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§ 6-101. Definitions

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 6. Credit Unions (Refs & Annos)
Subtitle 1. Definitions (Refs & Annos)
MD Code, Financial Institutions, § 6-101
§ 6-101. Definitions
Currentness
In general
(a) In this title the following words have the meanings indicated.
Board
(b) “Board” means the board of directors of a credit union.
Branch
(c)(1) “Branch” means a credit union office at which shares or deposits are received, share drafts or checks are paid, or money is lent.
(2) “Branch” includes a mobile branch or other special-purpose facility that performs a function of a branch.
(3) “Branch” does not include an automated teller machine as defined in § 1-401(d) of this article.
Credit union
(d) “Credit union” means a cooperative, nonprofit financial institution organized under this title to conduct business in the State.
Credit union service organization
(e) “Credit union service organization” means an entity formed to engage in activities that:
(1) Are incidental to the conduct of the business of a credit union;
(2) Advance or facilitate the purposes of a credit union; and
(3) Primarily serve a credit union and its members.
Credit union share guaranty corporation
(f)(1) “Credit union share guaranty corporation” means a corporation engaged in the business of guaranteeing or insuring payment of a credit union share or deposit account.
(2) “Credit union share guaranty corporation” includes the Credit Union Insurance Corporation established under Title 7 of this article.
Deposit account
(g) “Deposit account” means a balance held by a credit union on which a contractual rate of interest may be paid as a debt owed by the credit union to the depositor.
Fixed assets
(h) “Fixed assets” includes land, buildings, leasehold improvements, furniture, fixtures, and equipment used in the conduct of the regular business of a credit union.
Member in good standing
(i) “Member in good standing” means a member who:
(1) Owns at least one share in a credit union;
(2) Is current on all credit obligations to the credit union; and
(3) Has not caused the credit union a credit or deposit loss that is currently outstanding.
Officer
(j) “Officer” means any officer that a Maryland corporation is required or permitted to have under § 2-412 of the Corporations and Associations Article.
Official
(k) “Official” means:
(1) A director;
(2) A member of a credit committee; or
(3) A member of a supervisory committee.
Out-of-state credit union
(l) “Out-of-state credit union” means:
(1) A federal credit union with its main office in a state other than this State; or
(2) A credit union chartered and primarily regulated by another state.
Share or share account
(m) “Share” or “share account” means a balance held by a credit union on which a dividend may be paid and which confers membership and voting rights on the member.

Credits

Added by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001. Amended by Acts 2001, c. 147, § 2, eff. July 1, 2002; Acts 2001, c. 148, § 2, eff. July 1, 2002.
MD Code, Financial Institutions, § 6-101, MD FIN INST § 6-101
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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