Title 9. Savings and Loan Associations — Subtitle 1. Definitions; General Prohibition
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 9-101 (2026)
Title 9. Savings and Loan Associations
Subtitle 1. Definitions; General Prohibition
§ 9–101LinkCopy Citation
(a)
In this title the following words have the meanings indicated.
(b)
“Capital stock” means capital stock issued by a capital stock association.
(c)
“Capital stock association” means a savings and loan association that has authority under this title to issue capital stock.
(d)
“Claim” means:
(1)
A right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured; or
(2)
A right to an equitable remedy for breach of performance if the breach gives rise to a right to payment, whether or not the right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured, or unsecured.
(e)
“Deposit association” means a savings and loan association that has savings deposit accounts.
(f)
“Division Director” means the Commissioner.
(g)
“Employee” does not include a controlling person, director, or officer of an association.
(h)
“Federal association” means:
(1)
A savings and loan association that is incorporated under the laws of the United States; or
(2)
A federal savings bank that operates under the jurisdiction of the Federal Home Loan Bank Board and whose accounts are insured by the Federal Savings and Loan Insurance Corporation.
(i)
“Fund Director” means the Director of the State of Maryland Deposit Insurance Fund Corporation.
(j)
“Mutual association” means a savings and loan association that does not have authority to issue capital stock.
(k)
“Net worth certificate” means a capital instrument issued by a savings and loan association for the purpose of increasing or maintaining the capital of the association.
(l)
(1)
“Savings account” means that part of the savings liability of a savings and loan association that is credited to the account of the holder of the account.
(2)
“Savings account” includes a savings certificate account or any other fixed term account.
(m)
“Savings and loan association” has the meaning stated in § 8–101 of this article.
(n)
“Savings deposit account” means a savings account that:
(1)
Is a liability of a deposit association to the extent of its withdrawal value; and
(2)
Is not a share interest in a savings and loan association.
(o)
“Savings liability” means the aggregate amount of savings accounts of savings account holders, including earnings credited to the accounts.
(p)
“Savings share account” means a savings account that is a share interest in a savings and loan association.
(q)
“Secretary” has the meaning stated in § 8–101 of this article.
(r)
“Statutory merger” means the transfer of all or substantially all of the assets of a corporation which transfer is:
(1)
Subject to all or substantially all of the liabilities of the transferor; and
(2)
Followed by the dissolution of the transferor corporation.
(s)
“Unsecured days funds” has the meaning stated in the rules and regulations of the Federal Home Loan Bank Board that apply to savings associations insured by the Federal Savings and Loan Insurance Corporation.
Md. Code Ann., Fin. Inst. § 9-102 (2026)
Title 9. Savings and Loan Associations
Subtitle 1. Definitions; General Prohibition
§ 9–102LinkCopy Citation
(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.