)    The following information regarding all participating credit unions, as appropriate, regardless of the state in which a participating credit union is domiciled:
1.    The composite CAMEL rating of each credit union if the composite CAMEL rating of a credit union is 4 or 5; and
2.    Any current administrative action or any current plan for corrective action concerning each credit union initiated by the credit union share guaranty corporation or the responsible supervisory official in the credit union’s state of domicile; and
(iii)    An analysis of the components of the guaranty fund required under § 7-216 of this subtitle, including any reserves for guaranty losses established under § 7-217 of this subtitle.
(3)    Unless the Commissioner extends the time for filing, a credit union share guaranty corporation that fails to file an annual report on or before April 10 shall pay a penalty of $100 for each day from April 1 to the day before the Commissioner receives the report.
(b)    At any time, the Commissioner may require a credit union share guaranty corporation to file an interim report containing the information that the Commissioner considers necessary.
2023 Maryland Statutes › Financial Institutions › Title 7 - Credit Union Share Insurance › Subtitle 2 - Credit Union Share Guaranty Corporations › Section 7-213 - Exchange of Information

(a)    This section applies notwithstanding any other provision of law.
(b)    A credit union share guaranty corporation and the Commissioner may exchange information, including information obtained during an examination, about a participating credit union or a credit union that is applying for participation in the credit union share guaranty corporation.
(c)    The Commissioner may exchange information, including information obtained during an examination, about a credit union share guaranty corporation with any state or federal agency having supervisory authority over the credit union share guaranty corporation.
2023 Maryland Statutes › Financial Institutions › Title 7 - Credit Union Share Insurance › Subtitle 2 - Credit Union Share Guaranty Corporations › Section 7-214 - Contracts With Participating Credit Unions

(a)    A credit union share guaranty corporation shall have a written contract with each participating credit union that clearly establishes the rights and obligations of the parties.
(b)    At least 30 days before the effective date of any material amendment to the standard written contract that is submitted under § 7-206(b) of this subtitle, the credit union share guaranty corporation shall file the amendment with the Commissioner.
2023 Maryland Statutes › Financial Institutions › Title 7 - Credit Union Share Insurance › Subtitle 2 - Credit Union Share Guaranty Corporations › Section 7-215 - Notice to Commissioner

A credit union share guaranty corporation shall provide written notice to the Commissioner of:
(1)    The receipt from a credit union of an application for participation in the credit union share guaranty corporation;
(2)    The credit union share guaranty corporation’s underwriting decision regarding the application for participation; and
(3)    The voluntary or involuntary termination of the participation of a credit union in the credit union share guaranty corporation.
2023 Maryland Statutes › Financial Institutions › Title 7 - Credit Union Share Insurance › Subtitle 2 - Credit Union Share Guaranty Corporations › Section 7-217 - Reserves for Guaranty Losses

(a)    (1)    A credit union share guaranty corporation shall establish reserves for guaranty losses on an incurred basis in accordance with generally accepted accounting principles during the period in which the losses become evident.
(2)    The reserves shall provide for:
(i)    Losses reported to the credit union share guaranty corporation;
(ii)    Losses incurred but not previously reported; and
(iii)    Estimated losses on the collection of notes and other guarantees to participating credit unions.
(b)    The reserves shall be maintained until the losses for which the reserves were established have been satisfied.
2023 Maryland Statutes › Financial Institutions › Title 7 - Credit Union Share Insurance › Subtitle 2 - Credit Union Share Guaranty Corporations › Section 7-218 - Liquidation and Receivership

