Section 9-309 - Offices.
§ 9-309. Offices.
(a) General prohibition.- A savings and loan association may not establish or relocate any branch office or relocate a principal office unless the Division Director approves its application to do so.
(b) Application.- An application for the establishment or relocation of a branch office or relocation of a principal office shall include:
(1) An application fee of $500 unless the application is for relocation within a one-half mile radius of the existing site; and
(2) A statement of:
(i) The need for the establishment or relocation;
(ii) The address of the proposed location;
(iii) The services to be provided;
(iv) The estimated annual expense; and
(v) The source of payment for the annual expense.
(c) Notice.-
(1) The Division Director shall publish notice of the filing of an application under this section.
(2) The notice shall state:
(i) The scheduled date, place, and time of a public hearing at least 30 days and not more than 90 days after the filing;
(ii) That written protests to the application may be made by any savings and loan association located in the area where a savings and loan office is proposed, and that protests shall be received by the Division Director no later than 10 days before the scheduled hearing; and
(iii) That the hearing may be canceled if no written protest is received within the time provided in the notice.
(3) The notice shall be published:
(i) At least once each week for 2 successive weeks at the expense of the applicant in a newspaper of general circulation in the political subdivision where the proposed office is to be located;
(ii) In the Maryland Register, as provided in the State Documents Law; and
(iii) As the Division Director considers otherwise desirable.
(d) Protest.- As provided in this section:
(1) Any savings and loan association located in the area where a proposed branch office of a savings and loan association is to be located or a principal office is proposed to be relocated may protest the requested approval of the Division Director; and
(2) The Division Director shall give any savings and loan association that protests under paragraph (1) of this subsection an opportunity to be heard.
(e) Approval by Division Director.- Not later than 30 days after the conclusion of the hearing or, if a hearing is not held, after the scheduled hearing date, the Division Director shall approve an application under this section if the Director finds that:
(1) The public interest will be promoted; and
(2) The office will be operated efficiently and in accordance with this title.
(f) Division Director; prohibited approval.- The Division Director may not approve a new office or location for any savings and loan association that is not in compliance with Title 8 of this article and this title or any other law or regulation of this State relating to savings and loan associations.
(g) Appeal.- Any applicant may appeal any action or nonaction of the Division Director to the Circuit Court for Baltimore City.
[An. Code 1957, art. 23, § 161V; 1980, ch. 856; 1981, ch. 658; 1982, ch. 16; 1986, ch. 282.]