(a)    With the prior written approval of the Secretary, the Division Director may institute proceedings in the circuit court of the county where the principal office of a savings and loan association is located for the appointment of a receiver if:

(1)    (i)    The savings and loan association or related entity fails to comply with a final order of the Division Director;

(ii)    The irregularities giving rise to a conservatorship are not corrected;

(iii)    An emergency exists; or

(iv)    The savings and loan association or related entity is conducting an unsafe and unsound operation; and

(2)    The Division Director considers the appointment of a receiver to be in the public interest.

(b)    Subject to the provisions of § 9-709 of this subtitle, a court may appoint a receiver if it finds that a savings and loan association or related entity is:

(1)    In an impaired or insolvent condition;

(2)    In substantial violation of any law or regulation;

(3)    Concealing any of its assets or records or refusing to submit its records or affairs for inspection to an examiner or lawful agent;

(4)    Conducting an unsafe and unsound operation;

(5)    In violation of any final order; or

(6)    Eligible for receivership under the provisions of Title 10 of this article.

(c)    A receiver has:

(1)    All the powers and authority of the conservator;

(2)    The power to liquidate; and

(3)    Any other powers and authority as may be expressed in the order of any court of competent jurisdiction.

(d)    In addition to the specific powers set forth in this title and any powers granted by order of the court, a receiver appointed under this section has and may exercise all powers necessary or appropriate to liquidate the business and affairs of the savings and loan association, including all of the powers granted by law to the conservator of a savings and loan association and all of the powers granted by law to the receiver of a Maryland corporation that is in the process of voluntary or involuntary dissolution.

(e)    (1)    Except to the extent otherwise provided in this subsection, Title 13 of the Maryland Rules applies to the estate of a savings and loan association for which a receiver is appointed under this section.

(2)    On motion of the receiver any other interested party, or on the court’s own initiative, the court may, after notice and a hearing, waive compliance with or modify one or more of the requirements of Subtitle BP relating to the timing of, method of, or procedures for providing notices, providing claims, or administering distributions from the receivership estate, if the waiver or modification relates to the preservation of the confidentiality of savings account holders, or a reduction in the cost of administration of the receivership estate.

(3)    Any waiver or modification made under paragraph (2) of this subsection only shall apply prospectively to actions taken by the receiver or any other person after adoption by the court.