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Subtitle 1 - Definitions
Section 6-101 - Definitions - (a) In this title the following words have the meanings...
Subtitle 2 - General Provisions
Section 6-201 - General Banking Law Not Applicable - Except as otherwise indicated in this title, Titles 3 through...
Section 6-202 - Supervision by Commissioner - Credit unions are subject to the supervision of the Commissioner.
Section 6-203 - Exemption From Taxation - A credit union incorporated under the laws of this State,...
Section 6-204 - Exercise of Powers - A credit union may exercise all the rights, privileges, and...
Section 6-205 - Liberal Construction - This title shall be construed liberally to effectuate its purpose.
Section 6-206 - Short Title - This title may be cited as the Maryland Credit Union...
Subtitle 3 - Formation, Organization, and Powers
Part I - Formation
Section 6-301 - Formation in General - (a) In this section, “organization” includes any trade, profession, club,...
Section 6-302 - Membership - (a) In this section, “immediate family relative” means: (1) A...
Section 6-303 - Expanding Common Bond Membership Fields - (a) (1) Subject to the provisions of § 6-301(c) and...
Section 6-304 - Changing Membership Type - (a) A credit union may convert to another field of...
Section 6-305 - Execution and Contents of Articles of Incorporation and Agreement - (a) The incorporators shall sign and acknowledge three copies of...
Section 6-306 - Adoption and Contents of Bylaws - (a) The incorporators shall adopt bylaws for the credit union...
Section 6-307 - Articles of Incorporation and Bylaws -- Filing for Examination and Approval - (a) The incorporators shall: (1) File with the Commissioner for...
Section 6-308 - Articles of Incorporation and Bylaws -- Filing for Record - (a) If the Commissioner approves the articles and bylaws, the...
Section 6-309 - Articles of Incorporation - (a) When filing the articles of incorporation and bylaws with...
Part II - Powers of a Credit Union
Section 6-312 - General Powers - In addition to the powers set forth elsewhere in this...
Section 6-313 - Powers Authorized by Federal Law - (a) Notwithstanding any other provision of the laws or regulations...
Section 6-314 - Capital - (a) Without being required to take any action to perfect...
Part III - Members of a Credit Union
Section 6-317 - Meetings of Members; Voting - (a) (1) The annual meeting of the members shall be...
Section 6-318 - Voting by Mail Ballots - (a) The provisions of this section do not apply to:...
Section 6-319 - Expulsion and Withdrawal of Members - (a) Subject to the applicable provisions of the bylaws, the...
Section 6-320 - Amendment of Bylaws or Articles of Incorporation -- in General - (a) (1) The board may amend the articles of incorporation...
Section 6-321 - Amendment of Bylaws or Articles of Incorporation -- Mail Ballot - (a) The board: (1) By resolution may authorize an amendment...
Part IV - Officials and Officers
Section 6-324 - Management of Credit Union - The board shall have the authority and responsibility for the...
Section 6-325 - Directors -- Number, Qualifications, Tenure, and Oath - (a) Each credit union shall have at least five directors....
Section 6-326 - Directors -- Vacancy or Removal; Filling Vacancy - (a) The office of a director becomes vacant if the...
Section 6-327 - Director Emeritus - (a) If the bylaws provide, a director emeritus may advise...
Section 6-328 - Directors -- Duties - (a) In addition to any power or duty provided for...
Section 6-329 - Directors -- Election by Mail Ballot - (a) Subject to the provisions of this section, the directors...
Section 6-330 - Officers - (a) Within 15 days after the annual meeting of the...
Section 6-331 - Compensation - (a) In this section, “compensation” means anything of value given...
Section 6-332 - Suspension of Directors, Officers, and Credit Committee Members - (a) A board may call a special meeting of the...
Section 6-333 - Education of Officials - (a) The board shall prepare a plan for educating each...
Subtitle 4 - Examinations and Reports
Section 6-401 - Supervisory Committee -- in General - (a) Each credit union shall have a supervisory committee. (b)...
Section 6-402 - Supervisory Committee -- Powers and Duties - (a) The supervisory committee is responsible for ensuring that the...
Section 6-403 - Examinations of Credit Unions - (a) In this section, “examiner” means: (1) The Commissioner; and...
Section 6-404 - Reports to Commissioner - (a) On or before March 31 of each year, each...
Section 6-405 - Commissioner May Require Independent Audit - (a) If the Commissioner finds that the supervisory committee of...
Section 6-406 - Unsafe or Unauthorized Practices -- Action by Board and Members - (a) The board may call a meeting of the members...
Section 6-407 - Unsafe or Unauthorized Practices -- Action by Commissioner - In order to carry out the purposes of this title,...
Subtitle 5 - Deposits and Dividends
Section 6-501 - Interest Bearing or Share Accounts - As to each interest bearing or share account of each...
Section 6-502 - Dividends - (a) (1) Except as otherwise provided in this section, the...
