{"data":{"id":"us-md/md.-code-financial-institutions-9-701","jurisdiction":"us-md","citation":"Md. Code, Financial Institutions § 9–701","heading":"","body":"(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:\n(1) The savings and loan association or related entity fails to comply with a final order of the Division Director; or\n(2) The Division Director considers that the appointment of a conservator is in the public interest.\n(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:\n(1) In an impaired or insolvent condition;\n(2) In substantial violation of any law or regulation;\n(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;\n(4) Conducting an unsafe or unsound operation;\n(5) In violation of any final order;\n(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\n(7) Eligible for conservatorship under the provisions of Title 10 of this article.","path":["Article - Financial Institutions"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi\u0026section=9-701","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:58:27Z","sha256":"275b2da5d938becc5a525d69cffeed21e34f768694ec89246ff1d6b67f05dced","source_id":"us-md","stale":false,"prev":"us-md/md.-code-financial-institutions-9-640","next":"us-md/md.-code-financial-institutions-9-702"},"notice":"GroundRules: Original legal text. Not legal advice."}