Ch. 585

1997 LAWS OF MARYLAND

Article - Financial Institutions

6-303.

(a)     In this section, "examiner" means:

(1)     The Commissioner; and

(2)     An individual whom the Commissioner designates as examiner.

(b)     An examiner shall visit each credit union and examine its business:

(1)     At least once during each calendar year, unless the Commissioner
determines that, during a calendar year, an examination is unnecessary, in which event an
examination shall occur no less frequently than once every 18 months;

(2)     When asked to do so by the board of directors or supervisory committee
of the credit union; and

(3)     At any other time that the Commissioner considers necessary.

[(c) (1) THIS SUBSECTION APPLIES ONLY TO A CREDIT UNION WITH ASSETS
OF LESS THAN $300.000. AS STATED IN THE CREDIT UNION'S MOST RECENT
FINANCIAL REPORT.

(2)      For each examination of a credit union, the credit union shall pay the
Commissioner the sum of:

(1)     (I) $20; and

(2)     (II) The lesser of:

(i) 1. $40 a day for each examiner; or

(ii) 2. $20 plus 1/18 of 1 percent of assets of the credit union over
$10,000.]

6-608.

(A)    THIS SECTION APPLIES ONLY TO A CREDIT UNION WITH ASSETS OF
$300,000 OR GREATER.

(B)    (1) THE COMMISSIONER SHALL IMPOSE AN ANNUAL ASSESSMENT ON
EACH CREDIT UNION AS PROVIDED IN THIS SECTION SUBSECTION TO COVER THE
EXPENSE OF REGULATING CREDIT UNIONS,

(B) (1) (2) THE COMMISSIONER SHALL ASSESS EACH CREDIT UNION A
THE SUM EQUAL TO THE OPERATING FEE WHICH WOULD BE ASSESSED BY THE
NATIONAL CREDIT UNION ADMINISTRATION TO FEDERALLY CHARTERED CREDIT
UNIONS OF COMPARABLE ASSET SIZE OF:

(I)      $1,000; PLUS

(II)    8 CENTS FOR EACH $1.000 OF THE ASSETS OF THE CREDIT
UNION OVER $1,000,000.

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