HARRY HUGHES, Governor

1173

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 6-507

Annotated Code of Maryland

(As enacted by Chapter ____ (H.B. 1) of the Acts

of the General Assembly of 1980)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland

(as enacted by Chapter ____ (H.B. 1) of the Acts of the

General Assembly of 1980) be repealed, amended, or enacted
to read as follows:

Article - Financial Institutions

6-507.

Except as otherwise expressly provided in this Title, a
credit union may not charge interest on any loan to a member
at a rate of more than [1] 1.5 percent a month on the unpaid
balance.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980.

Approved May 6, 1980.

CHAPTER 314

(Senate Bill 421)

AN ACT concerning

Credit Union - Permitted Deposits and Investments

FOR the purpose of allowing credit unions to invest in
certificates of deposit with the prior approval of the
Bank Commissioner; and including excluding these
deposits when ascertaining the limitation of the
maximum deposit in any institution.

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 6-603

Annotated Code of Maryland

(As enacted by Chapter____ (H.B. 1) of the Acts

of the General Assembly of 1980)