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§ 10-113. Rules and regulations

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 10. State of Maryland Deposit Insurance Fund Corporation (Refs & Annos)
MD Code, Financial Institutions, § 10-113
§ 10-113. Rules and regulations
Currentness
In general
(a) The Fund Director shall adopt rules and regulations to carry out the provisions of this title.
Payment of nonrefundable premiums instead of capital deposits
(b)(1) Except as provided in subsection (c) of this section, the Fund Director may adopt rules and regulations providing for the payment of nonrefundable premiums instead of or in addition to capital deposits required for membership in the Fund and may issue instruments evidencing the interests of members in the Fund.
(2) Except as provided in subsection (c) of this section, the total of premiums and capital deposits imposed on a member association may not be less than the comparable premiums, assessments, and capital deposits imposed for federal insurance.
Prorated credits or refunds upon withdrawal
(c) If a member association withdraws from the Fund before the end of a period for which the association has been assessed or has paid an advance premium, the association shall receive a prorated credit or refund in an amount equal to the product of the premium paid or assessed multiplied by a fraction:
(1) The numerator of which is the number of days remaining in the period after the association's withdrawal; and
(2) The denominator of which is the total number of days in the period.

Credits

Added by Acts 1985, 1st Sp. Sess., c. 6, § 3, eff. May 18, 1985. Amended by Acts 1985, 1st Sp. Sess., c. 9; Acts 1986, c. 698, § 1, eff. May 27, 1986; Acts 1988, c. 650.
MD Code, Financial Institutions, § 10-113, MD FIN INST § 10-113
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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