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§ 6-701. Insurance

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 6. Credit Unions (Refs & Annos)
Subtitle 7. Miscellaneous Regulations (Refs & Annos)
MD Code, Financial Institutions, § 6-701
§ 6-701. Insurance
Currentness
In general
(a) Each credit union incorporated under the laws of this State shall:
(1) Participate in and have its member accounts insured under the National Credit Union Administration Share Insurance Program; or
(2) Participate in and have its member accounts insured by a credit union share guaranty corporation that is approved by the Commissioner to at least the same extent and amount as provided by the National Credit Union Administration Share Insurance Program.
Examination by Commissioner
(b)(1) The Commissioner may examine any credit union share guaranty corporation that insures the member accounts of a credit union that is subject to this title.
(2) The Commissioner may charge the reasonable cost of an examination conducted under paragraph (1) of this subsection to the credit union share guaranty corporation that is examined.
Credit union share guaranty corporations
(c) A credit union share guaranty corporation, its members, and persons who have share and deposit accounts in credit unions are not subject to the provisions of the Insurance Article as a result of any of the activities of the credit union share guaranty corporation under this title.
Approval from Commissioner required to terminate insurance
(d) A credit union may not voluntarily terminate its insurance with the National Credit Union Administration Share Insurance Program or a credit union share guaranty corporation without prior approval of the Commissioner.

Credits

Added as Financial Institutions § 6-601 by Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1986, c. 778; Acts 1996, c. 326, § 2, eff. July 1, 1996. Renumbered as Financial Institutions § 6-701 and amended by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001.
Formerly Art. 11, § 140A; Art. 23, § 451.
MD Code, Financial Institutions, § 6-701, MD FIN INST § 6-701
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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