Home Table of Contents

§ 6-610. Loans to officials

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, § 6-610
§ 6-610. Loans to officials
Currentness
In general
(a)(1) A credit union may make a loan to an official of the credit union if the official takes no part in consideration of the loan application.
(2) A loan authorized under paragraph (1) of this subsection requires approval of the board if:
(i) The official is the debtor in the loan or is the guarantor, endorser, or cosigner of the loan; and
(ii) The loan, standing alone or when added to the aggregate of all outstanding loans for which the official is the debtor or acts as guarantor, endorser, or cosigner, or both, exceeds $25,000 plus pledged shares.
Rates, terms, and conditions on loan
(b) The rates, terms, and conditions on any loan from a credit union to, or guaranteed, endorsed, or cosigned by, an official or officer of the credit union may not be more favorable than the rates, terms, and conditions for a comparable loan to another member of the credit union.

Credits

Added as Financial Institutions § 6-509 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Renumbered as Financial Institutions § 6-610 by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001.
Formerly Art. 11, § 152.
MD Code, Financial Institutions, § 6-610, MD FIN INST § 6-610
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.
End of Document