HARRY HUGHES, Governor                                       3293

(1980 Volume and 1985 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

(a) Except as provided in subsection (b) of this section,

the Bank Commissioner and the employees 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 APPROVED UNDER § 6-502
OF THIS ARTICLE; AND

(II) THE BOARD OF DIRECTORS.

(C) THE BANK COMMISSIONER OR AN EMPLOYEE OF THE BANK
COMMISSIONER'S OFFICE MAY NOT:

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

(2) EXERCISE ANY VOTING RIGHTS IN A CREDIT UNION.

[(c)](D) Any person who violates any provision of this
Section is subject to forfeiture of that person's office or
employment.

6-209.

(c) (1) A member of a credit union may subscribe and pay
for shares as the bylaws provide.

(2) Shares may be issued and deposits received in the
name of a minor and in trust as the bylaws provide.