Background
Origins of the Department of Savings and Loan can be traced to the creation of the Board of Commissioners of Building and
Loan Associations (Statutes of 1893, Chapter 188). The board became a bureau (Statutes of 1905, Chapter 504) and then a Division
of the Department of Investment in 1929, a federation of five independent divisions (Statutes of 1929, Chapter 277). In 1943,
building and loan associations were granted permission to use the designation savings and loan in their corporate name (Statutes
of 1943, Chapter 209). By 1953, savings and loan had become the official designation for the Division, the Commissioner, and
laws governing the savings and loan industry (Statutes of 1953, Chapter 641). The Division of Savings and Loan, along with
the Department of Investment, became a unit of the Business and Commerce Agency by executive order in 1961. According to legislation
passed in 1969, the Savings and Loan Division became a department; the Department of Investment ceased to exist; and divisions
once supervised by the Business and Commerce Agency were absorbed into the newly designated Business and Transportation Agency
(Statutes of 1969, Chapter 138). Nine business regulatory departments, including the Department of Savings and Loan, constituted
one of two functionally related groups in the Business and Transportation Agency; the second group was transportation-oriented
and contained three departments.
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