Title 7, Chapter 1, Section 770
(a) As used in this article, the term:
(1) "Building and loan association" means a local mutual
association existing under the laws of this state on April 1,
1975, or organized under this article without capital stock which:
(A) Is authorized to receive deposits but shall not have the power to offer third-party payment services except in the same manner and subject to the same provisions as are set forth in Code Section 7-1-670 for credit unions;
(B) Receives the greater portion of its funds from such
(C) Lends the greater portion of its funds on the security of
first liens or security titles on homes and on the security of
first liens on its own deposits.
(2) "Deposit" means any arrangement whereby a withdrawable
interest is created in a building and loan association or whereby
the building and loan association becomes indebted to a person
transferring to it money, commercial paper, or similar items for
the payment of money, whether called a "share," "account,"
"certificate," "share account," "savings account," "deposit,"
"savings deposit," "deposit account," or otherwise.
(b) An association is "local" within the meaning of this article if
the greater portion of its investment in real estate loans is
limited to loans on the security of a first lien or security title
on real estate. Any such association may purchase real estate loans
or interests in real estate loans which are made and owned by other
associations qualified under the building and loan statutes of their
respective states or from any savings and loan association to the
extent authorized by the regulations of the department, provided
that such regulations shall not permit the purchase of loans or
interests in loans of any type or in any amounts (per individual
loan or in the aggregate) which are not permitted by law to be
purchased by savings and loan associations with principal offices in
(c) An association is "mutual" if all depositors in such association
participate in the income of such association and if all borrowers
are privileged to vote at least one vote at any meeting of members,
it being unnecessary that any borrower should subscribe to or
purchase any shares or be entitled to participate in any way in the
income of such association.