(a) It is the purpose of this subtitle to permit orderly development of savings and loan association operations on a regional reciprocal basis. It is not the purpose of this subtitle to authorize interstate savings and loan association operations on any basis other than as provided in this subtitle. (b) Except as provided in subsection (c) of this section, if any of the provisions of this subtitle relating to the terms, conditions, and limitations under which interstate acquisitions of Maryland associations, interstate associations, Maryland savings and loan holding companies, and out-of-state savings and loan holding companies having Maryland association subsidiaries are permitted are declared invalid for any reason by any state or federal court of competent jurisdiction and if the action of the court would substantially impair the purpose of this subtitle, then on the entry of a final nonappealable order or the expiration of time for appeal, this subtitle shall be null and void in its entirety and shall cease to be of any force or effect from the effective date of the order or the expiration of the time for appeal. (c) Any transaction that has been lawfully approved under this subtitle prior to a determination of invalidity under subsection (b) of this section shall be unaffected by a determination of invalidity. (d) (1) The Division Director shall closely monitor the results of regional savings and loan operations and report to the General Assembly, as provided under § 2-1257 of the State Government Article, and the Department of Legislative Services on October 1 of each year, on the effects of regional reciprocal savings and loan operations. (2) The report shall include at a minimum: (i) Initial or proposed capital investments, loan policies, investment policies, dividend policies, and the general plan of business, including the cost of services that are offered by any interstate association or any savings and loan holding company operating in Maryland or are to be offered by any interstate association or out-of-state savings and loan holding company seeking to operate in Maryland; (ii) Specific steps taken or proposed to be taken to meet the credit needs of individuals, including low and moderate income residents in the community to be served; (iii) The financial and managerial resources of the interstate association or out-of-state savings and loan holding company; (iv) The financial history and future prospects of the interstate association or out-of-state savings and loan holding company; (v) The resultant concentration of resources and amount of total assets and total deposits to be held by the interstate association or out-of-state savings and loan holding company after a merger or acquisition; (vi) The impact of regional reciprocal savings and loan association operations on competition; (vii) The availability of home financing for all groups, including low and moderate income groups; (viii) The availability of credit for loans; (ix) Rates charged for credit; (x) Any fees charged for credit; (xi) Any other information the Division Director may consider relevant or that the General Assembly may request; (xii) Number of applications submitted, approved and denied; and (xiii) The impact of regional savings and loan operations on existing savings and loan associations.
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