# Financial Institutions (GFI)

## Title 9. Savings and Loan Associations

### Subtitle 9. Miscellaneous

#### Section 9-904

The sale of savings accounts of any savings and loan association in this State is exempt from all provisions of law of this State that provide for the supervision and regulation of the sale of securities. The sale of any accounts does not require any action by any official who supervises the sale of securities.

---

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