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LAWS OF MARYLAND

Ch. 12

BY adding to

Article - Financial Institutions

Section 10-101(h), 10-110.1, 10-110.2, 10-120, and 10-121

Annotated Code of Maryland

(1980 Volume and 1985 Supplement)

BY repealing and reenacting, with amendments,

Chapter 6 of the Acts of the First Special Session of the

General Assembly of 1985
Section 4 and 9

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section(s) 10-101(h), (i), and (j), respectively,
of Article - Financial Institutions of the Annotated Code of
Maryland be renumbered to be Section(s) 10-101(i), (j), and (k),
respectively.

SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of
Maryland read as follows:

Article - Financial Institutions

10-101.

(H) "INSURED INSTITUTION" MEANS:

(1)  A NATIONAL BANKING ASSOCIATION, A FEDERAL SAVINGS
BANK, OR A BANKING INSTITUTION INCORPORATED AS A STATE BANK,
TRUST COMPANY, SAVINGS BANK, OR OTHER SIMILAR INSTITUTION,
WHETHER UNDER THE LAWS OF THIS OR ANY OTHER STATE, THE DEPOSITS
OF WHICH ARE INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION, OR

(2)  A FEDERAL SAVINGS AND LOAN ASSOCIATION, A FEDERAL
SAVINGS BANK, A SAVINGS AND LOAN ASSOCIATION, A BUILDING AND LOAN
ASSOCIATION, OR A SIMILAR INSTITUTION INCORPORATED UNDER THE LAWS
OF THIS OR ANY OTHER STATE, THE DEPOSITS OF WHICH ARE INSURED BY
THE FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION.

10-110.1.

(A) UPON FINAL LIQUIDATION OF A MEMBER ASSOCIATION, THE
FUND DIRECTOR SHALL:

(1)  SUBJECT TO SUBSECTION (B) OF THIS SECTION,
DETERMINE THE AMOUNT OF INSURABLE LOSS IN THE MANNER ESTABLISHED
BY THE RULES AND REGULATIONS OF THE FUND; AND

(2)  MAKE PROVISION FOR THE PAYMENT OR ASSUMPTION OF
ANY INSURABLE LOSS TO EACH DEPOSITOR LESS ANY PAYMENTS MADE TO,