6-402

6-402. Scope of chapter; application to federal
associations and federal savings banks

A. This chapter applies to all existing savings and loan associations, and other
similar associations and savings banks by whatever name called, organized under this or
any prior act.

B. Every federal savings and loan association and federal savings bank shall have
all the rights, powers and privileges and shall be entitled to the same exemptions and
immunities as savings and loan associations organized under the laws of this state unless
prohibited by federal law. In addition to all other rights, powers and privileges,
savings and loan associations organized under the laws of the state, whose accounts are
insured by an instrumentality of the United States, shall have all the rights, powers and
privileges and shall be entitled to the same exemptions and immunities as federal savings
and loan associations doing business in this state unless prohibited by this chapter.