3840                                                       VETOES

Governor

Senate Bill No. 946

AN ACT concerning

Maryland Credit Union Insurance Corporation—
Regulatory Reform

FOR the purpose of providing that the functions of the Maryland

Credit Union Insurance Corporation are an essential

governmental function; requiring that the corporation be
subject to audit by the legislative auditor; altering the
requirements for investments permitted to be made by the
corporation; altering insurance coverage to be provided by
the corporation; altering the composition of the corporation
board and prescribing how the composition change is to be
effected; and generally relating to the regulation of the
Maryland Credit Union Insurance Corporation.

Credit Unions - Insurance of Member Accounts

FOR the purpose of altering the name of the Maryland Credit Union
Insurance Corporation to be the Credit Union Insurance
Corporation; eliminating a requirement that certain credit
unions insured through the National Credit Union
Administration Share Insurance Program be members of and be
insured by the Credit Union Insurance Corporation; requiring
a credit union to be a member of either the Credit Union
Insurance Corporation or the National Credit Union
Administration Share Insurance Program; requiring the Bank
Commissioner to approve the voluntary termination by a
credit union of insurance under the National Credit Union
Administration Share Insurance Program; limiting the amount
of insurance per member account to a certain limit;
clarifying the independent and private nature of the Credit
Union Insurance Corporation; providing for the construction
of certain terms; and providing for the effective date of
this Act.

BY repealing and reenacting, with amendments,

Article - Financial Institutions

Section 7-102, 7-104(a) and (h), 7-105, and 7-109

Section 6-208, 6-307(c)(2), 6-402(b), 6-601, 7-101(b),

7-102, 7-104(h) 7-104(h)(1), and 7-105
Annotated Code of Maryland
(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