Title 9. Savings and Loan Associations — Subtitle 10. Regional Reciprocal Interstate Savings and Loan Acquisitions
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 9-1001 (2026)
Title 9. Savings and Loan Associations
Subtitle 10. Regional Reciprocal Interstate Savings and Loan Acquisitions
§ 9–1001LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Acquire” means:
(1)
To merge or consolidate one savings and loan association with another savings and loan association or one savings and loan holding company with another savings and loan holding company;
(2)
For a savings and loan association or savings and loan holding company to assume direct or indirect ownership or control of voting shares of another savings and loan association or savings and loan holding company if, after assumption of ownership or control, the 1st savings and loan association or savings and loan holding company directly or indirectly owns or controls more than 5 percent of any class of voting shares of the other savings and loan association or savings and loan holding company;
(3)
For a savings and loan association or savings and loan holding company to assume directly or indirectly ownership or control of all or substantially all of the assets of another savings and loan association or savings and loan holding company; or
(4)
To take any other action that results in direct or indirect control by a savings and loan association or savings and loan holding company of another savings and loan association or savings and loan holding company.
(c)
(1)
“Control” means:
(i)
For a person directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, to own, control, or hold with power to vote, or to hold proxies representing, more than 5 percent of the voting shares of a savings and loan association, or to control in any manner the election of a majority of the directors of a savings and loan association;
(ii)
For a person directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, to own, control, or hold with power to vote, or to hold proxies representing more than 5 percent of the voting shares or rights of another company, or to control in any manner the election or appointment of a majority of the directors or trustees of another company, or to be a general partner in or have contributed more than 25 percent of the capital of another company; or
(iii)
For a person to be a trustee of a trust.
(2)
A person shall be deemed to have control over a savings and loan association or any other company if the Division Director determines, after reasonable notice and opportunity for hearing, that the person directly or indirectly exercises a controlling influence over the management or policies of the savings and loan association or other company.
(d)
(1)
“Deposit” means any demand, negotiable order of withdrawal, time certificate, or savings deposit or savings share account made by an individual, corporation, partnership, State or federal governmental unit, or any other organization, without regard to the location of the depositor, except:
(i)
A deposit by a savings and loan association; or
(ii)
A deposit by a foreign government or foreign official institution.
(2)
The amount of deposits shall be determined by reference to regulatory reports made by or to State or federal regulatory authorities.
(e)
(1)
“Deposit–taking office” means any savings and loan association, branch of a savings and loan association, or any other fixed location where a savings and loan association accepts deposits.
(2)
“Deposit–taking office” does not include:
(i)
An unmanned automatic teller machine, point of sale terminal, or other similar unmanned electronic banking facility at which deposits may be accepted;
(ii)
A fixed location established for the purposes of loan production or representation;
(iii)
Any other fixed location where deposits are not accepted; or
(iv)
A fixed location outside the United States.
(f)
“Interstate association” means an out–of–state association:
(1)
That is not chartered under the laws of the United States; and
(2)
That has deposit–taking offices in Maryland.
(g)
(1)
“Maryland association” means:
(i)
A savings and loan association organized under this title; or
(ii)
A savings and loan association or savings bank organized under the laws of the United States or of another state that has more than 80 percent of the total deposits of its deposit–taking offices held by deposit–taking offices located in Maryland.
(2)
“Maryland association” does not include any savings and loan association acquired under Title 5, Subtitle 11 of this article.
(h)
“Maryland savings and loan holding company” means a savings and loan holding company:
(1)
That has its principal place of business in this State;
(2)
That has more than 80 percent of the total deposits of savings and loan association subsidiaries held by savings and loan association subsidiaries, other than savings and loan association subsidiaries acquired by it in accordance with § 9–1005(b)(2) of this subtitle, located within the region; and
(3)
That is not controlled by a savings and loan holding company other than a Maryland savings and loan holding company.
