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LAWS OF MARYLAND

Ch. 33

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, § 161W.

In subsection (b) (1) (i) of this section,
"principal residence" is substituted for "home"
as the presumed legislative intent, since
otherwise "home" could include a vacation
cottage.

In subsection (c) of this section, the phrase
"buy at less than face value any interest in" is
substituted for "have any interest, direct or
indirect, in the purchase at less than its face
value of" for clarity.

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

9-307. OFFICES.

(A)      GENERAL PROHIBITION.

A SAVINGS AND LOAN ASSOCIATION MAY NOT ESTABLISH OR
RELOCATE ANY BRANCH OFFICE OR RELOCATE A PRINCIPAL OFFICE
UNLESS THE DIVISION DIRECTOR APPROVES ITS APPLICATION TO DO
SO.

(B)      APPLICATION.

AN APPLICATION FOR THE ESTABLISHMENT OR RELOCATION OF A
BRANCH OFFICE OR RELOCATION OF A PRINCIPAL OFFICE SHALL
INCLUDE:

(1)   AN APPLICATION FEE OF $500 UNLESS THE
APPLICATION IS FOR RELOCATION WITHIN A ONE HALF-MILE RADIUS
OF THE EXISTING SITE; AND

(2)   A STATEMENT OF:
(I) THE NEED FOR THE ESTABLISHMENT OR

RELOCATION;

EXPENSE.

(C) NOTICE.

(II)   THE ADDRESS OF THE PROPOSED LOCATION;

(III)   THE SERVICES TO BE PROVIDED;

(IV)   THE ESTIMATED ANNUAL EXPENSE; AND

(V)   THE SOURCE OF PAYMENT FOR THE ANNUAL

(1) THE DIVISION DIRECTOR SHALL GIVE NOTICE THAT
AN APPLICATION HAS BEEN FILED.