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2208
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Ch. 411
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LAWS OF MARYLAND
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FOR the purpose of eliminating providing discretionary
authority to the Director to waive eliminating a
filing fee for certain applications to relocate
certain savings and loan offices; changing the
publication requirements for notices of application
to establish, maintain, or relocate certain offices;
and making style changes.
BY repealing and reenacting, with amendments,
Article 23 — Miscellaneous Companies
Section 161V(a)
Annotated Code of Maryland
(1973 Replacement Volume and 1976 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 161V(a) of Article 23 -
Miscellaneous Companies, of the Annotated Code of
Maryland (1973 Replacement Volume and 1976 Supplement) be
and it is. hereby repealed and reenacted, with amendments,
to read as follows:
Article 23 — Miscellaneous Companies
161V.
(a) No State—chartered association shall
establish, maintain or relocate any branch office, or
relocate a principal office, without filing an
application [therefor] with the Director and securing his
prior approval [thereof]. [Each] EXCEPT FOR APPLICATION
TO RELOCATE A BRANCH OR PRINCIPAL OFFICE WITHIN A RADIUS
OF .5 MILES OF THE EXISTING SITE WHERE THE DIRECTOR MAY
WAIVE THE FEE, EACH application shall be accompanied by a
fee of $500, to be collected by the Division. Any
application for the establishment, maintenance or
relocation of a branch office[,] or [a] relocation of a
principal office, shall state: (1) the proposed location
thereof, (2) the need therefor, (3) the functions to be
performed therein, (4) the estimated annual expense
thereof, and (5) the mode of payment therefor. The
application shall be approved by the Director if he finds
that the proposed establishment, maintenance or
relocation of a branch office[,] or relocation of a
principal office, will promote the public interest,
convenience and advantage and if such branch office or
principal office will be efficiently operated in
accordance with the policy of this subtitle. The
Director shall publish the fact that an application has
been filed —[—for at least two successive weeks after
filing in a newspaper of general circulation in the city,
town or county in which the proposed branch office, or
the proposed principal office, is to be located,] ALSO
AS REQUIRED BY THE STATE DOCUMENTS LAW and shall give
[such] ANY other notice as may be desirable. Any
financial institution in the area in which a branch
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