(i)
“Out–of–state association” means a savings and loan association other than a Maryland association:
(1)
That has its principal place of business in a jurisdiction within the region that allows acquisition on a reciprocal basis;
(2)
That has more than 80 percent of the total deposits of its deposit–taking offices held by deposit–taking offices located within the region, excluding for purposes of applying this 80 percent requirement deposits in deposit–taking offices acquired by it in accordance with § 9–1005(b)(2) of this subtitle; and
(3)
That is not controlled by a savings and loan holding company other than an out–of–state savings and loan holding company.
(j)
“Out–of–state savings and loan holding company” means a savings and loan holding company other than a Maryland savings and loan holding company:
(1)
That has its principal place of business in a jurisdiction within the region that allows acquisition on a reciprocal basis;
(2)
That has more than 80 percent of the total deposits of savings and loan association subsidiaries held by savings and loan association subsidiaries located within the region, excluding for purposes of applying this 80 percent requirement deposits in savings and loan association subsidiaries acquired by it in accordance with § 9–1005(b)(2) of this subtitle; and
(3)
That is not controlled by a savings and loan holding company other than an out–of–state savings and loan holding company.
(k)
“Principal place of business”:
(1)
Of a savings and loan association, means the jurisdiction in which the total deposits of the savings and loan association are the greatest; and
(2)
Of a savings and loan holding company, means the jurisdiction in which the total deposits of savings and loan association subsidiaries of the savings and loan holding company are the greatest.
(l)
“Reciprocal basis” means that, in conjunction with the laws of this State:
(1)
The laws of the jurisdiction where the out–of–state association or out–of–state savings and loan holding company has its principal place of business permit Maryland associations and Maryland savings and loan holding companies to acquire savings and loan associations and savings and loan holding companies in that jurisdiction; and
(2)
The laws of the jurisdiction where the out–of–state association or out–of–state savings and loan holding company has its principal place of business permit the out–of–state association or out–of–state savings and loan holding company to be acquired by the Maryland association or Maryland savings and loan holding company sought to be acquired.
(m)
“Region” means the states of Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia, and the District of Columbia.
(n)
“Savings and loan association”:
(1)
Means a corporation that is chartered under the laws of the United States or any state as a savings and loan association, building association, or savings bank, whether organized as a capital stock association or a mutual association; and
(2)
Does not include a savings bank organized under Title 4 of this article.
(o)
“Savings and loan holding company” means a company that controls a savings and loan association or controls any other company which is a savings and loan holding company.
(p)
“Subsidiary” means a company that a savings and loan association or savings and loan holding company controls.
Md. Code Ann., Fin. Inst. § 9-1002 (2026)
Title 9. Savings and Loan Associations
Subtitle 10. Regional Reciprocal Interstate Savings and Loan Acquisitions
§ 9–1002LinkCopy Citation
(a)
This subtitle sets forth the conditions under which an out-of-state association or out-of-state savings and loan holding company may acquire a Maryland association, a Maryland savings and loan holding company, an interstate association, or an out-of-state savings and loan holding company having a Maryland association subsidiary.
(b)
This subtitle does not authorize any acquisition other than an acquisition by an out-of-state association or an out-of-state savings and loan holding company.
Md. Code Ann., Fin. Inst. § 9-1003 (2026)
Title 9. Savings and Loan Associations
Subtitle 10. Regional Reciprocal Interstate Savings and Loan Acquisitions
§ 9–1003LinkCopy Citation
(a)
(1)
An out-of-state savings and loan holding company not having a Maryland association subsidiary is authorized to acquire a Maryland association, a Maryland savings and loan holding company, an interstate association, or an out-of-state savings and loan holding company having a Maryland association subsidiary, if the out-of-state savings and loan holding company and entity being acquired:
(i)
Comply with all applicable provisions of § 9-216 of this title;
(ii)
Comply with all applicable provisions of Title 3, Subtitle 6 of the Corporations and Associations Article;
(iii)
File an application for approval with the Division Director containing information the Division Director may by regulation require;
(iv)
Submit with the application:
(1)
The designation of a resident of this State as the applicant’s agent for the service of any paper, notice, or legal process on the applicant in connection with matters arising out of this subtitle; and
(2)
A filing fee of $5,000; and
(v)
Receive approval of the acquisition from the Division Director.
