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§ 6-606. Mortgages

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, § 6-606
§ 6-606. Mortgages
Currentness
In general
(a) A credit union may make a loan to a member that is secured by real or leasehold property in accordance with written real estate lending policies established by the board as provided in this section.
Loan requirements
(b) A loan under this section shall be:
(1) Secured by a deed of trust or mortgage on real or leasehold property; and
(2) Amortized over a period of 30 years or less.
Review by Commissioner
(c) The Commissioner may review the lending policies of the credit union and order changes.
Credit extensions or loans on or after October 1, 1994
(d)(1) This subsection does not apply to an extension of credit or loan made by a credit union on or after October 1, 1994.
(2) A loan under this section that is secured by a first mortgage may be made at any rate of interest that does not exceed the rate authorized by Title 12, Subtitle 1 of the Commercial Law Article for mortgage loans.
(3) A loan under this section that is secured by a second mortgage may be made at any rate of interest that does not exceed the rate authorized by Title 12, Subtitle 4 of the Commercial Law Article.

Credits

Added as Financial Institutions § 6-506 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1980, c. 312; Acts 1994, c. 549, § 1, eff. Oct. 1, 1994; Acts 1996, c. 326, § 2, eff. July 1, 1996. Renumbered as Financial Institutions § 6-606 and amended by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001.
Formerly Art. 11, § 162.
MD Code, Financial Institutions, § 6-606, MD FIN INST § 6-606
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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