HARRY HUGHES, Governor                             3089

In subsection (a)(17) of this section, the
definition of "mobile home" was deleted as
unnecessary and too restrictive.

In subsection (a)(18) of this section, the word
(total net worth) "account" was deleted as
unnecessary.

In subsection (a)(19) of this section, with the
concurrence of the Board of Commissioners, the
Committee deleted the former provision that
restricted investments under this section to 20
percent of an association's total assets as being
too restrictive.

Also in subsection (a)(19) of this section, the
former prohibition against granting authority to
the Board of Commissioners to permit investments
in mortgages outside this State, except under
certain conditions, was deleted as unnecessary in
light of the general regulatory authority granted
to the Board of Commissioners.

Also in subsection (a)(19) of this section, the
former reference to approval by the Secretary of
Licensing and Regulation was deleted as
unnecessary in light of general supervisory
authority already granted to the Secretary.

Subsection (b) of this section is a new provision
added for flexibility.

Note that "real property" is defined in § 1-101
of this article to include "any interest in real
property".

"Board of Commissioners", "savings accounts",
"savings and loan association", and "savings
liability" are defined in § 9-101 of this title.

"Any state" is defined in § 1-101 of this
article. The word "other" is inserted here in
the defined term to except this State from the
definition. "Financial institution", "mortgage"
and "real property" are defined in § 1-101 of
this article.

9-419.1

IN ITS INVESTMENTS UNDER SECTION 9-419 OF THIS
SUBTITLE, A SAVINGS AND LOAN ASSOCIATION SHALL GIVE PRIORITY
TO FIRST MORTGAGES FOR OWNER-OCCUPIED RESIDENCES IN THE
STATE.

9-420. COMPETITIVE EQUALITY.