(a)    The Commissioner shall give prompt notice to the applicable credit union share guaranty corporation whenever the Commissioner:
(1)    Takes possession of the property and assets of a participating credit union; and
(2)    Determines to liquidate the property and assets of a participating credit union.
(b)    Notwithstanding the provisions of §§ 5-605 and 6-905(d) of this article, the Commissioner may petition a court of competent jurisdiction to appoint the applicable credit union share guaranty corporation as receiver of the participating credit union.
(c)    When the property and business of a participating credit union has been liquidated or is in the process of liquidation and the proceeds of liquidation distributed are insufficient to pay the full guaranteed amount of each credit union share or deposit account, the credit union share guaranty corporation shall pay each deficiency up to the guaranteed amount within 30 days after the date the credit union share or deposit account balance is verified.
(d)    When any participating credit union share or deposit account is paid, the credit union share guaranty corporation shall be subrogated to all rights of the member or depositor, up to the amount paid by the credit union share guaranty corporation to the member or depositor.
2023 Maryland Statutes › Financial Institutions › Title 7 - Credit Union Share Insurance › Subtitle 2 - Credit Union Share Guaranty Corporations › Section 7-219 - Termination of Participation

(a)    A credit union share guaranty corporation may terminate the participation of a participating credit union for any of the following reasons:
(1)    The participating credit union fails to satisfy the risk eligibility standards established by the credit union share guaranty corporation and applicable to all participating credit unions;
(2)    The participating credit union operates in an unsafe and unsound manner as determined by the credit union share guaranty corporation;
(3)    The participating credit union fails to furnish financial statements, delinquent loan reports, or other information considered necessary by the credit union share guaranty corporation;
(4)    The participating credit union fails to remedy in a timely manner a qualification arising from an audit permitted or required under the written contract between the participating credit union and the credit union share guaranty corporation;
(5)    The participating credit union fails to pay when due a capital contribution or applicable premium, fee, or assessment under this subtitle;
(6)    The participating credit union fails to comply with any provision of this article or the articles of incorporation or bylaws of the credit union share guaranty corporation that are material to the safety and soundness of the participating credit union; or
(7)    Continued participation by the participating credit union would result in a violation of this subtitle or other applicable state or federal law by the credit union share guaranty corporation.
(b)    (1)    At least 30 days before the effective date of any termination, the credit union share guaranty corporation shall send written notice of the pending termination and the reasons for the termination to:
(i)    The participating credit union whose participation is to be terminated; and
(ii)    The Commissioner.
(2)    The 30-day notice required under paragraph (1) of this subsection does not apply to the termination of excess coverage.
2023 Maryland Statutes › Financial Institutions › Title 7 - Credit Union Share Insurance › Subtitle 2 - Credit Union Share Guaranty Corporations › Section 7-221 - State Not Liable for Payment of Funds

Nothing in this subtitle creates any liability on the State for the payment of any funds to any participating credit union or other person by reason of:
(1)    An act or omission of a credit union share guaranty corporation; or
(2)    A deficiency of a participating credit union in the event a credit union share guaranty corporation is unable to pay the deficiency.
2023 Maryland Statutes › Financial Institutions › Title 7 - Credit Union Share Insurance › Subtitle 2 - Credit Union Share Guaranty Corporations › Section 7-222 - Insurance Article Not Applicable

A credit union share guaranty corporation, its participating credit unions, and persons who have share or deposit accounts in the participating credit unions are not subject to the provisions of the Insurance Article as a result of any of the activities of the credit union share guaranty corporation under this subtitle.
2023 Maryland Statutes › Financial Institutions › Title 7 - Credit Union Share Insurance › Subtitle 2 - Credit Union Share Guaranty Corporations › Section 7-223 - Nonprofit Corporations

A credit union share guaranty corporation that is a nonprofit corporation exempt from federal taxation under § 501(c)(6) of the Internal Revenue Code is exempt from all taxes imposed by the State or any of its subdivisions under:
(1)    §§ 20–101, 20–104, 20–108, 20–113 through 20–127, 20–601, 20–603 through 20–609, 20–805, and 20–806, and Title 20, Subtitles 3 through 5 of the Local Government Article;
(2)    Title 6, Subtitle 1 of the Insurance Article;
(3)    The Tax – General Article; or
(4)    The Tax – Property Article.
2023 Maryland Statutes › Financial Institutions › Title 8 - Savings and Loan Associations -- Board of Commissioners and Division › Subtitle 1 - Definitions; Policy › Section 8-101 - Definitions

