(1) The Legislative Assembly adopts the Savings Association Act:
(a) To provide for the safe and sound conduct of the business of savings associations, the conservation of their assets and the maintenance of public confidence in savings associations;
(b) To provide for the protection of the interests of account holders and the public interest in the soundness of the savings and loan system;
(c) To provide the opportunity for savings associations subject to the Act:
(A) To remain competitive with each other and with savings and financial institutions existing under other laws of this and other states, the United States and foreign countries; and
(B) To serve effectively the convenience and advantage of customers and to improve and expand their services and facilities for such purposes;
(d) To provide the opportunity for managements of associations to exercise business judgment in conducting the affairs of associations to the extent compatible with the purposes recited in this subsection; and
(e) To provide adequate rulemaking power and administrative discretion so that the regulation and supervision of associations is readily responsive to changes in economic conditions and in savings and loan practices.
(2) The purposes of the Savings Association Act stated in subsection (1) of this section constitute standards to be observed by the Director of the Department of Consumer and Business Services in the exercise of discretionary powers under the Act, in the adoption of rules, in the examination and supervision of associations subject to the Act and in all matters of construction and application of the Act required for any determination or action by the director. [1975 c.582 §32; 1985 c.762 §54]
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