3024

LAWS OF MARYLAND

Ch. 856

TITLE 9. SAVINGS AND LOAN ASSOCIATIONS.

Introductory Comment to Title.

Title 9 of this article was written by a Savings and
Loan Law Committee specially appointed for this task by the
House Economic Matters Committee after the 1979 Regular
Session. On the advice of the Commission to Revise the
Annotated Code that the provisions of this law required a
substantive revision that exceeded the Commission's revision
authority, the Economic Matters Committee requested the
special law committee to undertake a complete study and
rewrite of the law. The Committee was made up of
representatives of the savings and loan industry, the
legislature, the legal profession, and the regulatory and
insuring agencies for savings and loan associations. The
Savings and Loan Law Committee's substantive revision of
Title 9 is a comprehensive act and is based on a study of
the present statutes, a model act, federal law and the law
of other states.

Obsolete, archaic, and contradictory provisions have
been removed. Terminology has been defined and modernized.
Express authority has been added where necessary to fill
gaps in the law. Specifics have been left to the regulating
authorities in areas where rapid change requires flexible
response. New provisions have been added to permit
associations to adapt to changes in the economy.

In order to conform this Title 9 in all respects to the
style and format of the Financial Institutions Article, the
Savings and Loan Law Committee was staffed by the Commission
to Revise the Annotated Code.

SUBTITLE 1. DEFINITIONS; GENERAL PROHIBITION.

9-101. DEFINITIONS.

(A)  IN GENERAL.

IN THIS TITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

COMMITTEE COMMENT: This subsection is new language
added here as a standard introduction to a
definition section.

See also § 1-101 of this article for other
applicable definitions, as referenced in the
Committee Comments of this title.

(B)  BOARD OF COMMISSIONERS.

"BOARD OF COMMISSIONERS" MEANS THE BOARD OF SAVINGS AND
LOAN COMMISSIONERS.