(a) In this title the following words have the meanings indicated.
(b) “Company” means an association, corporation, or joint-stock company.
(c)(1) “Financial institution” means:
(ii) except as provided in paragraph (2)(i) of this subsection, a finance company;
(iii) an international banking facility;
(vi) a safe-deposit company; and
(vii) a savings and loan association.
(2) “Financial institution” does not include:
(i) a finance company that makes loans only to farmers for agricultural purposes;
(ii) a company licensed under the federal Small Business Investment Act of 1958;
(iii) a corporation that elects to be taxed as a small business corporation under Subchapter S of the Internal Revenue Code;
(iv) an entity that is a real estate mortgage investment conduit as defined in the Internal Revenue Code;
(v) a limited liability company; or
(vi) a commercial bank, savings bank, trust company, or company that substantially competes with national banks in the State.
Savings and loan association (d) “Savings and loan association” means:
(1) a savings and loan association that:
(i) is organized under the laws of this State;
(ii) is organized under the laws of another state and is admitted to do business in this State; or
(iii) is organized under the laws of the United States and has an office in this State; or
(2) a savings bank chartered by the Federal Home Loan Bank Board.
(e)(1) “Savings bank” means a company or other institution that is organized to receive deposits of money and pay interest on the deposits.
(2) “Savings bank” does not include a bank with capital stock.
Credits
Added by Acts 1988, c. 2, § 1, eff. Jan. 1, 1989. Amended by Acts 1988, c. 135, § 1; Acts 1991, c. 605; Acts 1992, c. 536; Acts 1995, c. 127, § 2, eff. Jan. 1, 1998; Acts 2000, c. 225, § 1, eff. Oct. 1, 2000.
Formerly Art. 81, §§ 2, 128A, 128B.
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
