Current with changes from the 2024 Legislative Session
Section 8-101 - Definitions(a) In this title the following words have the meanings indicated.(b) "Company" means an association, corporation, or joint-stock company.(c)(1) "Financial institution" means:(ii) except as provided in paragraph (2)(i) of this subsection, a finance company;(iii) an international banking facility;(vi) a safe-deposit company; and(vii) a savings and loan association.(2) "Financial institution" does not include:(i) a finance company that makes loans only to farmers for agricultural purposes;(ii) a company licensed under the federal Small Business Investment Act of 1958;(iii) a corporation that elects to be taxed as a small business corporation under Subchapter S of the Internal Revenue Code;(iv) an entity that is a real estate mortgage investment conduit as defined in the Internal Revenue Code;(v) a limited liability company; or(vi) a commercial bank, savings bank, trust company, or company that substantially competes with national banks in the State.(d) "Savings and loan association" means: (1) a savings and loan association that: (i) is organized under the laws of this State;(ii) is organized under the laws of another state and is admitted to do business in this State; or(iii) is organized under the laws of the United States and has an office in this State; or(2) a savings bank chartered by the Federal Home Loan Bank Board.(e)(1) "Savings bank" means a company or other institution that is organized to receive deposits of money and pay interest on the deposits.(2) "Savings bank" does not include a bank with capital stock.