Section 8-101 - Definitions. - Maryland Statutes

§ 8-101. Definitions.
 

(a)  In general.- In this title the following words have the meanings indicated. 

(b)  Company.- "Company" means an association, corporation, or joint-stock company. 

(c)  Financial institution.-  

(1) "Financial institution" means: 

(i) a credit company; 

(ii) except as provided in paragraph (2) (i) of this subsection, a finance company; 

(iii) an international banking facility; 

(iv) a loan company; 

(v) a mortgage company; 

(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.- "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)  Savings bank.-  

(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. 
 

[An. Code 1957, art. 81, §§ 2, 128A, 128B; 1988, ch. 2, § 1; ch. 135, § 1; 1991, ch. 605; 1992, ch. 536; 1995, ch. 127, § 2; 2000, ch. 225, § 1.]