3892                                   LAWS OF MARYLAND                                Ch. 757

CHAPTER 757

(House Bill 1895)

AN ACT concerning

Credit Union Group Life Insurance

FOR the purpose of altering the amount of life insurance
which a credit union may offer to its members.

BY repealing and reenacting, with amendments,

Article 48A - Insurance Code

Section 424(3)

Annotated Code of Maryland

(1979 Replacement Volume and 1981 Supplement)

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

Article 48A - Insurance Code

424.

The lives of a group of individuals may be insured
under a policy issued to a credit union organized pursuant
to the laws of Maryland or the Federal Credit Union Act,
which shall be deemed the policyholder, to insure the
members of the credit union, for the benefit of persons
other than the credit union or its officials, subject to the
following requirements:

(3) The amount of insurance on the life of any
member may not time exceed the total amount of his shares
and deposits in the credit union, or [$4,000] $5,000
whichever is less.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1982.

Approved June 1, 1982.

CHAPTER 758
(House Bill 1901)
AN ACT concerning