3292                                          LAWS OF MARYLAND                                      Ch. 835

or committee member of certain credit unions or exercising
certain voting rights; requiring credit union deposit and
share accounts opened on behalf of a minor to be held for
the exclusive benefit of the minor or the minor's creditors;
permitting a minor to withdraw money from an account;
discharging the credit union of liability for certain
withdrawals; permitting one member to withdraw money from an
account regardless of the death of one or more of the
members named in the account; granting the credit union a
lien on a member's deposits to the extent of the amount of
certain outstanding loans and any dues, charges, fees, or
fines; and generally relating to credit union accounts
requiring the Bank Commissioner to report certain violations
relating to credit unions to the Secretary of Licensing and
Regulations and the Attorney General; requiring the Bank
Commissioner to provide written warning to a director,
officer, or committee member of a credit union who violates
certain provisions of law; permitting the Commissioner to
remove the director, officer, or committee member for
certain violations; requiring the Commissioner to order
credit unions to cease and desist from certain practices,
activities, and violations; requiring the Commissioner to
include certain restrictions in a cease and desist order and
to require that certain individuals act affirmatively to
correct violations; providing for notice and opportunity for
a hearing; allowing a credit union to declare dividends from
available net earnings at the close of any accounting period
rather than fiscal year; allowing dividends to be paid on a
monthly basis; and requiring dividends paid or accrued to be
treated as an expense; permitting the credit committee of a
credit union to appoint and delegate power to a loan officer
to disapprove certain loans; requiring the credit committee
to act on certain loan applications; allowing credit unions
to establish a certain maximum unsecured loan limit with the
approval of the Bank Commissioner; altering the maximum
amount of a permissible unsecured loan; permitting credit
unions to accept certain security for a loan providing for
the severability of the provisions of this Act; and
generally relating to the regulation and operation of
State-chartered credit unions.

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 2-112, 6-209(c), (d), and (f), 6-402(a) and (c), and

6-503(b)(l) and (4), and 6-505
Annotated Code of Maryland
(1980 Volume and 1985 Supplement)

BY adding to

Article - Financial Institutions
Section 6-209(h), 6-307.1, and 6-307.2
Annotated Code of Maryland