488

LAWS OF MARYLAND

Ch. 33

9-425. EXPENSES CHARGED BORROWERS.

(A)       AUTHORITY IN GENERAL.

A SAVINGS AND LOAN ASSOCIATION MAY REQUIRE A BORROWER
TO PAY ALL REASONABLE EXPENSES IN CONNECTION WITH A REAL
PROPERTY LOAN TO THE BORROWER, INCLUDING EXPENSES AS TO THE
LOAN'S:

(1)   MAKING;

(2)   CLOSING;

(3)   DISBURSEMENT;

(4)   EXTENSION;

(5)   RELEASE; OR

(6)   RENEWAL.

(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.

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

In this section, "borrower" is substituted for
"borrowing members" in light of current
terminology.

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

9-426. MEMBERSHIP IN FEDERAL HOME LOAN BANK.

AS TO A FEDERAL HOME LOAN BANK, A SAVINGS AND LOAN
ASSOCIATION MAY:

(1)       BECOME AND PARTICIPATE AS A MEMBER;

(2)       DEPOSIT MONEY IN THE BANK;

(3)       COMPLY WITH THE BANK'S CONDITIONS FOR
CREDIT; AND

(4) BORROW MONEY FROM THE BANK AND PLEDGE
SECURITY FOR THE BORROWING.