§ 9-102. Compliance with title required for corporation to conduct business as savings and loan...
West's Annotated Code of MarylandFinancial Institutions
MD Code, Financial Institutions, § 9-102
§ 9-102. Compliance with title required for corporation to conduct business as savings and loan association
(a) Only a corporation that complies with this title and § 1-201 of this article may conduct the business of a savings and loan association or do business under any name or make any representation that implies that it is a savings and loan association.
(b) On application by the Division Director, a court of competent jurisdiction may issue an injunction to restrain any person from violating this section.
(c) Any person who is convicted of knowingly or willfully violating subsection (a) of this section is subject to imprisonment in the penitentiary for not more than 10 years for each offense, or a fine of not more than $100,000 for each offense, or both.
(d) This section does not apply to the use of a similar name by any corporation or association formed only to promote the interests of savings and loan associations, the membership of which is made up of savings and loan associations, their officers, or other representatives.
Credits
Added by Acts 1980, c. 856, § 2, eff. July 1, 1980. Amended by Acts 1981, c. 2, § 3; Acts 1986, c. 282, § 1, eff. June 1, 1986; Acts 1991, c. 371.
Formerly Art. 23, §§ 161A, 161C.
MD Code, Financial Institutions, § 9-102, MD FIN INST § 9-102
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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