The purpose of this subchapter is to exempt state and federal savings and loan associations from being required to furnish security in the form of cash, bond, or otherwise, ensuring proper performance of their duties and obligations in the business transactions set forth in ยง 23-32-304. This purpose is based on the premise that savings and loan associations are so thoroughly governed by state and federal law, rule, and regulation that there is an insignificant risk of such an institution's being unable to adequately compensate an injured or damaged party.
Section: 23-32-302 23-32-303 23-32-304 23-32-305 NextLast modified: November 15, 2016