(a)    In this title and in Title 9, the following words have the meanings indicated.
(b)    “Affiliate” means any corporation, business trust, statutory trust, association, partnership, sole proprietorship, or other similar organization or person of which an association or any officer, director, or controlling person of an association, directly or indirectly:
(1)    Owns or controls either a majority of the voting shares or controls in any manner the election of a majority of its directors, trustees, or other persons exercising similar functions; or
(2)    Otherwise controls the management of that organization.
(c)    “Control” means the ability of a person to direct the management or policies of an association or entity or elect a majority of a board of directors or the ownership of more than 10 percent of the outstanding shares of any class of securities of an association or interest in an entity.
(d)    “Controlling person” means any person or entity, acting directly or indirectly, individually or in concert with one or more other persons or entities, or through one or more subsidiaries, who:
(1)    Owns, controls, holds with power to vote, or holds proxies representing 10 percent or more of the voting shares, rights, or interests of any association or corporation; or
(2)    Controls in any manner the election or appointment of a majority of the directors of that association or corporation.
(e)    “Division Director” means the Director of the Division of Savings and Loan Associations.
(f)    “Holding company” means any company or other entity which directly or indirectly controls any other company, or other entity.
(g)    “Immediate family” means a spouse, child, child’s spouse, parent, sibling, grandparent, or grandchild.
(h)    “Related entity” means an affiliate, holding company, or subsidiary of a savings and loan association.
(i)    “Savings and loan association” or “association” means, unless the context clearly requires otherwise, a corporation that is chartered under the laws of this State as a savings and loan association.
(j)    “Secretary” means the Secretary of Labor.
(k)    “Subsidiary” means any company or other entity which is directly or indirectly controlled by any controlling person.
2023 Maryland Statutes › Financial Institutions › Title 8 - Savings and Loan Associations -- Board of Commissioners and Division › Subtitle 1 - Definitions; Policy › Section 8-102 - Legislative Policy

(a)    In Title 9 of this article and this title the policy of this State is to provide for:
(1)    The protection of the interests of customers in savings and loan associations and the general public in the soundness and preservation of the industry;
(2)    The safety and soundness of the business of savings and loan associations;
(3)    The conservation of assets of savings and loan associations; and
(4)    Adequate rulemaking power and administrative discretion so that regulation and supervision of savings and loan associations may be flexible and readily responsive to changes in economic conditions and to changes in savings and loan priorities.
(b)    Title 9 of this article and this title embody standards to be observed by the Division Director in the exercise of the Director’s discretionary powers, in the adoption of regulations, in the examination and supervision of associations subject to Title 9, and in all matters of construction and application of Title 9 of this article and this title required for any determination or action of the Division Director.
2023 Maryland Statutes › Financial Institutions › Title 8 - Savings and Loan Associations -- Board of Commissioners and Division › Subtitle 1 - Definitions; Policy › Section 8-103 - Termination of Certain Provisions of Subtitle

Subject to the evaluation and reestablishment provisions of the Program Evaluation Act, the provisions of this subtitle relating to the Division of Savings and Loan Associations and relating to the regulation of savings and loan associations are of no effect and may not be enforced after July 1, 1992.
2023 Maryland Statutes › Financial Institutions › Title 8 - Savings and Loan Associations -- Board of Commissioners and Division › Subtitle 3 - Division of Savings and Loan Associations › Section 8-302 - Director of Division of Savings and Loan Associations

(a)    The Secretary of Labor shall appoint the Division Director with the approval of the Governor and the advice and consent of the Senate.
(b)    The Division Director serves at the pleasure of the Secretary.
(c)    The Division Director shall have experience in State or national regulation or management of financial organizations, which may include service as a bank or savings and loan association director or officer.
(d)    The Division Director is entitled to the salary provided in the State budget.
2023 Maryland Statutes › Financial Institutions › Title 8 - Savings and Loan Associations -- Board of Commissioners and Division › Subtitle 3 - Division of Savings and Loan Associations › Section 8-305 - Staff

