3060

LAWS OF MARYLAND

Ch. 856

section is needed to permit electronic terminals
where an association does not have an office, but
is not needed for an electronic terminal at any
office location.

In subsection (d) of this section, a limit is
added to time within which the Division Director
must act under this section.

In subsection (e) of this section, the
introductory phrase, "a savings and loan
association may use an electronic terminal to
enable a customer to", is new language added for
clarity.

In subsection (e)(2) of this section, the phrase
"to any other account" is substituted for "into
the account of another customer" in keeping with
practice. Money may be transferred to accounts
with other financial institutions.

In subsection (e)(3) of this section, the term
"withdraw" is substituted for "processing of
nonnegotiable or nontransferable requests to"
(withdraw money), and the phrase "or under an
authorized line of credit" is added as a new
provision.

In subsection (f) of this section, the former
prohibition against an association entering into
an agreement to operate an electronic terminal at
any location where another financial institution
is prohibited from doing business is deleted as
unnecessary.

The former reference to reports to the Division
Director is deleted as unnecessary in light of
authority already granted to the Division
Director.

See also § 9-802 of this title as to the new
prohibition against maintenance of an electronic
terminal in this State by a foreign association.

"Division Director" and "savings and loan
association" are defined in § 9-101 of this
title.

9-311. RESERVED.

9-312. RESERVED.

PART II. CAPITAL STRUCTURE OF ASSOCIATIONS -- NON-DEPOSIT
ASSOCIATION.

9-313. SAVINGS SHARE ACCOUNTS.