(2)
The Division Director may not grant approval of an acquisition under this subsection unless the Division Director shall find:
(i)
The laws of the jurisdiction where the out-of-state savings and loan holding company has its principal place of business permit Maryland savings and loan holding companies to acquire savings and loan associations and savings and loan holding companies in that jurisdiction;
(ii)
The laws of the jurisdiction where the out-of-state savings and loan holding company has its principal place of business permit the out-of-state savings and loan holding company to be acquired by the Maryland association, Maryland savings and loan holding company, or interstate association sought to be acquired;
(iii)
The out-of-state savings and loan holding company seeks to acquire:
(1)
A Maryland association that has been in existence and continuously operated for more than 4 years;
(2)
An interstate association that has deposit-taking offices which have been continuously operated in Maryland for more than 4 years; or
(3)
A Maryland savings and loan holding company or an out-of-state savings and loan holding company in which:
(A)
All Maryland association subsidiaries have been in existence and continuously operated for more than 4 years; and
(B)
All interstate association subsidiaries have deposit-taking offices that have been continuously operated in Maryland for more than 4 years;
(iv)
The acquisition is subject to any additional conditions, restrictions, requirements, or other limitations, including without limitation any longevity requirements, that apply to the acquisition by a Maryland association or a Maryland savings and loan holding company of a savings and loan association or savings and loan holding company in the jurisdiction where the out-of-state savings and loan holding company has its principal place of business but do not apply to acquisitions by savings and loan associations, all of whose deposit-taking offices, and savings and loan holding companies all of whose savings and loan association subsidiaries, are located in that jurisdiction; and
(v)
If necessary to apply the test required by subparagraph (ii) of this paragraph, a Maryland association shall be treated as if it were a Maryland savings and loan holding company.
(3)
In deciding whether to approve an acquisition under subsection (a) of this section, the Division Director shall consider:
(i)
The financial and managerial resources of the out-of-state savings and loan holding company;
(ii)
The future prospects of the Maryland association, Maryland savings and loan holding company, interstate association, or Maryland subsidiary of an out-of-state savings and loan holding company that will be acquired;
(iii)
The financial history and future prospects of the out-of-state savings and loan holding company;
(iv)
Whether the acquisition may result in an undue concentration of resources or substantial reduction of competition in this State; and
(v)
Initial capital investments, loan policy, investment policy, dividend policy, and the general plan of business, including the cost of services to be offered.
(4)
When considering loan policy and the general plan of business under paragraph (3)(v) of this subsection, the Division Director shall:
(i)
Consider specific steps that will be taken to meet the home financing needs of individuals in the community to be served, including low and moderate income residents consistent with safe and sound operation of the institution; and
(ii)
Assess the record, if any, of the applicant in meeting the credit needs of the communities served in the past, including low and moderate income residents, consistent with the safe and sound operation of the institution.
(b)
(1)
An out-of-state savings and loan holding company having a Maryland association subsidiary, a Maryland savings and loan holding company subsidiary, or an interstate association subsidiary is authorized to acquire another Maryland association, Maryland savings and loan holding company, interstate association, or out-of-state savings and loan holding company having a Maryland association subsidiary upon approval by the Division Director.
(2)
The Division Director may not grant approval of an acquisition under this subsection unless the Division Director shall find that the out-of-state savings and loan holding company seeks to acquire:
(i)
A Maryland association that has been in existence and continuously operated for more than 4 years;
(ii)
An interstate association that has deposit-taking offices which have been continuously operated in Maryland for more than 4 years; or
(iii)
A Maryland savings and loan holding company or an out-of-state savings and loan holding company in which:
(1)
All Maryland association subsidiaries have been in existence and continuously operated for more than 4 years; and
(2)
All interstate association subsidiaries have deposit-taking offices which have been continuously operated in Maryland for more than 4 years.
