Ch. 149 LAWS OF MARYLAND

ASSOCIATION SUBSIDIARIES OF THE OUT-OF-STATE HOLDING COMPANY
WHICH WILL BE LOCATED IN MARYLAND, OR WHICH WILL HAVE
DEPOSIT TAKING OFFICES IN MARYLAND AFTER THE PROPOSED
ACQUISITION TAKES PLACE, WILL BE ORGANIZED UNDER THE LAWS OF
THE UNITED STATES.

9-1004.

(E) THE DIVISION DIRECTOR MAY APPROVE THE ACQUISITION OF
A MARYLAND SAVINGS AND LOAN ASSOCIATION OR A MARYLAND
SAVINGS AND LOAN HOLDING COMPANY ONLY IF ALL OF THE
ASSOCIATION SUBSIDIARIES OF THE OUT-OF-STATE HOLDING COMPANY
WHICH WILL BE LOCATED IN MARYLAND, OR WHICH WILL HAVE
DEPOSIT TAKING OFFICES IN MARYLAND AFTER THE PROPOSED
ACQUISITION TAKES PLACE, WILL BE ORGANIZED UNDER THE LAWS OF
THE UNITED STATES.

9-1005.

(c) ANY ACQUISITION WHICH WOULD RESULT IN AN ASSOCIATION
CHARTERED UNDER THIS TITLE, OR UNDER THE LAWS OF ANY OTHER
STATE, HAVING A DEPOSIT TAKING OFFICE IN MARYLAND IS
PROHIBITED.

(D) (1) The Division Director may enforce the provisions of this section
through the imposition of penalties up to $500 per day each day the violation continues
to exist, the issuance of cease and desist orders under § 8-401 of this article, and any
other remedies as are provided by law.

(2) In determining the amount of financial penalty to be imposed, the
Division Director shall consider the following:

(i) The seriousness of the violation;

(ii) The good faith of the violator;

(iii) The violator's history of previous violations;

(iv) The deleterious effect of the violation on the public and the
savings and loan industry; and

(v) The assets of the violator.
9-1009.

(A) An out-of-state association's status as an out-of-state association shall not
be affected by its conversion from a federal charter to a charter issued by a region
jurisdiction, or by conversion from a charter issued by a region jurisdiction to a federal
charter, so long as the out-of-state association otherwise continues to qualify as an
out-of-state association in accordance with § 9-1001 (i) of this subtitle.

(B) AN OUT-OF-STATE ASSOCIATION THAT IS NOT A FEDERALLY

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