WILLIAM DONALD SCHAEFER, Governor                    Ch. 544

(4) WHEN CONSIDERING LOAN POLICY AND THE GENERAL PLAN
OF BUSINESS UNDER PARAGRAPH (3)(V) OF THIS SUBSECTION, THE
DIVISION DIRECTOR SHALL:

(I)  CONSIDER SPECIFIC STEPS THAT WILL BE TAKEN
TO MEET THE HOME FINANCING NEEDS OF INDIVIDUALS IN THE COMMUNITY
TO BE SERVED, INCLUDING LOW AND MODERATE INCOME RESIDENTS
CONSISTENT WITH SAFE AND SOUND OPERATION OF THE INSTITUTION; AND

(II)  ASSESS THE RECORD, IF ANY, OF THE
APPLICANT IN MEETING THE CREDIT NEEDS OF THE COMMUNITIES SERVED
IN THE PAST, INCLUDING LOW AND MODERATE INCOME RESIDENTS,
CONSISTENT WITH THE SAFE AND SOUND OPERATION OF THE INSTITUTION.

(B) (1) AN OUT-OF-STATE ASSOCIATION HAVING A MARYLAND
ASSOCIATION SUBSIDIARY OR AN INTERSTATE ASSOCIATION IS AUTHORIZED
TO ACQUIRE ANOTHER MARYLAND ASSOCIATION OR INTERSTATE ASSOCIATION
UPON APPROVAL BY THE DIVISION DIRECTOR.

(2)  THE DIVISION DIRECTOR MAY NOT GRANT APPROVAL OF
AN ACQUISITION UNDER THIS SUBSECTION UNLESS THE DIVISION DIRECTOR
SHALL FIND THAT THE OUT-OF-STATE ASSOCIATION SEEKS TO ACQUIRE:

(I)  A MARYLAND ASSOCIATION THAT HAS BEEN IN
EXISTENCE AND CONTINUOUSLY OPERATED FOR MORE THAN 2 4 YEARS; OR

(II)  AN INTERSTATE ASSOCIATION THAT HAS
DEPOSIT-TAKING OFFICES WHICH HAVE BEEN CONTINUOUSLY OPERATED IN
MARYLAND FOR MORE THAN 2 4 YEARS.

(3)  THE APPROVAL BY THE DIVISION DIRECTOR SHALL BE
SUBJECT TO:

(I)  THE LAWS AND REGULATIONS APPLICABLE TO THE
ACQUISITIONS OF MARYLAND ASSOCIATIONS BY MARYLAND ASSOCIATIONS;
AND

(II)  ANY ADDITIONAL CONDITIONS, RESTRICTIONS,
REQUIREMENTS OR OTHER LIMITATIONS, INCLUDING WITHOUT LIMITATION
ANY LONGEVITY REQUIREMENTS, THAT APPLY TO THE ACQUISITION BY A
MARYLAND ASSOCIATION OF A SAVINGS AND LOAN ASSOCIATION IN THE
JURISDICTION WHERE THE OUT-OF-STATE ASSOCIATION HAS ITS PRINCIPAL
PLACE OF BUSINESS, BUT DO NOT APPLY TO ACQUISITIONS BY
OUT-OF-STATE ASSOCIATIONS ALL OF WHOSE DEPOSIT-TAKING OFFICES ARE
LOCATED IN THAT JURISDICTION.

(C) IF THE ACQUISITION HAS OTHERWISE BEEN APPROVED UNDER
THIS SUBTITLE, THIS SECTION DOES NOT PROHIBIT THE ACQUISITION BY
AN OUT-OF-STATE ASSOCIATION OF ALL OR SUBSTANTIALLY ALL OF THE
SHARES OF A SAVINGS AND LOAN ASSOCIATION ORGANIZED SOLELY TO
FACILITATE THE ACQUISITION OF A SAVINGS AND LOAN ASSOCIATION THAT
HAS BEEN IN EXISTENCE AND CONTINUOUSLY OPERATED FOR MORE THAN 2
4 YEARS.

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