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LAWS OF MARYLAND

Ch. 33

1978, see Art. 41, § 484 et seq. of the Code.

SUBTITLE 3. DIVISION OF SAVINGS AND LOAN ASSOCIATIONS.

8-301. DIVISION ESTABLISHED.

THERE IS A DIVISION OF SAVINGS AND LOAN ASSOCIATIONS IN
THE DEPARTMENT OF LICENSING AND REGULATION.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first two
sentences of Art. 23, § 161G(a).

With the advice of the Division, the name of the
Division is changed by deleting the present word
"Building".

The third and fourth sentences of present Art.
23, § 16lG(a), which transfer the duties of the
former Department of Building, Savings and Loan
Associations to the Division, are deleted as
obsolete since the transfer has occurred., See
also Art. 41, §§ 5, 8, and 10 as to the effect of
a transfer of powers of a governmental agency.

8-302., DIVISION DIRECTOR OF DIVISION OF SAVINGS AND LOAN
ASSOCIATIONS.

(A)   POSITION; APPOINTMENT.

(1)   THE HEAD OF THE DIVISION OF SAVINGS AND LOAN
ASSOCIATIONS IS THE DIVISION DIRECTOR, WHO SHALL BE
APPOINTED BY THE SECRETARY WITH THE APPROVAL OF THE
GOVERNOR.

(2)   THE SECRETARY SHALL APPOINT A DIVISION
DIRECTOR FROM A LIST OF THREE QUALIFIED NOMINEES SUBMITTED
BY THE BOARD OF COMMISSIONERS. THE LIST OF NOMINEES SHALL
BE SUBMITTED TO THE SECRETARY WITHIN 15 DAYS AFTER A VACANCY
OCCURS IN THE OFFICE OF DIVISION DIRECTOR.

(B)   QUALIFICATIONS.

EACH NOMINEE FOR DIRECTOR SHALL HAVE BEEN:

(1)   A RESIDENT AND REGISTERED VOTES OF THIS
STATE FOR 3 YEARS IMMEDIATELY BEFORE THE APPOINTMENT; AND

(2)   FOR AT LEAST 5 YEARS:

(I)   AN OFFICES OR DIRECTOR OF OR ATTORNEY
FOR A FOREIGN OR MARYLAND SAVINGS AND LOAN ASSOCIATION; OR

(II)   AN EMPLOYEE OF ANY STATE OR FEDERAL
REGULATORY OR SUPERVISORY AGENCY FOR FINANCIAL INSTITUTIONS.

(C) TERM.