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§ 6-704. Allowance for loan loss accounts

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, § 6-704
§ 6-704. Allowance for loan loss accounts
Currentness
In general
(a) A credit union shall maintain an allowance for loan and lease loss account in accordance with generally accepted accounting principles.
Scope of coverage
(b) The balance of the allowance for loan and lease loss account shall include coverage for:
(1) Individually classified loans; and
(2) The historical reserve needs of the credit union.

Credits

Added by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001.
MD Code, Financial Institutions, § 6-704, MD FIN INST § 6-704
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