HARRY HUGHES, Governor

525

LIABLE.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art. 23, §
161LL-2.

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

"Mortgage" is defined in § 1—101 of this article.

9-904. LIABILITY FOR LOST CHECK.

A SAVINGS AND LOAN ASSOCIATION IS LIABLE TO THE
DEPOSITOR FOR ANY CHECK THAT THE ASSOCIATION LOSES OR
MISPLACES BEFORE THE CHECK CLEARS THE CLEARING HOUSE.

REVISOR'S NOTE: This section presently appears as Art.
23, § 160A.

The only changes are in style.

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

9-905. EXEMPTION FROM BLUE SKY LAW.

THE SALE OF FREE SHARE ACCOUNTS OF ANY ASSOCIATION
DOING BUSINESS IN THIS STATE IS EXEMPT FROM ALL PROVISIONS
OF LAW OF THIS STATE THAT PROVIDE FOR THE SUPERVISION AND
REGULATION OF THE SALE OF SECURITIES. THE SALE OF ANY FREE
SHARE ACCOUNTS DOES NOT REQUIRE ANY ACTION BY ANY OFFICIAL
WHO SUPERVISES THE SALE OF SECURITIES.

REVISOR'S NOTE: This section presently appears as Art.
23, § 161-II.

The only changes are in style.

9-906. PROMOTIONAL ACTIVITIES.

(A) DEFINITIONS.

(1)   IN THIS SECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.

(2)   "GIFT" MEANS ANY MONEY, PROPERTY, SERVICE,
OR OTHER THING OF VALUE, TANGIBLE OR INTANGIBLE.

(3)   "GIVE" MEANS TO GIVE, SELL, OR DISPOSE OF
FOR LESS THAN FULL MONETARY VALUE.

(4) "MONETARY VALUE" MEANS:

(I) THE COST TO THE SAVINGS AND LOAN
ASSOCIATION OF ANY GIFT; OR