§ 9-1006. Duties of interstate associations or out-of-state savings and loan companies
West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2019
Effective: July 1, 2019
MD Code, Financial Institutions, § 9-1006
§ 9-1006. Duties of interstate associations or out-of-state savings and loan companies
(a) An interstate association or an out-of-state savings and loan holding company that controls a Maryland association, a Maryland savings and loan holding company, an interstate association, or an out-of-state savings and loan holding company having a Maryland association subsidiary shall be subject to and be entitled to the benefits of those laws of this State and to the rules of its units relating to the acquisition, ownership, and operation of deposit-taking offices in Maryland, Maryland associations, and Maryland savings and loan holding companies.
(b) An interstate association or an out-of-state savings and loan holding company that controls a Maryland association, a Maryland savings and loan holding company, an interstate association, or an out-of-state savings and loan holding company having a Maryland association subsidiary shall:
(1) File with the Division Director copies of all regular and periodic reports that the savings and loan association or savings and loan holding company is required to file under § 13 or § 15(d) of the Securities Exchange Act of 1934,1 as amended, excluding any portions not required to be made available to the public;
(2) Within 30 days of adoption, file with the Division Director a copy of its most recently adopted federal Community Reinvestment Act2 statement; and
(c) Within 30 days of receipt, the association or holding company shall submit to the Division Director a copy of the public portion of its most recent Community Reinvestment Act performance evaluation prepared by the federal regulatory agency that examines the association or holding company, together with a copy of any written response to the evaluation prepared by the association or holding company for its public Community Reinvestment Act file.
Failure of interstate associations or out-of-state savings and loan holding companies to provide information
(d) The Division Director shall promptly notify the General Assembly as provided under § 2-1257 of the State Government Article, and the Department of Legislative Services of any interstate association or out-of-state savings and loan holding company that controls a Maryland association, an interstate association, a Maryland savings and loan holding company, or an out-of-state savings and loan holding company wishing to acquire or having acquired a Maryland association subsidiary that fails to, or refuses to, submit information as required in this section.
(e)(1) Upon request, the Division Director shall make available to the public a copy of the documents submitted under subsections (b) and (c) of this section.
Credits
Added by Acts 1987, c. 544, § 1, eff. July 1, 1987. Amended by Acts 1988, c. 6, § 1; Acts 1988, c. 662; Acts 1991, c. 395; Acts 1997, c. 635, § 9, eff. July 1, 1997; Acts 1997, c. 636, § 9, eff. July 1, 1997; Acts 2012, c. 66, § 1, eff. April 10, 2012; Acts 2019, c. 8, § 5.
Footnotes
June 6, 1934, ch. 404, 48 Stat. 881, codified at 15 U.S.C.A. § 78a et seq.
Pub.L. 95-128, Title VIII, Oct. 12, 1977, 91 Stat. 1147, codified at 12 U.S.C.A. § 2901 et seq.
MD Code, Financial Institutions, § 9-1006, MD FIN INST § 9-1006
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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