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§ 2-112. Conflicts of interest relating to loans and credit unions prohibited

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 2. Commissioner and Boards
Subtitle 1. Commissioner of Financial Regulation (Refs & Annos)
MD Code, Financial Institutions, § 2-112
§ 2-112. Conflicts of interest relating to loans and credit unions prohibited
Currentness
In general
(a) Except as provided in subsection (b) of this section, the Commissioner, employees of the Commissioner's office, and other State employees acting under the supervision of the Commissioner's office may not:
(1) Become indebted to any institution that is subject to the jurisdiction of the Commissioner; or
(2) Engage or be interested in the sale of securities of or in the negotiation of loans for others to or with any banking institution or credit union.
Loans not subject to section
(b) This section does not apply to a loan that is:
(1) Made to a member of a credit union that has a membership of over 60,000 State employees; and
(2) Approved by:
(i) A credit committee approval under § 6-603(a)(1) of this article; and
(ii) The Board of Directors.
Credit unions
(c) The Commissioner, employees of the Commissioner's office, and other State employees acting under the supervision of the Commissioner's office may not:
(1) Serve as an officer, director, or committee member of a credit union; or
(2) Exercise any voting rights in a credit union.
Forfeiture of office or employment for violation of section
(d) Any person who violates any provision of this section is subject to forfeiture of that person's office or employment.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1990, c. 148; Acts 1996, c. 326, § 2, eff. July 1, 1996; Acts 2001, c. 147, § 9, eff. Oct. 1, 2001; Acts 2001, c. 148, § 9, eff. Oct. 1, 2001.
Formerly Art. 11, § 23.
MD Code, Financial Institutions, § 2-112, MD FIN INST § 2-112
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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