# Financial Institutions (GFI)

## Title 9. Savings and Loan Associations

### Subtitle 7. Involuntary Actions -- Conservator; Receivership

#### Section 9-701

(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 Sec. 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.

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