(a)    With the approval of the Secretary, the Division Director may appoint the staff provided in the State budget.
(b)    Except as provided in subsection (c) of this section or otherwise by law, the Division Director shall appoint and remove all personnel in accordance with the provisions of the State Personnel and Pensions Article.
(c)    The deputy director is in the management service of the State Personnel Management System.
2023 Maryland Statutes › Financial Institutions › Title 8 - Savings and Loan Associations -- Board of Commissioners and Division › Subtitle 3 - Division of Savings and Loan Associations › Section 8-307 - Limitations on Outside Activity and Interests; Gifts

(a)    The Division Director shall devote full time to the duties of the office.
(b)    The Division Director and staff may not be officers, directors, employees, auditors, agents of, or attorneys for, nor retained in any manner by, nor have any ownership interest or deposit whatsoever in, any savings and loan association or related entity.
(c)    The Division Director, Division staff, and members of the immediate families of the Division Director and Division staff, as defined in § 5–101 of the General Provisions Article may not accept, directly or indirectly, any gift, gratuity, or remuneration of any type from any savings and loan association or related entity or from any director, officer, controlling person, employee, or agent of any savings and loan association or related entity.
(d)    (1)    The Division Director, Division staff, and members of the immediate families of the Division Director and Division staff as defined in § 5–101 of the General Provisions Article may not become indebted to any association or related entity that is subject to the jurisdiction of the Division Director.
(2)    Any person who violates any provision of this section is subject to forfeiture of that person’s office or employment in addition to any other penalty prescribed by law.
(e)    (1)    Subject to paragraph (2) of this subsection, nothing in this section may be construed to affect any contractual obligation, including a savings account, in existence before January 15, 1986.
(2)    (i)    All contractual obligations, including savings accounts, in existence before January 15, 1986, and the corresponding dollar amounts shall be fully disclosed to the Secretary of Labor.
(ii)    The Secretary of Labor shall file each disclosure with the State Ethics Commission.
(f)    For a period of 2 years after termination of employment with the Division of Savings and Loan Associations, if the Division Director or former deputy division director is employed by a Maryland savings and loan association or becomes a director, officer, attorney, or agent of a Maryland savings and loan association, that individual may not:
(1)    Represent, formally or informally, the association in any judicial, administrative, or other proceeding in which:
(i)    The Division of Savings and Loan Associations is a party; and
(ii)    The former Division Director or former deputy division director substantially participated;
(2)    Participate in any application submitted to the Division for the Division’s approval; or
(3)    Attempt to influence, or make any oral or written communication, on behalf of the association in any matter before the Division relating to the association in which the individual participated personally and substantially as Division Director or former deputy division director.
2023 Maryland Statutes › Financial Institutions › Title 8 - Savings and Loan Associations -- Board of Commissioners and Division › Subtitle 3 - Division of Savings and Loan Associations › Section 8-308 - Subpoena Powers; Oaths

After notifying the Secretary, the Division Director may:
(1)    Subpoena witnesses and administer oaths or affirmations in the examination of any controlling person, director, officer, employee, or agent of an association or related entity, or of any other person in relation to the affairs, transactions, and conditions of the association or related entity;
(2)    Require the production of records, books, papers, contracts, and other documents; and
(3)    Issue subpoenas duces tecum.
2023 Maryland Statutes › Financial Institutions › Title 8 - Savings and Loan Associations -- Board of Commissioners and Division › Subtitle 3 - Division of Savings and Loan Associations › Section 8-309 - Annual Report to Governor, General Assembly, and Secretary; Recommendation on Legislation

