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§ 8-307. Powers and duties of Division Director

West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2019

West's Annotated Code of Maryland
Financial Institutions
Title 8. Savings and Loan Associations--Board of Commissioners and Division
Subtitle 3. Division of Savings and Loan Associations (Refs & Annos)
Effective: July 1, 2019
MD Code, Financial Institutions, § 8-307
§ 8-307. Powers and duties of Division Director
Currentness
Full time devotion to office
(a) The Division Director shall devote full time to the duties of the office.
Conflicts of interest prohibited
(b) The Division Director and staff may not be officers, directors, employees, auditors, agents of, or attorneys for, nor retained in any manner by, nor have any ownership interest or deposit whatsoever in, any savings and loan association or related entity.
Gifts, gratuities, or renumeration of any type prohibited
(c) The Division Director, Division staff, and members of the immediate families of the Division Director and Division staff, as defined in § 5-101 of the General Provisions Article may not accept, directly or indirectly, any gift, gratuity, or remuneration of any type from any savings and loan association or related entity or from any director, officer, controlling person, employee, or agent of any savings and loan association or related entity.
Indebtedness to association or related entity prohibited
(d)(1) The Division Director, Division staff, and members of the immediate families of the Division Director and Division staff as defined in § 5-101 of the General Provisions Article may not become indebted to any association or related entity that is subject to the jurisdiction of the Division Director.
(2) Any person who violates any provision of this section is subject to forfeiture of that person's office or employment in addition to any other penalty prescribed by law.
Contractual obligations in existence before January 15, 1986
(e)(1) Subject to paragraph (2) of this subsection, nothing in this section may be construed to affect any contractual obligation, including a savings account, in existence before January 15, 1986.
(2)(i) All contractual obligations, including savings accounts, in existence before January 15, 1986, and the corresponding dollar amounts shall be fully disclosed to the Secretary of Labor.
(ii) The Secretary of Labor shall file each disclosure with the State Ethics Commission.
Restrictions after termination of employment
(f) For a period of 2 years after termination of employment with the Division of Savings and Loan Associations, if the Division Director or former deputy division director is employed by a Maryland savings and loan association or becomes a director, officer, attorney, or agent of a Maryland savings and loan association, that individual may not:
(1) Represent, formally or informally, the association in any judicial, administrative, or other proceeding in which:
(i) The Division of Savings and Loan Associations is a party; and
(ii) The former Division Director or former deputy division director substantially participated;
(2) Participate in any application submitted to the Division for the Division's approval; or
(3) Attempt to influence, or make any oral or written communication, on behalf of the association in any matter before the Division relating to the association in which the individual participated personally and substantially as Division Director or former deputy division director.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1986, c. 282, § 1, eff. June 1, 1986; Acts 1990, c. 384; Acts 1995, c. 120, § 19, eff. July 1, 1995; Acts 1995, c. 539, § 1, eff. Oct. 1, 1995; Acts 2014, c. 104, § 2, eff. Oct. 1, 2014; Acts 2019, c. 8, § 5.
Formerly Art. 23, §§ 161G, 161-I.
MD Code, Financial Institutions, § 8-307, MD FIN INST § 8-307
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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