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§ 6-708. Power to borrow money

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, § 6-708
§ 6-708. Power to borrow money
Currentness
Purchase of fixed assets
(a)(1) Subject to the provisions of paragraph (2) of this subsection, a credit union may borrow money for the purchase of fixed assets.
(2) The term of the loan may not exceed:
(i) 15 years for borrowings secured by real or leasehold property; and
(ii) 5 years for borrowings secured by other fixed assets.
Restrictions related to borrowing
(b) A credit union may borrow money for a purpose other than the purchase of fixed assets as long as the total borrowing does not exceed the greater of:
(1) Two times the net worth of the borrowing credit union; or
(2) 10% of the total assets of the borrowing credit union.

Credits

Added as Financial Institutions § 6-604 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996. Renumbered as Financial Institutions § 6-708 and amended by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001.
Formerly Art. 11, § 161.
MD Code, Financial Institutions, § 6-708, MD FIN INST § 6-708
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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