(a)    (1)    On June 30 of each year, or at the discretion of the Division Director or as circumstances warrant, the Division Director shall provide a written report to the Governor, the President of the Senate, the Speaker of the House of Delegates, and the Secretary of Labor on:
(i)    The operations of the Division Director’s office;
(ii)    The condition of the savings and loan industry, including any violations of this subtitle or Title 9 of this article and the regulations adopted under those titles; and
(iii)    As to the laws that the Division Director administers, amendments that the Division Director considers desirable.
(2)    The report is confidential and is not subject to disclosure in accordance with the provisions of Title 4, Subtitle 3, Part III of the General Provisions Article.
(b)    (1)    On June 30 of each year, the Division Director shall submit a report to the General Assembly in accordance with § 2–1257 of the State Government Article describing:
(i)    The operations of the Division Director’s office;
(ii)    The general condition of the savings and loan industry; and
(iii)    Any recommended legislative changes.
(2)    The report may include a summary of final enforcement actions taken by the Division Director but may not include pending investigations of violations of law reported under subsection (a) of this section.
2023 Maryland Statutes › Financial Institutions › Title 8 - Savings and Loan Associations -- Board of Commissioners and Division › Subtitle 3 - Division of Savings and Loan Associations › Section 8-310 - Termination of Provisions of Subtitle

Subject to the evaluation and reestablishment provisions of the Program Evaluation Act, the provisions of this subtitle relating to the Division of Savings and Loan Associations and relating to the regulation of savings and loan associations are of no effect and may not be enforced after July 1, 1992.
2023 Maryland Statutes › Financial Institutions › Title 8 - Savings and Loan Associations -- Board of Commissioners and Division › Subtitle 4 - Orders and Hearings › Section 8-401 - Orders of Division Director

(a)    The Division Director may issue orders:
(1)    To compel a savings and loan association or related entity to comply with its charter or bylaws, any applicable law, or any rule or regulation;
(2)    To direct a savings and loan association or related entity to cease and desist from any unsafe or unsound business practice including, but not limited to, unsound or unsafe interest rates, any practice injurious to the public interest, or any violation of State law or regulation relating to savings and loan associations; or
(3)    To direct a savings and loan association or related entity to remove any officer, director, or employee who has participated in or consented to any violation of law, regulation, or order relating to savings and loan associations, any unsafe or unsound business practice in the operation of the association, any insider loan not authorized by § 9-307 of this article, or any repeated violation of the association’s charter or bylaws.
(b)    An order issued by the Division Director under this section to a savings and loan association, or related entity shall:
(1)    Be in writing and signed by the Division Director;
(2)    State the alleged violation in detail and the facts that constitute the violation;
(3)    Direct the association or related entity to discontinue the violation or to take the ordered remedial action; and
(4)    State that the association or related entity has a right to a hearing with respect to matters set forth in the order if it submits a request for hearing within 20 days of the date of the order.
(c)    Upon receipt of such request, a hearing shall be scheduled promptly before the Division Director or the Division Director’s designee and notice of the date, time, and place of the hearing shall be provided to the association, holding company, or subsidiary in writing by the Division Director.
(d)    An order shall be sent by certified mail, return receipt requested, bearing a postmark from the United States Postal Service, to:
(1)    The president of the savings and loan association or related entity at its principal office in this State; or
(2)    Whomever the association or related entity designates to the Division Director.
(e)    (1)    (i)    In addition to an order issued under subsection (a) of this section, the Division Director may issue an emergency order with respect to any matter set forth in subsection (a) of this section if the Division Director determines that the protection of depositors, members, or stockholders of the association or the protection of the public requires immediate corrective action.
(ii)    Emergency orders shall:
1.    Be effective on receipt;
2.    Specify the charges and a hearing date within 30 days; and
3.    Notify the recipient that, upon application, a hearing to abate the order will be scheduled within 10 days.
(2)    By its terms, an emergency order may be continued in effect until the effective date of a final order.
2023 Maryland Statutes › Financial Institutions › Title 8 - Savings and Loan Associations -- Board of Commissioners and Division › Subtitle 4 - Orders and Hearings › Section 8-402 - Division Director's Hearing; Final Order

