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§ 6-904. Loans in violation of § 6-611 of this title

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 6. Credit Unions (Refs & Annos)
Subtitle 9. Prohibited Activities; Penalties
MD Code, Financial Institutions, § 6-904
§ 6-904. Loans in violation of § 6-611 of this title
Currentness
In general
(a) An officer or official who in any way knowingly permits or participates in making a loan in violation of § 6-611 of this title is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $3,000 or imprisonment not exceeding 5 years or both, per occurrence.
Recovery of amount of loan
(b) If a loan is made in violation of § 6-611 of this title, the credit union may recover the amount of the loan from:
(1) Any borrower; or
(2) Any officer or official who knowingly permitted or participated in making the loan.

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, § 6-904, MD FIN INST § 6-904
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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