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§ 7-217. Reserves for guaranty losses

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 7. Credit Union Share Insurance
Subtitle 2. Credit Union Share Guaranty Corporations (Refs & Annos)
MD Code, Financial Institutions, § 7-217
§ 7-217. Reserves for guaranty losses
Currentness
In general
(a)(1) A credit union share guaranty corporation shall establish reserves for guaranty losses on an incurred basis in accordance with generally accepted accounting principles during the period in which the losses become evident.
(2) The reserves shall provide for:
(i) Losses reported to the credit union share guaranty corporation;
(ii) Losses incurred but not previously reported; and
(iii) Estimated losses on the collection of notes and other guarantees to participating credit unions.
Maintenance of reserves
(b) The reserves shall be maintained until the losses for which the reserves were established have been satisfied.

Credits

Added by Acts 2002, c. 540, § 1, eff. July 1, 2002.
MD Code, Financial Institutions, § 7-217, MD FIN INST § 7-217
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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