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§ 6-313. General powers; review by Commissioner

West's Annotated Code of MarylandFinancial InstitutionsEffective: July 1, 2021

West's Annotated Code of Maryland
Financial Institutions
Title 6. Credit Unions (Refs & Annos)
Subtitle 3. Formation, Organization, and Powers (Refs & Annos)
Part II. Powers of a Credit Union
Effective: July 1, 2021
MD Code, Financial Institutions, § 6-313
§ 6-313. General powers; review by Commissioner
Currentness
Activities, services, or practices of federal credit unions
(a) Notwithstanding any other provision of the laws or regulations of the State and subject to subsection (b) of this section, a credit union may engage in any additional activity, service, or other practice in which, under federal law or regulation, federal credit unions may engage, subject to the same conditions that federal law requires or allows as to federal credit unions.
Grounds for granting approval
(b)(1) A credit union shall provide the Commissioner with written notice at least 45 calendar days before engaging in any activity, service, or other practice authorized under subsection (a) of this section.
(2) The notice required under paragraph (1) of this subsection shall include a description of the proposed activity, service, or other practice, including:
(i) The specific authority for the activity, service, or other practice; and
(ii) Any condition that federal law requires or allows as to federal credit unions.
(3) The credit union may begin to perform the activity, service, or other practice on the first business day after the 45th calendar day from the date the Commissioner receives the notice under paragraph (1) of this subsection unless the Commissioner:
(i) Specifies a different date; or
(ii) Prohibits the activity, service, or other practice.
Extension of time
(c) The Commissioner may extend the 45-day period under subsection (b)(3) of this section if the Commissioner determines that the credit union's notice requires additional information or additional time for analysis.
Grounds for prohibition
(d) The Commissioner may prohibit a credit union from performing the activity, service, or other practice described in the notice provided under subsection (b) of this section if
the Commissioner determines that performing the activity, service, or other practice would:
(1) Adversely affect the safety and soundness of the credit union;
(2) Be detrimental to the welfare of the general economy of the State; or
(3) Be detrimental to the public interest or to credit unions.

Credits

Added as Financial Institutions § 6-208 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1986, c. 778; Acts 1996, c. 326, § 2, eff. July 1, 1996. Renumbered as Financial Institutions § 6-313 and amended by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001. Amended by Acts 2021, c. 427, § 1, eff. July 1, 2021.
Formerly Art. 11, § 141A.
MD Code, Financial Institutions, § 6-313, MD FIN INST § 6-313
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.
End of Document