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LAWS OF MARYLAND

Ch. 856

A SAVINGS AND LOAN ASSOCIATION SHALL HAVE ITS SAVINGS
ACCOUNTS INSURED BY THE MARYLAND SAVINGS-SHARE INSURANCE
CORPORATION OR THE FEDERAL SAVINGS AND LOAN' INSURANCE
CORPORATION.

COMMITTEE COMMENT: This section replaces former Art.
23, § 150A.

See Title 10 of this article as to the Maryland
Savings-Share Insurance Corporation.

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

9-902. NOTICE OF REJECTION OF APPLICATION FOR RESIDENTIAL
MORTGAGE.

IF A SAVINGS AND LOAN ASSOCIATION REJECTS AN
APPLICATION FOR A RESIDENTIAL MORTGAGE, THE ASSOCIATION
SHALL GIVE THE APPLICANT, ON REQUEST, WRITTEN NOTICE OF THE
REJECTION.

COMMITTEE COMMENT: This section replaces former Art.
23, § 161LL-1.

The former provision that the notice could be
used as evidence of rejection for purposes of the
Maryland Home Financing Program was deleted as
unnecessary.

See Title 13 Subtitle 3 of this article as to the
Maryland Home Financing Program.

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

"Mortgage" is defined in § 1-101 of this article.

9-903. MORTGAGE INSURANCE PREMIUMS.

IF A SAVINGS AND LOAN ASSOCIATION HOLDS A FIRST
MORTGAGE ON RESIDENTIAL PROPERTY, AND THE MORTGAGE IS
PARTIALLY INSURED BY A PRIVATE MORTGAGE INSURANCE COMPANY,
THE ASSOCIATION SHALL ELIMINATE ALL CHARGES TO THE MORTGAGOR
FOR MORTGAGE INSURANCE PREMIUMS WHEN THE MORTGAGE IS REDUCED
TO THE LEVEL AT WHICH THE INSURANCE COMPANY IS NO LONGER
LIABLE.

COMMITTEE COMMENT: This section replaces former Art.
23, § 161LL-2.

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

"Mortgage" is defined in § 1-101 of this article.