Md. Code, Fin. Inst. § 9-701
Current with changes from the 2024 Legislative Session, chs. 2--407, effective on or before 7/1/2024
Section 9-701 - Appointment of conservator(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.