(a)    Unless issued under § 8–401(e) of this subtitle, an order issued under this subtitle may not become effective until the savings and loan association or related entity named in the order has been given an opportunity for a hearing before the Division Director or the Division Director’s designee.
(b)    If the savings and loan association or related entity does not request a hearing within the time specified in § 8–401(b)(4) of this subtitle or does not appear at the scheduled hearing, the order becomes final.
(c)    (1)    After notifying the Secretary, the Division Director or the deputy division director may issue subpoenas compelling the attendance of witnesses or the production of records and documents at the hearing.
(2)    If any person fails to comply with the subpoena, the Division Director or deputy division director may apply to the Circuit Court for Baltimore City for an order holding the person in contempt. If the court finds that, without reasonable cause, the person has failed to comply with the subpoena, the court may find the person in contempt and punish the person as if for contempt of court.
(3)    The Division Director, the deputy division director, or the Division Director’s designee may administer an oath to witnesses.
(4)    The Division Director shall maintain a record of the testimony and exhibits admitted at the hearing.
(5)    The Division Director may adopt rules of procedure governing the conduct of hearings.
(6)    If the Division Director determines by regulation that a procedure required by Title 10, Subtitle 2 (Administrative Procedure Act – Contested Cases) of the State Government Article does not apply to hearings before the Division, hearings scheduled by the Division may be conducted without regard to the procedure.
(7)    The issuance of emergency orders in accordance with § 8–401(e) of this subtitle is not subject to Title 10, Subtitle 2 (Administrative Procedure Act – Contested Cases) of the State Government Article.
(d)    After the savings and loan association or related entity has been given an opportunity for a hearing, the Division Director or the Division Director’s designee shall issue a final order within 30 days after the conclusion of the hearing. The order:
(1)    Shall be mailed as provided in § 8–401 of this subtitle; and
(2)    Becomes final 30 days after issuance of the order.
2023 Maryland Statutes › Financial Institutions › Title 8 - Savings and Loan Associations -- Board of Commissioners and Division › Subtitle 4 - Orders and Hearings › Section 8-403 - Appeals From Orders of Division Director

(a)    Any party aggrieved by a final order of the Division Director may appeal from the order to the Circuit Court for Baltimore City under Title 10, Subtitle 2 (Administrative Procedure Act - Contested Cases) of the State Government Article.
(b)    The filing of an appeal may not stay the effectiveness of the final order.
2023 Maryland Statutes › Financial Institutions › Title 8 - Savings and Loan Associations -- Board of Commissioners and Division › Subtitle 4 - Orders and Hearings › Section 8-404 - Termination of Subtitle

Subject to the evaluation and reestablishment provisions of the Program Evaluation Act, the provisions of this subtitle relating to the Division of Savings and Loan Associations and relating to the regulation of savings and loan associations are of no effect and may not be enforced after July 1, 1992.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 1 - Definitions; General Prohibition › Section 9-102 - General Prohibition

(a)    Only a corporation that complies with this title and § 1-201 of this article may conduct the business of a savings and loan association or do business under any name or make any representation that implies that it is a savings and loan association.
(b)    On application by the Division Director, a court of competent jurisdiction may issue an injunction to restrain any person from violating this section.
(c)    Any person who is convicted of knowingly or willfully violating subsection (a) of this section is subject to imprisonment in the penitentiary for not more than 10 years for each offense, or a fine of not more than $100,000 for each offense, or both.
(d)    This section does not apply to the use of a similar name by any corporation or association formed only to promote the interests of savings and loan associations, the membership of which is made up of savings and loan associations, their officers, or other representatives.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 2 - Incorporation › Part I - In General › Section 9-202 - Formation in General

(a)    Subject to the provisions of this subtitle, five or more adult individuals, each of whom is a resident of this State and a citizen of the United States, may act as incorporators to form a savings and loan association under this title.
(b)    The incorporators shall elect a chairman from among themselves.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 2 - Incorporation › Part I - In General › Section 9-203 - Name of Savings and Loan Association

The name of a savings and loan association:
(1)    Need not indicate that it is a corporation;
(2)    Shall contain one of the following phrases or any combination of the words:
(i)    “Savings association”;
(ii)    “Building association”;
(iii)    “Savings and loan association”; or
(iv)    “Building and loan association”;
(3)    May not be similar in any material or misleading respect to the name of any other State or federal savings and loan association, except that a savings and loan association in operation before July 1, 1980 may continue to operate under its existing name; and
(4)    May not include the words “commercial”, “federal”, “government”, “guaranteed”, “insured”, “Maryland”, “national”, “trust”, “trustee”, or “United States”, except that a savings and loan association in operation before July 1, 1986 may continue to operate under its existing name.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 2 - Incorporation › Part I - In General › Section 9-204 - Articles of Incorporation; Proposed Bylaws

