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§ 6-712. Annual assessment to cover expense of regulating credit unions

West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2023

West's Annotated Code of Maryland
Financial Institutions
Title 6. Credit Unions (Refs & Annos)
Subtitle 7. Miscellaneous Regulations (Refs & Annos)
Effective: July 1, 2023
MD Code, Financial Institutions, § 6-712
§ 6-712. Annual assessment to cover expense of regulating credit unions
Currentness
Definitions
(a)(1) In this section the following words have the meanings indicated.
(2) “De novo branch” means a branch of a credit union that was originally established by the credit union in the State.
(3) “Deposit growth cap” means the year-over-year percentage change of total shares and deposits reported December 31 each year by federally insured credit unions to the National Credit Union Administration and published in the National Credit Union Administration Call Report Aggregate Financial Performance Reports.
(4) “Deposits” means deposits originated and housed at a credit union branch located in a low- to moderate-income tract as reported by a credit union to the Commissioner each year as of June 30.
(5) “Low- to moderate-income tract” has the meaning stated in § 5-203 of this article.
Application of section
(b) This section applies only to a credit union with assets of $300,000 or greater.
In general
(c)(1) The Commissioner shall impose an annual assessment on each credit union as provided in this subsection to cover the expense of regulating credit unions.
(2) The Commissioner shall assess each credit union the sum of:
(i) $1,000; and
(ii) 8 cents for each $1,000 of the assets of the credit union over $1,000,000.
(3) The assessment shall be based on assets stated in the credit union's most recent financial report.
(4) A well-capitalized credit union with a composite CAMELS rating of 1 or 2 may file with the Commissioner a request for an assessment offset credit of:
(i) 12 cents for each $1,000 of deposits in a de novo branch located in a low- to moderate-income tract for the first 5 years after the date the de novo branch opened; or
(ii) 6 cents for each $1,000 of deposits in a branch located in a low- to moderate-income tract not to exceed the deposit growth cap.
Deadline for payment
(d) A credit union shall pay the assessment imposed under this section to the Commissioner on or before the March 1 after the assessment is imposed.
Successor index
(e) The Commissioner may designate a successor index for the deposit growth cap if the National Credit Union Administration Call Report Aggregate Financial Performance Reports is no longer published.

Credits

Added as Financial Institutions § 6-608 by Acts 1997, c. 585, § 1, eff. Oct. 1, 1997. Renumbered as Financial Institutions § 6-712 and amended by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001. Amended by Acts 2023, c. 432, § 1, eff. July 1, 2023; Acts 2023, c. 433, § 1, eff. July 1, 2023.
MD Code, Financial Institutions, § 6-712, MD FIN INST § 6-712
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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