1. (a) In this title the following words have the meanings indicated.
2. (b) “Company” means an association, corporation, or joint-stock company.

3. (c)

   1. (1) “Financial institution” means:

      1. (i) a credit company;
      2. (ii) except as provided in paragraph (2)(i) of this subsection, a finance company;
      3. (iii) an international banking facility;
      4. (iv) a loan company;
      5. (v) a mortgage company;
      6. (vi) a safe-deposit company; and
      7. (vii) a savings and loan association.

   2. (2) “Financial institution” does not include:

      1. (i) a finance company that makes loans only to farmers for agricultural purposes;
      2. (ii) a company licensed under the federal Small Business Investment Act of 1958;¹
      3. (iii) a corporation that elects to be taxed as a small business corporation under Subchapter S of the Internal Revenue Code;
      4. (iv) an entity that is a real estate mortgage investment conduit as defined in the Internal Revenue Code;
      5. (v) a limited liability company; or
      6. (vi) a commercial bank, savings bank, trust company, or company that substantially competes with national banks in the State.

4. (d) “Savings and loan association” means:

   1. (1) a savings and loan association that:

      1. (i) is organized under the laws of this State;
      2. (ii) is organized under the laws of another state and is admitted to do business in this State; or
      3. (iii) is organized under the laws of the United States and has an office in this State; or
   2. (2) a savings bank chartered by the Federal Home Loan Bank Board.

5. (e)

   1. (1) “Savings bank” means a company or other institution that is organized to receive deposits of money and pay interest on the deposits.
   2. (2) “Savings bank” does not include a bank with capital stock.

Added by Acts 1988, c. 2, § 1, eff. Jan. 1, 1989. Amended by Acts 1988, c. 135, § 1; Acts 1991, c. 605; Acts 1992, c. 536; Acts 1995, c. 127, § 2, eff. Jan. 1, 1998; Acts 2000, c. 225, § 1, eff. Oct. 1, 2000.

Formerly Art. 81, §§ 2, 128A, 128B.

Pub.L. 85-699, Aug. 21, 1958, 72 Stat. 689, codified at 15 U.S.C.A. § 661 et seq.