(a)    The articles of incorporation of a savings and loan association shall set forth:
(1)    The name of the association;
(2)    The county in which the association’s first principal place of business is to be located;
(3)    A precise and accurate statement of the purpose or purposes for which the association is organized, as well as a statement that it is organized in compliance with State law;
(4)    The term for which the association is to exist, which may be perpetual;
(5)    The name, occupation, citizenship, place of residence, and post office address of each incorporator;
(6)    The name, occupation, citizenship, place of residence, and post office address of each of the first directors; and
(7)    If the association is a capital stock association, provisions for the issuance of capital stock.
(b)    The proposed bylaws of the association shall provide for:
(1)    (i)    The dates of regular meetings of shareholders, if any;
(ii)    The notice of the regular meetings to be given;
(iii)    The qualification of voters and the manner of voting;
(iv)    The manner of calling special meetings;
(v)    The number of members that constitute a quorum; and
(vi)    The date of the annual meeting;
(2)    (i)    The number of directors and their qualifications, other than those specified in this title;
(ii)    The terms of office of the directors which may not be less than 1 year or more than 3 years;
(iii)    If the terms of office are more than 1 year, the method of division into classes for the purpose of electing, as nearly as may be, an equal number of directors each year; and
(iv)    The removal or suspension of directors;
(3)    (i)    The meetings of the board of directors; and
(ii)    The powers and duties of the board of directors;
(4)    (i)    The officers;
(ii)    The manner of election of the officers;
(iii)    The terms of office, duties, and compensation of the officers; and
(iv)    The bonds required of officers;
(5)    (i)    The classes of shares that may be issued;
(ii)    The issuance of shares, whether issued in series or otherwise;
(iii)    The times when shares may be issued; and
(iv)    The matured value of shares;
(6)    The manner in which evidence of share ownership shall be issued to members;
(7)    The time and manner of apportioning, crediting, and paying dividends;
(8)    The conditions upon which shares may be transferred, matured, withdrawn, retired, or suspended and forfeited; and
(9)    The manner and conditions under which the bylaws may be altered or amended.
(c)    (1)    By January 1, 1987, the Division Director shall adopt model articles of incorporation and bylaws of savings and loan associations that are not inconsistent with the provisions of subsections (a) and (b) of this section.
(2)    An association may modify or alter its articles of incorporation or bylaws to be consistent with the model.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 2 - Incorporation › Part I - In General › Section 9-205 - Application to Organize

To organize as a savings and loan association, the incorporators shall submit to the Division Director:
(1)    A written application on the form that the Division Director requires;
(2)    The executed articles of incorporation and a conformed copy;
(3)    The proposed bylaws;
(4)    Any other exhibits the Division Director requires; and
(5)    A filing fee of $1,000.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 2 - Incorporation › Part I - In General › Section 9-206 - Publication of Filing; Hearing Set

(a)    (1)    On receipt of the items listed in § 9-205 of this subtitle, the Division Director shall publish a notice of the filing.
(2)    The notice shall state that:
(i)    A public hearing may be held on a date that is at least 30 days and not more than 60 days after the filing;
(ii)    Written protests to the application shall be received no later than 10 days before the scheduled hearing; and
(iii)    If the Division Director does not receive any written protest within the time provided in the notice, the hearing may be canceled.
(b)    The notice shall be published:
(1)    For at least 2 successive weeks in a newspaper of general circulation in the political subdivision where the principal office of the proposed savings and loan association in this State is to be located; and
(2)    In the Maryland Register as provided in the State Documents Law.
(c)    The Division Director may prohibit testimony by any person who did not file a protest that complies with subsection (a)(2)(ii) of this section.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 2 - Incorporation › Part I - In General › Section 9-207 - Division Director's Review

