Md. Code, Financial Institutions § 9-701
This is the official text of Md. Code, Financial Institutions § 9-701, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
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§9–701.
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
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