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Current as of January 01, 2025 | Updated by Findlaw Staff
(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.
Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 9-701 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-9-701/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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