savings and loan association

savings-and-loan association. A financial institution — often organized and chartered like a bank — that primarily makes home-mortgage loans but also usu. maintains checking accounts and provides other banking services. — Often shortened to S & L.

— Also termed loan association; thrift institution; thrift. Cf. BUILDING-AND-LOAN ASSOCIATION. [Cases: Building and Loan Associations 1, 24–40. C.J.S. Building and Loan Associations, Savings and Loan Associations, and Credit Unions §§ 2–4, 11, 18–19, 66–113, 115.]

“The thrift institutions, mutual savings banks, savings and loan associations, and credit unions, originally were created to meet needs for saving, credit and loans of people whose resources and income were modest. Commercial banks, merchants, money lenders, and pawn shops often did not serve this demand for loans or savings as well, or with interest rates as favorable to poor individuals, and families. During the last two centuries, thrift institutions were gradually developed, therefore, by social reformers, philanthropic benefactors, religious and fraternal organizations, trade unions, employers, and thrift entrepreneurs (in most countries of the world) as a collateral type of banking or financial intermediation.” William A. Lovett, Banking and Financial Institutions Law in a Nutshell 236 (1997).

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词条贡献者

译者筠怡，毕业于法国顶尖的高级翻译学院，擅长翻译各种与产品责任与集体侵权诉讼相关的法律文件。