HARRY HUGHES, Governor

449

In subsection (c)(3) of this section, the phrase
"in the Maryland Register" is added for clarity
since the State Documents Law does not require
publication of the filing of such an application.

In subsection (c)(4) of this section, the
mandatory phrase "shall approve ... only if" is
substituted for the permissive phrase "may
approve ... if" to parallel similar approval
authority as to branch offices and relocation of
existing offices in this subtitle.

In subsection (d) of this section, the
introductory phrase, "{a} savings and loan
association may use an electronic terminal to
enable a customer of the association to...", is
new language added for clarity.

In subsection (d) (2) of this section, the phrase
"to any other account" is substituted for "into
the account of another customer" in keeping with
present practice. Money may be transferred to
accounts with other financial institutions.

In subsection (d) (3) of this section, the phrase
"processing of nonnegotiable or nontransferable
requests to..." (withdraw money) is deleted as
unnecessary.

In subsection (d)(4) of this section, the term
loans "owned" is substituted for "invested in"
for clarity.

In subsection (h) of this section, the term
"nonaction", which is substituted for the tern
"inaction", is vague since there is no set time
within which the Division Director must act under
this section.

Note that subsection (a)(2) of this section
provides that an electronic terminal is not a
branch office and, therefore, does not require an
application under § 9-307 of this subtitle.

The General Assembly may wish to consider whether
a foreign association that wishes to establish an
electronic terminal in this State should be
prohibited from having an electronic terminal in
the same manner as a foreign bank in banking law.

The only other changes are in style.

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

9-309. RESERVED.