Maryland Statutes
Subtitle 8 - Extraordinary Actions
Section 6-807 - State Branches

(a)    A credit union may establish a branch in the State in accordance with the provisions of this section.
    (b)    (1)    A credit union that proposes to establish a branch in the State shall:
            (i)    File with the Commissioner, at least 30 days before the intended opening date, a notice of intention to open a branch;
            (ii)    Submit to the Commissioner any information the Commissioner requires in order to evaluate the proposed branch; and
            (iii)    Pay to the Commissioner a branch fee of $100.
        (2)    The branch fee may not apply to a branch that is acquired by a credit union through a merger or consolidation with, or transfer to the credit union of all or substantially all of the assets of, a credit union.
    (c)    In deciding whether to approve the establishment of a branch, the Commissioner shall consider whether:
        (1)    The establishment of the branch will promote the convenience of the members of the credit union;
        (2)    The applicant has sufficient net worth to support the branch; and
        (3)    The applicant generally is operating in compliance with the provisions of this title.
    (d)    (1)    The Commissioner shall decide whether to approve the establishment of a branch within 30 days of receipt of the notice specified in subsection (b)(1) of this section.
        (2)    The establishment of a branch shall be deemed approved if the Commissioner takes no action on the notice within the time limit specified in this subsection.

Structure Maryland Statutes