WILLIAM DONALD SCHAEFER, Governor Ch. 148

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF

MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

2-111.

(A) The Bank Commissioner, [and the] employees of the Bank Commissioner's
office, AND OTHER STATE EMPLOYEES ACTING UNDER SUPERVISION OF
THE BANK COMMISSIONER'S OFFICE may not own stock in any institution that is
subject to examination or supervision by the Bank Commissioner.

(B) THIS SECTION DOES NOT APPLY TO A MEMBER SHARE
ACCOUNT OF THE BANK COMMISSIONER, AN EMPLOYEE OF THE BANK
COMMISSIONER'S OFFICE, OR OTHER STATE EMPLOYEES ACTING UNDER
THE SUPERVISION OF THE BANK COMMISSIONER'S OFFICE HELD AT A
CREDIT UNION THAT HAS A MEMBERSHIP OF OVER 60,000 STATE
EMPLOYEES.

2-112.

(a) Except as provided in subsection (b) of this section, the Bank Commissioner,
[and the] employees of the Bank Commissioner's office, AND OTHER STATE
EMPLOYEES ACTING UNDER THE SUPERVISION OF THE BANK
COMMISSIONER'S OFFICE may not:

(1) Become indebted to any institution that is subject to the jurisdiction of
the Bank Commissioner; or

(2) Engage or be interested in the sale of securities of or in the negotiation
of loans for others to or with any banking institution or credit union.

(b) This section does not apply to a loan that [a credit union makes to a
depositor if the loan is less than the amount of the deposit.] IS:

(1) MADE TO A MEMBER OF A CREDIT UNION THAT HAS A
MEMBERSHIP OF OVER 60,000 STATE EMPLOYEES; AND

(2) APPROVED BY:

(I) A CREDIT COMMITTEE APPROVAL UNDER § 6-503(A)(l)
OF THIS ARTICLE; AND

(II) THE BOARD OF DIRECTORS.

(C) THE BANK COMMISSIONER, EMPLOYEES OF THE BANK
COMMISSIONER'S OFFICE, AND OTHER STATE EMPLOYEES ACTING
UNDER THE SUPERVISION OF THE BANK COMMISSIONER'S OFFICE MAY

NOT:

(1) SERVE AS AN OFFICER, DIRECTOR, OR COMMITTEE
MEMBER OF A CREDIT UNION; OR

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