(3)
The approval by the Division Director shall be subject to:
(i)
The laws and regulations applicable to the acquisitions of Maryland associations and Maryland savings and loan holding companies by a savings and loan holding company all of whose savings and loan association subsidiaries are located in this State; and
(ii)
Any additional conditions, restrictions, requirements, or other limitations, including without limitation any longevity requirements, that apply to the acquisition by a Maryland savings and loan holding company of a savings and loan association or savings and loan holding company in the jurisdiction where the out-of-state savings and loan holding company has its principal place of business, but do not apply to acquisitions by savings and loan holding companies all of whose savings and loan association subsidiaries are located in that jurisdiction.
(c)
If the acquisition has otherwise been approved under this subtitle, this section does not prohibit the acquisition by an out-of-state association or out-of-state savings and loan holding company of all or substantially all of the shares of a savings and loan association organized solely to facilitate the acquisition of a savings and loan association that has been in existence and continuously operated for more than 4 years.
(d)
The period of existence of any deposit-taking institution which has merged into, consolidated with, converted into, transferred all or substantially all of its assets to, or been a party to any other form of a corporate reorganization with another savings and loan association shall be included in the period of existence and continuous operation of the successor Maryland association for purposes of satisfying the longevity requirements of this section.
(e)
The Division Director may approve the acquisition of a Maryland savings and loan association or a Maryland savings and loan holding company only if all of the association subsidiaries of the out-of-state holding company which will be located in Maryland, or which will have deposit-taking offices in Maryland after the proposed acquisition takes place, will be organized under the laws of the United States.
Md. Code Ann., Fin. Inst. § 9-1004 (2026)
Title 9. Savings and Loan Associations
Subtitle 10. Regional Reciprocal Interstate Savings and Loan Acquisitions
§ 9–1004LinkCopy Citation
(a)
(1)
An out-of-state association that has not acquired a Maryland association or an interstate association is authorized to acquire a Maryland association or an interstate association, if the out-of-state association and entity being acquired:
(i)
Comply with all applicable provisions of § 9-216 of this title;
(ii)
Comply with all applicable provisions of Subtitle 6 of this title;
(iii)
Comply with all applicable provisions of Title 3, Subtitle 6 of the Corporations and Associations Article;
(iv)
File an application for approval with the Division Director containing information the Division Director may by regulation require;
(v)
Submit with the application:
(1)
The designation of a resident of this State as the applicant’s agent for the service of any paper, notice, or legal process on the applicant in connection with matters arising out of this subtitle; and
(2)
A filing fee of $5,000; and
(vi)
Receive approval of the acquisition from the Division Director.
(2)
The Division Director may not grant approval of an acquisition under this subsection unless the Division Director shall find:
(i)
The laws of the jurisdiction where the out-of-state association has its principal place of business permit Maryland associations to acquire savings and loan associations in that jurisdiction;
(ii)
The laws of the jurisdiction where the out-of-state association has its principal place of business permit the out-of-state association to be acquired by the Maryland association sought to be acquired;
(iii)
The out-of-state association seeks to acquire:
(1)
A Maryland association that has been in existence and continuously operated for more than 4 years; or
(2)
An interstate association that has deposit-taking offices which have been continuously operated in Maryland for more than 4 years; and
(iv)
The acquisition is subject to any additional conditions, restrictions, requirements, or other limitations, including without limitation any longevity requirements, that apply to the acquisition by a Maryland association of a savings and loan association in the jurisdiction where the out-of-state association has its principal place of business, but do not apply to acquisitions by savings and loan associations, all of whose deposit-taking offices are located in that jurisdiction.
(3)
In deciding whether to approve an acquisition under subsection (a) of this section, the Division Director shall consider:
(i)
The financial and managerial resources of the out-of-state association;
(ii)
The future prospects of the Maryland association or interstate association that will be acquired;
(iii)
The financial history and future prospects of the out-of-state association;
(iv)
Whether the acquisition may result in an undue concentration of resources or substantial reduction of competition in this State; and
(v)
Initial capital investments, loan policy, investment policy, dividend policy, and the general plan of business, including the cost of services to be offered.
