(a) In this title the following words have the meanings indicated. (b) 'Company' means an association, corporation, or joint-stock company. (c) (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' means: (1) a savings and loan association that: (i) is organized under the laws of this State; (ii) is organized under ly competes with national banks in the State. (d) '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) (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.
Maryland Legal Code