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Can you summarize MDCM Fin. Inst. Section 9-310?
Short Summary
This legal document governs the establishment and maintenance of electronic terminals by savings and loan associations in Maryland. It defines an electronic terminal as an automated electronic information processing device that stores and transmits customer account information. The document allows savings and loan associations to establish and maintain electronic terminals at locations other than their principal or branch offices, subject to approval by the Division Director. The application process requires filing an application with the Division Director, paying a filing fee, and providing detailed information about the proposed electronic terminals. The Division Director must approve the application within 60 days if it promotes the public interest and complies with the relevant regulations. Savings and loan associations are permitted to use electronic terminals for various transactions, including deposits, transfers, withdrawals, loan payments, and other approved transactions. They may also verify transactions made through electronic terminals. The document allows savings and loan associations to participate with other financial institutions in establishing and maintaining electronic terminals. Any aggrieved applicant can appeal the Division Director’s decision to the circuit court. No specific penalties are mentioned in this document.
Whom does it apply to?
Savings and loan associations
What does it govern?
Establishment and maintenance of electronic terminals by savings and loan associations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Maryland