(4)
When considering loan policy and the general plan of business under paragraph (3)(v) of this subsection, the Division Director shall:
(i)
Consider specific steps that will be taken to meet the home financing needs of individuals in the community to be served, including low and moderate income residents consistent with safe and sound operation of the institution; and
(ii)
Assess the record, if any, of the applicant in meeting the credit needs of the communities served in the past, including low and moderate income residents, consistent with the safe and sound operation of the institution.
(b)
(1)
An out-of-state association having a Maryland association subsidiary or an interstate association is authorized to acquire another Maryland association or interstate association upon approval by the Division Director.
(2)
The Division Director may not grant approval of an acquisition under this subsection unless the Division Director shall find that the out-of-state association seeks to acquire:
(i)
A Maryland association that has been in existence and continuously operated for more than 4 years; or
(ii)
An interstate association that has deposit-taking offices which have been continuously operated in Maryland for more than 4 years.
(3)
The approval by the Division Director shall be subject to:
(i)
The laws and regulations applicable to the acquisitions of Maryland associations by Maryland associations; and
(ii)
Any additional conditions, restrictions, requirements, or other limitations, including without limitation any longevity requirements, that apply to the acquisition by a Maryland association of a savings and loan association in the jurisdiction where the out-of-state association has its principal place of business, but do not apply to acquisitions by out-of-state associations all of whose deposit-taking offices are located in that jurisdiction.
(c)
If the acquisition has otherwise been approved under this subtitle, this section does not prohibit the acquisition by an out-of-state association of all or substantially all of the shares of a savings and loan association organized solely to facilitate the acquisition of a savings and loan association that has been in existence and continuously operated for more than 4 years.
(d)
The period of existence of any deposit-taking institution which has merged into, consolidated with, converted into, transferred all or substantially all of its assets to, or been a party to any other form of a corporate reorganization with another savings and loan association shall be included in the period of existence and continuous operation of the successor Maryland association for purposes of satisfying the longevity requirements of this section.
(e)
The Division Director may approve the acquisition of a Maryland savings and loan association or a Maryland savings and loan holding company only if all of the association subsidiaries of the out-of-state holding company which will be located in Maryland, or which will have deposit-taking offices in Maryland after the proposed acquisition takes place, will be organized under the laws of the United States.
Md. Code Ann., Fin. Inst. § 9-1005 (2026)
Title 9. Savings and Loan Associations
Subtitle 10. Regional Reciprocal Interstate Savings and Loan Acquisitions
§ 9–1005LinkCopy Citation
(a)
Except as expressly permitted by federal law or Title 5, Subtitle 11 of this article, a savings and loan association or savings and loan holding company that is not a Maryland association, an interstate association, an out–of–state association, a Maryland savings and loan holding company, or an out–of–state savings and loan holding company may not acquire a Maryland association, a Maryland savings and loan holding company, an interstate association, or an out–of–state savings and loan holding company having a Maryland association subsidiary.
(b)
(1)
Except as provided in paragraph (2) of this subsection, if a Maryland association, interstate association, Maryland savings and loan holding company, or out–of–state savings and loan holding company ceases to be a Maryland association, interstate association, Maryland savings and loan holding company, or out–of–state savings and loan holding company, as defined in this subtitle, the association or savings and loan holding company shall, within 2 years, divest itself of all deposit–taking offices in Maryland, Maryland associations, and Maryland savings and loan holding companies.
