1040

LAWS OF MARYLAND

Ch. 282

SECTION 4. AND BE IT FURTHER ENACTED, That this Act is
hereby declared to be an emergency measure and necessary for the
immediate preservation of the public health and safety and having
been passed by a yea and nay vote supported by three-fifths of
all the members elected to each of the two Houses of the General
Assembly, the same shall take effect from the date of its
passage.

Approved April 29, 1986.

CHAPTER 282

(House Bill 466)

AN ACT concerning

Savings and Loan Associations - Regulatory Reform

FOR the purpose of revising the laws relating to the powers of
the Board of Savings and Loan Association Commissioners in
order to make the Board purely advisory alter the Board's
authority in regard to the Division of Savings and Loan
Associations; altering the membership of the Board of
Savings and Loan Commissioners to provide for increased
representation of the general public; prohibiting Board
members from being compensated except for reimbursement for
expenses; revising the qualifications for the Director of
the Division of Savings and Loan Associations; specifying
the powers and duties of the Division Director as they

relate to the adoption of regulations for the

State chartered savings and loan industry, including the
power to adopt regulations; requiring the Deputy Division
Director to have the same qualifications as the Division
Director and to devote full time to his duties in the
Division; expanding the limitation on outside activities by
the Division Director; granting the Division Director and
Deputy Division Director subpoena authority, under certain
circumstances, and granting to certain persons the power to
administer oaths; requiring the Division Director to make an
annual report certain reports to the Governor and, the
Secretary of Licensing and Regulation, the Attorney General,
and the General Assembly; revising provisions relating to
the Division Director's authority to issue orders;
clarifying that the purpose of regulating the
State-chartered savings and loan industry is to ensure the
safety and soundness of the institutions; expanding the
authority of the Division Director to review applications to
organize savings and loan associations; altering the
definition of "controlling person"; imposing reporting
requirements for changes in the control of savings and loan
associations and related entities; revising the certain
conflict of interest provisions by prohibiting the Division