(a) A credit union may make a loan, including a business loan, to a member with or without security in accordance with the written lending policies established by the board that cover all secured and unsecured loans.
(b) A credit union may accept as security for a loan:
(1) An endorsed note;
(2) A note secured by a lien on real, leasehold, or personal property;
(3) An assignment of shares or deposits in the credit union; or
(4) Any other kind of security that is approved by the Commissioner.
(c) The Commissioner may review the lending policies of the credit union and order changes.
Structure Maryland Statutes
Section 6-601 - Power to Make Loans
Section 6-602 - Credit Committee -- in General
Section 6-603 - Credit Committee -- Approval of Loans; Loan Officers; Meetings
Section 6-604 - Maximum of Loans to Single Member
Section 6-605 - Required Security
Section 6-606 - Mortgage Loans
Section 6-607 - Participation With Other Institutions
Section 6-608 - Government Guarantees
Section 6-609 - Purchase of Certain Obligations and Loans Authorized