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LAWS OF MARYLAND

Ch. 33

However, the following sections of this subtitle are
regulatory in whole or in part: §§ 9-803, 9-804, and 9-806.

SUBTITLE 9. MISCELLANEOUS.

9-901. INSURANCE REQUIRED.

A SAVINGS AND LOAN ASSOCIATION SHALL HAVE ITS FREE
SHARE ACCOUNTS INSURED BY THE MARYLAND SAVINGS-SHARE
INSURANCE CORPORATION OR THE FEDERAL SAVINGS AND LOAN
INSURANCE CORPORATION TO THE MAXIMUM AMOUNT PERMITTED BY
LAW.

REVISOR'S NOTE: This section is new language derived
without substantive change from 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.

(A)   NOTICE REQUIRED.

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.

(B)   USE OF NOTICE.

AN APPLICANT MAY USE THE WRITTEN REJECTION FOR PURPOSES
OF THE MARYLAND HOME FINANCING PROGRAM.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, §
161LL-1.

See Title 13 Subtitle 3 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