WILLIAM DONALD SCHAEFER, Governor                            Ch. 547

(b)     [(1)] A credit union may make a loan [of $400 or less] to a member WITH OR
without security[.] IF:

(1) THE CREDIT UNION HAS RECEIVED THE APPROVAL OF THE BANK
COMMISSIONER FOR A POLICY COVERING ALL SECURED AND UNSECURED
LENDING; AND

(2) [With the approval of the Bank Commissioner, a credit union may make
loans of $10,000 $20,000 or less to members without security] THE LOAN IS MADE IN
ACCORDANCE WITH THE APPROVED POLICY; AND

(3) THE TOTAL OF ALL LOANS MADE BY THE CREDIT UNION DIRECTLY
OR INDIRECTLY TO THAT MEMBER WOULD NOT EXCEED 10 PERCENT OF THE
ASSETS OF THE CREDIT UNION.

(c)      A credit union may accept as security for a loan:

(1)      An endorsed note;

(2)     A note secured by a recorded first or second lien on real property;

(3)      An assignment of shares or deposits in the credit union; or

(4)      Any other kind of security that is approved by the Bank Commissioner.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1994.

Approved May 26, 1994.

CHAPTER 547
(House Bill 287)

AN ACT concerning

Judges' Retirement System - Retirement Allowances of Masters - Clarification

FOR the purpose of clarifying the method of computing the retirement allowance of
certain masters in chancery or of juvenile causes who were retirees of the Judges'
Retirement System as of a certain date.

BY repealing and reenacting, with amendments,
Article - State Personnel and Pensions
Section 27-402(b)
Annotated Code of Maryland
(1993 Volume)

(As enacted by Chapter______ (S.B. 1) of the Acts of the General Assembly of

1994)

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