HARRY HUGHES, Governor

3091

the present requirement in § 12-103 of the
Commercial Law Article as to a written agreement
that sets forth a stated rate of interest could
prohibit certain preferred types of alternative
mortgage instruments, despite this grant of
authority.

9-422. TITLE TO INVESTMENTS.

A SAVINGS AND LOAN ASSOCIATION SHALL TAKE TITLE TO ALL
ITS INVESTMENTS IN ITS OWN NAME.

COMMITTEE COMMENT: This section replaces former Art.
23, § 161Z(c).

The former phrase "to all real estate" was
deleted to clarify the intent of this provision.

"Savings and loan association" is defined in §
9-101 of this title.

9-423. RIGHT TO HOLD INVESTMENTS.

IF A SAVINGS AND LOAN ASSOCIATION HOLDS AN INVESTMENT
THAT WAS PERMITTED UNDER THIS SUBTITLE AT THE TIME THE
INVESTMENT WAS MADE, AND THE BOARD OF COMMISSIONERS LATER
WITHDRAWS THE AUTHORIZATION, THE ASSOCIATION MAY CONTINUE TO
HOLD THE INVESTMENT.

COMMITTEE COMMENT: This section replaces former Art.
23, § 161Z(d).

The only changes are in style.

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

9-424. EXPENSES CHARGED BORROWERS.

(A)  AUTHORITY IN GENERAL.

A SAVINGS AND LOAN ASSOCIATION MAY REQUIRE A BORROWER
TO PAY ALL CHARGES IN CONNECTION WITH A LOAN TO THE
BORROWER.

(B)  MEMORANDUM OF SETTLEMENT.

AT EACH SETTLEMENT, A SAVINGS AND LOAN ASSOCIATION
SHALL GIVE THE BORROWER A MEMORANDUM OF SETTLEMENT THAT
DETAILS EACH CHARGE MADE IN CONNECTION WITH THE SETTLEMENT.

(C)  APPLICATION TO LAWS OF USURY.

THIS SECTION DOES NOT MODIFY THE USURY LAWS OF THIS
STATE.