§ 6-609. Purchase policies
West's Annotated Code of MarylandFinancial Institutions
MD Code, Financial Institutions, § 6-609
§ 6-609. Purchase policies
(b)(1) Subject to the provisions of paragraph (2) of this subsection, a credit union may purchase, in whole or in part, in accordance with the board's purchase policies:
1. Includes a substantial portion of the credit union's members' real estate loans, but no less than 20% of the aggregate principal amount of the loans purchased; and
2. Is sold promptly, but no later than 6 months after the purchase.
(c) A credit union may sell or pledge, in whole or in part, the eligible obligations or loans purchased under subsection (b)(1) of this section if:
Credits
Added by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001. Amended by Acts 2002, c. 19, § 1, eff. April 9, 2002.
MD Code, Financial Institutions, § 6-609, MD FIN INST § 6-609
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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