§ 9–701
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 9-701 (2026)
Title 9. Savings and Loan Associations
Subtitle 7. Involuntary Actions -- Conservator; Receivership
§ 9–701LinkCopy Citation
(a)
With the prior written approval of the Secretary, the Division Director may institute proceedings in the circuit court in the county where the principal office of a savings and loan association is located for the appointment of a conservator if:
(1)
The savings and loan association or related entity fails to comply with a final order of the Division Director; or
(2)
The Division Director considers that the appointment of a conservator is in the public interest.
(b)
Subject to § 9-709 of this subtitle, a court may appoint the Division Director, deputy division director, or an examiner from the Division of Savings and Loan Associations as conservator if the court finds that a savings and loan association or related entity is:
(1)
In an impaired or insolvent condition;
(2)
In substantial violation of any law or regulation;
(3)
Concealing any of its assets or records or refusing to submit its records or affairs for inspection to an examiner or lawful agent or the Division Director;
(4)
Conducting an unsafe or unsound operation;
(5)
In violation of any final order;
(6)
In need of the appointment of a conservator in order to preserve the assets of the savings and loan association for the benefit of the depositors and creditors; or
(7)
Eligible for conservatorship under the provisions of Title 10 of this article.