(2)
A Maryland association, an interstate association, a Maryland savings and loan holding company, or an out–of–state savings and loan holding company may not be required to divest its deposit–taking offices in Maryland, Maryland associations, or Maryland savings and loan holding companies if:
(i)
An institution in another jurisdiction not within the region is acquired under § 116 or § 123 of the Garn–St. Germain Depository Institutions Act of 1982, as amended or 12 U.S.C. § 1823(f);
(ii)
A savings and loan association or savings and loan holding company having deposit–taking offices in a jurisdiction other than within the region is acquired in the regular course of securing or collecting a debt previously contracted in good faith, and the savings and loan association or savings and loan holding company divests the securities or assets acquired within 2 years of the date of acquisition; or
(iii)
An increase in deposits in deposit–taking offices or in savings and loan association subsidiaries not within the region is not the result of an acquisition of a savings and loan association or savings and loan holding company.
(c)
Any acquisition which would result in an association chartered under this title, or under the laws of any other state, having a deposit–taking office in Maryland is prohibited.
(d)
(1)
The Division Director may enforce the provisions of this section through the imposition of penalties up to $500 per day each day the violation continues to exist, the issuance of cease and desist orders under § 8–401 of this article, and any other remedies as are provided by law.
(2)
In determining the amount of financial penalty to be imposed, the Division Director shall consider the following:
(i)
The seriousness of the violation;
(ii)
The good faith of the violator;
(iii)
The violator’s history of previous violations;
(iv)
The deleterious effect of the violation on the public and the savings and loan industry; and
(v)
The assets of the violator.
Md. Code Ann., Fin. Inst. § 9-1006 (2026)
Title 9. Savings and Loan Associations
Subtitle 10. Regional Reciprocal Interstate Savings and Loan Acquisitions
§ 9–1006LinkCopy Citation
(a)
An interstate association or an out–of–state savings and loan holding company that controls a Maryland association, a Maryland savings and loan holding company, an interstate association, or an out–of–state savings and loan holding company having a Maryland association subsidiary shall be subject to and be entitled to the benefits of those laws of this State and to the rules of its units relating to the acquisition, ownership, and operation of deposit–taking offices in Maryland, Maryland associations, and Maryland savings and loan holding companies.
(b)
An interstate association or an out–of–state savings and loan holding company that controls a Maryland association, a Maryland savings and loan holding company, an interstate association, or an out–of–state savings and loan holding company having a Maryland association subsidiary shall:
(1)
File with the Division Director copies of all regular and periodic reports that the savings and loan association or savings and loan holding company is required to file under § 13 or § 15(d) of the Securities Exchange Act of 1934, as amended, excluding any portions not required to be made available to the public;
(2)
Within 30 days of adoption, file with the Division Director a copy of its most recently adopted federal Community Reinvestment Act statement; and
(3)
File with the Division Director any other information the Division Director shall require by regulation, including the items required under the minimum reporting standards specified under § 9–1008(d) of this subtitle.
(c)
Within 30 days of receipt, the association or holding company shall submit to the Division Director a copy of the public portion of its most recent Community Reinvestment Act performance evaluation prepared by the federal regulatory agency that examines the association or holding company, together with a copy of any written response to the evaluation prepared by the association or holding company for its public Community Reinvestment Act file.
(d)
The Division Director shall promptly notify the General Assembly as provided under § 2–1257 of the State Government Article, and the Department of Legislative Services of any interstate association or out–of–state savings and loan holding company that controls a Maryland association, an interstate association, a Maryland savings and loan holding company, or an out–of–state savings and loan holding company wishing to acquire or having acquired a Maryland association subsidiary that fails to, or refuses to, submit information as required in this section.
(e)
(1)
Upon request, the Division Director shall make available to the public a copy of the documents submitted under subsections (b) and (c) of this section.
(2)
The Division Director may charge a reasonable fee to a person requesting a copy to help defray the costs of providing copies of the documents to the public.
Md. Code Ann., Fin. Inst. § 9-1007 (2026)
Title 9. Savings and Loan Associations
Subtitle 10. Regional Reciprocal Interstate Savings and Loan Acquisitions
§ 9–1007LinkCopy Citation
(a)
The Division Director may enter into cooperative agreements with any other savings and loan regulatory unit to facilitate the regulation of savings and loan associations and savings and loan holding companies doing business in this State.
