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§ 6-602. Credit committee

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 6. Credit Unions (Refs & Annos)
Subtitle 6. Loans (Refs & Annos)
MD Code, Financial Institutions, § 6-602
§ 6-602. Credit committee
Currentness
Provision in bylaws
(a) If the bylaws so provide, a credit union may have a credit committee.
Members appointed by board
(b) The board shall appoint the members of the credit committee.
Number of members
(c)(1) Subject to the provisions of paragraph (2) of this subsection, the board shall determine the number of members on the credit committee.
(2) The credit committee shall have at least three and not more than seven members.
Appointment of members
(d)(1) Each member of the credit committee shall be appointed from among the members of the credit union.
(2) Not more than one member of the credit committee may be a director.
(3) The treasurer of the credit union may not be a member of the credit committee.
Composition of members
(e)(1) At least one member of the credit committee shall have a minimum of 3 years experience in lending, credit, or general business.
(2) Each member of the credit committee:
(i) Shall be a member of the credit union for the period of time required under the bylaws;
(ii) Shall be bonded;
(iii) May not have defaulted on the payment of any monetary obligation to the credit union;
(iv) May not have been convicted of any criminal offense involving dishonesty or breach of trust;
(v) May not have habitually neglected to pay any debts;
(vi) May not have been insolvent or bankrupt within 5 years of becoming a member and may not become insolvent or bankrupt while serving as a member; and
(vii) May not have been removed by the Commissioner or any state or federal regulatory agency as an officer, official, or employee of a financial institution.
Term
(f) A member of the credit committee serves for 1 year and until a successor is appointed and qualifies.
Vacancies
(g) The credit committee shall fill any vacancy on the committee by appointing an individual to serve until the next regular meeting of the board.
Election of chair
(h) The members of the credit committee shall elect the chairman of the credit committee at the beginning of each term and at any other time that a vacancy may occur in the position of the chairman.
Removal of members
(i) The board shall remove any member of the credit committee who fails:
(1) To attend three consecutive regular meetings of the credit committee without good cause; or
(2) To perform any of the duties of the office.
Oath
(j) Each member of the credit committee shall take an oath to perform faithfully the duties of the office.

Credits

Added as Financial Institutions § 6-502 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1988, c. 635, § 1, eff. June 1, 1988. Renumbered as Financial Institutions § 6-602 and amended by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001. Amended by Acts 2002, c. 540, § 1, eff. July 1, 2002.
Formerly Art. 11, § 146.
MD Code, Financial Institutions, § 6-602, MD FIN INST § 6-602
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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