FOR the purpose of establishing a Task Force to Study the Modernization of Credit
Union Law; specifying the composition, duties, and membership of the Task
Force; providing for staff support for the Task Force; requiring the Task Force to
make a report certain reports to the General Assembly by a certain date certain
dates; providing for the termination of this Act; and generally relating to the
Task Force to Study the Modernization of Credit Union Law.

Preamble

WHEREAS, Residents of the State depend on both State-chartered and
federally chartered credit unions and other financial institutions for necessary
financial services; and

WHEREAS, The federal government currently is engaged in evaluating and
modernizing the laws that apply to federal credit unions and federally insured
State-chartered credit unions; and

WHEREAS, The State is committed to the dual credit union system and to
offering State charters for credit unions; and

WHEREAS, The State has not comprehensively reviewed or modernized its
laws relating to credit unions since 1929; and

WHEREAS, The citizens of the State will benefit from State-chartered credit
unions that are competitive with federally chartered credit unions by having greater
access to financial services; now, therefore,

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:

(a) There is a Task Force to Study the Modernization of Credit Union Law.

(b) The Task Force shall consist of the following 19 20 15 members:

(1) Three Two members of the Senate Finance Committee, appointed by
the President of the Senate of Maryland;

(2) Three Two members of the House Commerce and Government
Matters Committee, appointed by the Speaker of the House of Delegates;

(3) The Assistant Secretary for Regulatory Policy and Affairs of the
Department of Labor, Licensing, and Regulation, or the Assistant Secretary's
designee;

(3) A representative of the Department of Labor, Licensing, and
Regulation who has responsibilities involving the regulation of financial institutions
in the State, appointed by the Secretary of the Department;

(4) The Commissioner of Financial Regulation;

(5) Five Four Three representatives from State-chartered credit unions,
appointed by the Governor;