Section 6-503 - Month and Year Account Opened to Appear on Share Drafts or Checks; Exceptions - (a) Any share drafts or checks provided directly or indirectly...
Subtitle 6 - Loans
Section 6-601 - Power to Make Loans - (a) Subject to the provisions of this subtitle, a credit...
Section 6-602 - Credit Committee -- in General - (a) If the bylaws so provide, a credit union may...
Section 6-603 - Credit Committee -- Approval of Loans; Loan Officers; Meetings - (a) (1) Except as provided in subsection (b) of this...
Section 6-604 - Maximum of Loans to Single Member - The total of all loans made by a credit union...
Section 6-605 - Required Security - (a) A credit union may make a loan, including a...
Section 6-606 - Mortgage Loans - (a) A credit union may make a loan to a...
Section 6-607 - Participation With Other Institutions - (a) Subject to the provisions of subsection (b) of this...
Section 6-608 - Government Guarantees - A credit union may make a loan that is insured...
Section 6-609 - Purchase of Certain Obligations and Loans Authorized - (a) (1) In this section the following words have the...
Section 6-610 - Loans to Officials of Credit Union - (a) (1) A credit union may make a loan to...
Section 6-611 - Prohibited Loans - A credit union may not make a loan to any...
Subtitle 7 - Miscellaneous Regulations
Section 6-701 - Required Insurance - (a) Each credit union incorporated under the laws of this...
Section 6-702 - Relevant Federal Provisions - A credit union is subject to the provisions of 12...
Section 6-703 - Reserve Fund - (a) In this section, “risk assets” means a credit union’s...
Section 6-704 - Allowance for Loan and Lease Loss - (a) A credit union shall maintain an allowance for loan...
Section 6-705 - Permitted Deposits and Investments - (a) The assets of a credit union that are not...
Section 6-706 - Service Organization - (a) (1) With the prior approval of the Commissioner, as...
Section 6-707 - Credit Union Facilities - (a) (1) In addition to any other investment authorized under...
Section 6-708 - Power to Borrow - (a) (1) Subject to the provisions of paragraph (2) of...
Section 6-709 - Change of Place of Business - A credit union may change its place of business on...
Section 6-710 - Fiscal Year - The fiscal year of each credit union ends at the...
Section 6-711 - Hours of Operation - (a) A credit union shall post its hours of operation...
Section 6-712 - Credit Unions With Assets of $300,000 or Greater; Annual Assessment - (a) This section applies only to a credit union with...
Section 6-713 - Member Insurance -- Notice to Commissioner - If a credit union files an application with the Maryland...
Section 6-714 - Marketing Arrangements - (a) As approved by the Commissioner, a credit union may...
Section 6-715 - Books and Records - (a) A credit union shall keep the books and records...
Subtitle 8 - Extraordinary Actions
Section 6-801 - Conversion of State Credit Union Into Federal Credit Union - (a) Any State credit union may convert into a federal...
Section 6-802 - Conversion of Foreign Credit Union Into State Credit Union - (a) Any credit union organized under the laws of any...
Section 6-803 - Merger of Credit Unions - (a) (1) In this section the following words have the...
Section 6-804 - Voluntary Dissolution - (a) Any credit union may dissolve voluntarily, if the board,...
Section 6-805 - Voluntary Receivership - (a) Any credit union voluntarily may place its business and...
Section 6-806 - Assumption of Liabilities of Another Credit Union - With the approval of the Commissioner, a credit union may...
Section 6-807 - State Branches - (a) A credit union may establish a branch in the...
Section 6-808 - Out-of-State Credit Union - (a) An out-of-state credit union shall provide the Commissioner, within...
Section 6-809 - Member Withdrawal From Account - (a) A credit union may require not more than 60...
Subtitle 9 - Prohibited Activities; Penalties
Section 6-901 - Unauthorized Use of Words "Credit Union" Prohibited - (a) (1) Except for a credit union authorized to do...
Section 6-902 - Making, Circulating, or Sending Untrue Statements - (a) A person may not willfully make, circulate, or send...
Section 6-903 - Intentionally False Statements or False Records - (a) An officer, official, or employee of a credit union...
Section 6-904 - Improper Loans - (a) An officer or official who in any way knowingly...
Section 6-905 - Improper Loans -- Action by Commissioner - (a) The Commissioner may order a credit union, or enter...
Section 6-906 - Cease and Desist Orders - (a) The Commissioner shall order any credit union to cease...
Section 6-906.1 - Cease and Desist Orders -- Civil Penalty - (a) After notice and a hearing, the Commissioner may assess...
Section 6-906.2 - Closed Hearing in Extraordinary Circumstances - (a) In this section, “extraordinary circumstances” means a situation presenting...
Section 6-907 - Unsafe or Unsound Practices - (a) (1) If the Commissioner believes that an officer or...
Section 6-908 - Violations - (a) If the Commissioner believes that any officer, official, agent,...