# Financial Institutions (GFI)

## Title 8. Savings and Loan Associations -- Board of Commissioners and Division

### Subtitle 1. Definitions; Policy

#### Section 8-101

(a) In this title and in Title 9, the following words have the meanings indicated.

(b) "Affiliate" means any corporation, business trust, statutory trust, association, partnership, sole proprietorship, or other similar organization or person of which an association or any officer, director, or controlling person of an association, directly or indirectly:

  (1) Owns or controls either a majority of the voting shares or controls in any manner the election of a majority of its directors, trustees, or other persons exercising similar functions; or

  (2) Otherwise controls the management of that organization.

(c) "Control" means the ability of a person to direct the management or policies of an association or entity or elect a majority of a board of directors or the ownership of more than 10 percent of the outstanding shares of any class of securities of an association or interest in an entity.

(d) "Controlling person" means any person or entity, acting directly or indirectly, individually or in concert with one or more other persons or entities, or through one or more subsidiaries, who:

  (1) Owns, controls, holds with power to vote, or holds proxies representing 10 percent or more of the voting shares, rights, or interests of any association or corporation; or

  (2) Controls in any manner the election or appointment of a majority of the directors of that association or corporation.

(e) "Division Director" means the Director of the Division of Savings and Loan Associations.

(f) "Holding company" means any company or other entity which directly or indirectly controls any other company, or other entity.

(g) "Immediate family" means a spouse, child, child's spouse, parent, sibling, grandparent, or grandchild.

(h) "Related entity" means an affiliate, holding company, or subsidiary of a savings and loan association.

(i) "Savings and loan association" or "association" means, unless the context clearly requires otherwise, a corporation that is chartered under the laws of this State as a savings and loan association.

(j) "Secretary" means the Secretary of Labor.

(k) "Subsidiary" means any company or other entity which is directly or indirectly controlled by any controlling person.

#### Section 8-102

(a) In Title 9 of this article and this title the policy of this State is to provide for:

  (1) The protection of the interests of customers in savings and loan associations and the general public in the soundness and preservation of the industry;

  (2) The safety and soundness of the business of savings and loan associations;

  (3) The conservation of assets of savings and loan associations; and

  (4) Adequate rulemaking power and administrative discretion so that regulation and supervision of savings and loan associations may be flexible and readily responsive to changes in economic conditions and to changes in savings and loan priorities.

(b) Title 9 of this article and this title embody standards to be observed by the Division Director in the exercise of the Director's discretionary powers, in the adoption of regulations, in the examination and supervision of associations subject to Title 9, and in all matters of construction and application of Title 9 of this article and this title required for any determination or action of the Division Director.

#### Section 8-103

Subject to the evaluation and reestablishment provisions of the Program Evaluation Act, the provisions of this subtitle relating to the Division of Savings and Loan Associations and relating to the regulation of savings and loan associations are of no effect and may not be enforced after July 1, 1992.

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Md. Code Ann., Fin. Inst. (as displayed at mgaleg.maryland.gov, October 16, 2026)