# Financial Institutions (GFI)

## Title 9. Savings and Loan Associations

### Subtitle 2. Incorporation

#### Section 9-208.1

(a) Except as provided in subsection (b) of this section, the Division Director may not approve any applications seeking incorporation of a newly formed savings and loan association under this title on or after July 1, 1990.

(b) The Division Director may approve an application seeking incorporation of a newly formed savings and loan association under this title if:

  (1) The application provides that the newly formed association will, immediately after filing its articles of incorporation with the State Department of Assessments and Taxation, convert to a commercial bank under the provisions of Sec.Sec. 9-631 through 9-639 of this title or convert to a federally chartered savings and loan association under Sec.Sec. 9-613 through 9-615 of this title;

  (2) The association does not operate as a savings and loan association under this title; and

  (3) All other requirements set forth in this title and imposed by the Commissioner are satisfied.

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