Maryland Statutes
Subtitle 2 - Credit Union Share Guaranty Corporations
Section 7-205 - Certificate of Authority -- Qualifications; Limitations

(a)    To qualify for a certificate of authority under this subtitle, an applicant shall satisfy the Commissioner that the applicant:
        (1)    Is trustworthy and reputable;
        (2)    Has a good business reputation;
        (3)    If domiciled outside the State, is currently licensed and authorized to engage in the credit union share guaranty business in its state of domicile;
        (4)    Has and will maintain retained earnings or equity capital of at least $5,000,000, computed in accordance with generally accepted accounting principles;
        (5)    Is in compliance with:
            (i)    Its charter and this subtitle; and
            (ii)    If domiciled outside the State, all laws and regulations applicable to credit union share guaranty corporations in its state of domicile;
        (6)    Will conduct the credit union share guaranty business in the State in a manner that will adequately protect the share and deposit accounts of its participating credit unions; and
        (7)    Will maintain reserves for guaranty losses in compliance with § 7-217 of this subtitle.
    (b)    A person may not be authorized to engage in the credit union share guaranty business in the State if the person has or uses a name that is so similar to the name of a credit union share guaranty corporation already issued a certificate of authority under this subtitle as to tend to cause uncertainty or confusion or to deceive or mislead.

Structure Maryland Statutes