(b)
The Division Director may accept reports of examinations and other records from any other unit instead of conducting its own examinations of interstate associations and associations controlled by savings and loan holding companies located in other jurisdictions.
(c)
The Division Director may take any action jointly with any other regulatory unit having concurrent jurisdiction over savings and loan associations and savings and loan holding companies in this State or may take action independently to carry out the responsibilities of the Division Director.
(d)
The Division Director may adopt regulations necessary to carry out the provisions of this subtitle.
Md. Code Ann., Fin. Inst. § 9-1008 (2026)
Title 9. Savings and Loan Associations
Subtitle 10. Regional Reciprocal Interstate Savings and Loan Acquisitions
§ 9–1008LinkCopy Citation
(a)
It is the purpose of this subtitle to permit orderly development of savings and loan association operations on a regional reciprocal basis. It is not the purpose of this subtitle to authorize interstate savings and loan association operations on any basis other than as provided in this subtitle.
(b)
Except as provided in subsection (c) of this section, if any of the provisions of this subtitle relating to the terms, conditions, and limitations under which interstate acquisitions of Maryland associations, interstate associations, Maryland savings and loan holding companies, and out–of–state savings and loan holding companies having Maryland association subsidiaries are permitted are declared invalid for any reason by any state or federal court of competent jurisdiction and if the action of the court would substantially impair the purpose of this subtitle, then on the entry of a final nonappealable order or the expiration of time for appeal, this subtitle shall be null and void in its entirety and shall cease to be of any force or effect from the effective date of the order or the expiration of the time for appeal.
(c)
Any transaction that has been lawfully approved under this subtitle prior to a determination of invalidity under subsection (b) of this section shall be unaffected by a determination of invalidity.
(d)
(1)
The Division Director shall closely monitor the results of regional savings and loan operations and report to the General Assembly, as provided under § 2–1257 of the State Government Article, and the Department of Legislative Services on October 1 of each year, on the effects of regional reciprocal savings and loan operations.
(2)
The report shall include at a minimum:
(i)
Initial or proposed capital investments, loan policies, investment policies, dividend policies, and the general plan of business, including the cost of services that are offered by any interstate association or any savings and loan holding company operating in Maryland or are to be offered by any interstate association or out–of–state savings and loan holding company seeking to operate in Maryland;
(ii)
Specific steps taken or proposed to be taken to meet the credit needs of individuals, including low and moderate income residents in the community to be served;
(iii)
The financial and managerial resources of the interstate association or out–of–state savings and loan holding company;
(iv)
The financial history and future prospects of the interstate association or out–of–state savings and loan holding company;
(v)
The resultant concentration of resources and amount of total assets and total deposits to be held by the interstate association or out–of–state savings and loan holding company after a merger or acquisition;
(vi)
The impact of regional reciprocal savings and loan association operations on competition;
(vii)
The availability of home financing for all groups, including low and moderate income groups;
(viii)
The availability of credit for loans;
(ix)
Rates charged for credit;
(x)
Any fees charged for credit;
(xi)
Any other information the Division Director may consider relevant or that the General Assembly may request;
(xii)
Number of applications submitted, approved and denied; and
(xiii)
The impact of regional savings and loan operations on existing savings and loan associations.
Md. Code Ann., Fin. Inst. § 9-1009 (2026)
Title 9. Savings and Loan Associations
Subtitle 10. Regional Reciprocal Interstate Savings and Loan Acquisitions
§ 9–1009LinkCopy Citation
(a)
An out-of-state association’s status as an out-of-state association shall not be affected by its conversion from a federal charter to a charter issued by a region jurisdiction, or by conversion from a charter issued by a region jurisdiction to a federal charter, so long as the out-of-state association otherwise continues to qualify as an out-of-state association in accordance with § 9-1001(i) of this subtitle.
(b)
An out-of-state association that is not a federally chartered association on and after June 30, 1992 shall divest itself of any deposit-taking offices in Maryland, in accordance with § 9-1006 of this subtitle.