1194                           LAWS OF MARYLAND                      [CH. 564

CHAPTER 563
(Senate Bill 688)

AN ACT to repeal and re-enact, with amendments, Section 152 (a)
of Article 11 of the Annotated Code of Maryland (1966 Supple-
ment), title "Banks and Trust Companies", subtitle "Credit
Unions", to change the value of loans credit unions may make
without security and without approval of the Bank Commissioner
and to change the security for some loans by credit unions.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 152 (a) of Article 11 of the Annotated Code of Mary-
land (1966 Supplement), title "Banks and Trust Companies", subtitle
"Credit Unions", be and it is hereby repealed and re-enacted, with
amendments, to read as follows:

152. (A)

(a) A credit union may loan to its members for such purposes, and
upon such security and terms as the by laws shall provide, and the
credit committee may approve, but security need not be taken for
any loan of [four hundred dollars ($400.00)] seven hundred fifty

dollars ($750.00) or less. In any case where the loan is in excess of

.

[four hundred dollars ($400.00)] seven hundred fifty dollars
($750.00) up to a maximum of [seven hundred fifty dollars
($750.00)] one thousand five hundred dollars ($1,500.00), it shall
be subject to the prior written approval of the Bank Commissioner.
Subject to such regulations in the Bank Commissioner may prescribe,
insurance obtained under Title I of the National Housing Act shall
be deemed adequate security.

A CREDIT UNION MAY LOAN TO ITS MEMBERS FOR SUCH
PURPOSES, AND UPON SUCH SECURITY AND TERMS AS
THE BY-LAWS SHALL PROVIDE, AND THE CREDIT COM-
MITTEE MAY APPROVE, BUT SECURITY NEED NOT BE
TAKEN FOR ANY LOAN OF FOUR HUNDRED DOLLARS
($400.00) OR LESS. IN ANY CASE WHERE THE LOAN IS IN
EXCESS OF FOUR HUNDRED DOLLARS ($400.00) UP TO A
MAXIMUM OF FIFTEEN HUNDRED DOLLARS ($1,500.00), IT
SHALL BE SUBJECT TO THE PRIOR WRITTEN APPROVAL
OF THE BANK COMMISSIONER.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1967.

Approved April 21, 1967.

CHAPTER 564
(Senate Bill 691)

AN ACT to repeal and re-enact, with amendments, Section 143 of
Article 11 of the Annotated Code of Maryland (1957 Edition),
title "Banks and Trust Companies," subtitle "Credit Unions," to
change the time for holding annual meetings of credit unions.