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Ch. 540
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2002 LAWS OF MARYLAND
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CHAPTER 540
(House Bill 728)
AN ACT concerning
Credit Unions - Credit Union Insurance Corporation - Credit Union Share
Guaranty Corporations
FOR the purpose of repealing a certain qualification for a member of a supervisory
committee or a credit committee of a State-chartered credit union; prohibiting
the Credit Union Insurance Corporation (CUIC) from accepting applications for
new membership after a certain date; requiring a member of CUIC to obtain
primary share guaranty insurance from certain persons other than CUIC within
a certain period of time after a certain date; requiring CUIC to complete a
certain dissolution process within a certain period of time after a certain date;
requiring CUIC to transfer certain assets to a certain corporation under certain
circumstances; prohibiting a person from conducting business as a credit union
share guaranty corporation unless the person has a certificate of authority from
the Commissioner of Financial Regulation; providing for the qualifications,
application process, and approval or denial of an application for a certificate;
authorizing the Commissioner to suspend or revoke a certificate and take
certain other enforcement actions under certain circumstances; requiring and
authorizing the Commissioner to examine the business of each credit union
share guaranty corporation under certain circumstances; requiring a credit
union share guaranty corporation to pay certain expenses and assessments, file
a certain annual report, have a certain contract with each participating credit
union, and establish and maintain a certain guaranty fund and certain reserves;
authorizing a credit union share guaranty corporation to terminate the
participation of a participating credit union under certain circumstances;
providing certain penalties; providing that the regulation of credit union share
guaranty corporations does not create any liability on the State for the payment
of funds under certain circumstances; exempting certain credit union share
guaranty corporations from State and local taxation; requiring the
Commissioner to submit an annual report to certain committees of the General
Assembly on the status of the phase-out and dissolution of CUIC, subject to a
certain termination provision; defining certain terms; repealing certain obsolete
references; making stylistic changes; and generally relating to credit unions, the
Credit Union Insurance Corporation, and the regulation of credit union share
guaranty corporations.
BY repealing and reenacting, with amendments,
Article - Financial Institutions
Section 6-401(d)(5), 6-602(e)(2); 7-101 to be under the amended title "Title
7. Credit Union Share Insurance", the new subtitle "Subtitle 1. Credit
Union Insurance Corporation", and the new part "Part I. Definitions"; and
7-102, 7-103, 7-104, 7-106, 7-107, and 7-109 to be under the new part
"Part II. Establishment; Powers; Membership"
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