The Division Director shall determine from the available information if:
(1)    The name of the proposed savings and loan association:
(i)    Is the same as an existing association or so similar to the name of an existing association as to mislead the public; and
(ii)    Complies with § 9-203 of this subtitle;
(2)    The character, responsibility, and general fitness of the incorporators, board of directors, officers and controlling persons of the proposed association qualifies those individuals to act as incorporators, directors, officers, or controlling persons;
(3)    The establishment of the proposed association and its location will promote the public interest; and
(4)    The proposed association, if a stock association, has subscription for capital stock in an amount determined by the Division Director to be sufficient for the safe and proper operation of the association, which in no event may be less than $1,000,000.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 2 - Incorporation › Part I - In General › Section 9-208 - Approval or Refusal; Appeal

(a)    The Division Director may require any change in the proposed articles of incorporation or bylaws that the Division Director considers necessary.
(b)    (1)    Not later than 60 days after application, the Division Director shall pass a preliminary order in writing approving or refusing the application to organize.
(2)    The Division Director shall issue a final written order of approval for incorporation when the Division Director receives the surety bond under this subtitle and is satisfied that the initial accounts required under this subtitle are funded in cash.
(c)    An applicant aggrieved by the final order of the Division Director may appeal under § 8–403 of this article.
(d)    (1)    After the time for appeal of the order expires or on final determination of any appeal taken, the Division Director shall endorse and date each copy of the articles “approved” or “refused”.
(2)    If the Division Director approves the articles, the Division Director shall:
(i)    Return the endorsed, executed articles to the chairman of the incorporators; and
(ii)    Keep the conformed copy.
(3)    If the Division Director refuses the articles, the Division Director shall return the endorsed, executed articles to the chairman of the incorporators.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 2 - Incorporation › Part I - In General › Section 9-208.1 - Approvals on or After July 1, 1990

(a)    Except as provided in subsection (b) of this section, the Division Director may not approve any applications seeking incorporation of a newly formed savings and loan association under this title on or after July 1, 1990.
(b)    The Division Director may approve an application seeking incorporation of a newly formed savings and loan association under this title if:
(1)    The application provides that the newly formed association will, immediately after filing its articles of incorporation with the State Department of Assessments and Taxation, convert to a commercial bank under the provisions of §§ 9-631 through 9-639 of this title or convert to a federally chartered savings and loan association under §§ 9-613 through 9-615 of this title;
(2)    The association does not operate as a savings and loan association under this title; and
(3)    All other requirements set forth in this title and imposed by the Commissioner are satisfied.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 2 - Incorporation › Part I - In General › Section 9-209 - Filing for Record; Status

(a)    On final approval of the articles of incorporation by the Division Director, the chairman of the incorporators of a savings and loan association shall file for record with the State Department of Assessments and Taxation the endorsed, executed articles of incorporation.
(b)    When the State Department of Assessments and Taxation accepts the articles of incorporation for record in accordance with subsection (a) of this section, the savings and loan association becomes a corporation.
(c)    The chairman of the incorporators shall send to the Division Director a copy of the certificate that acknowledges that the articles of incorporation have been accepted for record.
2023 Maryland Statutes › Financial Institutions › Title 9 - Savings and Loan Associations › Subtitle 2 - Incorporation › Part I - In General › Section 9-210 - Forfeiture of Charter for Failure to Begin Business or for Nonuse

(a)    In this section, “business” means receiving funds or making loans.
(b)    A savings and loan association forfeits its charter for nonuse if it:
(1)    Has not begun business within 180 days of the acceptance for record of its articles of incorporation, except that the Division Director may grant one extension of not more than 180 days; or
(2)    After beginning business, does not engage actively in business during any continuous period of 180 days.
(c)    The charter of the savings and loan association is void when the State Department of Assessments and Taxation receives a certified copy of a final order, issued by the Division Director, that:
(1)    Finds there is no just cause for the failure to begin or engage in business; and
(2)    Directs the savings and loan association to dissolve its business.