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PARRIS N. GLENDENING, Governor
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Ch. 540
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7-121.
THE COMMISSIONER MAY REQUIRE THE CORPORATION TO PROVIDE ANY
INFORMATION THAT THE COMMISSIONER DEEMS NECESSARY TO DETERMINE
WHETHER THE PHASE-OUT AND DISSOLUTION OF THE CORPORATION ARE IN
ACCORDANCE WITH THE PROVISIONS OF THIS PART.
SUBTITLE 2. CREDIT UNION SHARE GUARANTY CORPORATIONS.
7-201.
(A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.
(B) UNLESS THE CONTEXT REQUIRES OTHERWISE, "CREDIT UNION" HAS THE
MEANING STATED IN § 6-101(D) OF THIS ARTICLE.
(C) "CREDIT UNION SHARE GUARANTY CORPORATION" MEANS A
CORPORATION THAT IS:
(1) ENGAGED IN THE BUSINESS OF PROVIDING PRIMARY SHARE
GUARANTY INSURANCE FOR THE SHARE AND DEPOSIT ACCOUNTS OF A CREDIT
UNION; AND
(2) REGULATED UNDER THIS SUBTITLE.
(D) "PARTICIPATING CREDIT UNION" MEANS A CREDIT UNION THAT HAS
APPLIED FOR AND BEEN ADMITTED TO PARTICIPATION IN A CREDIT UNION SHARE
GUARANTY CORPORATION AND WHOSE PARTICIPATION HAS NOT TERMINATED.
7-202.
THE PROVISIONS OF THIS SUBTITLE DO NOT APPLY TO THE CREDIT UNION
INSURANCE CORPORATION ESTABLISHED UNDER SUBTITLE 1 OF THIS TITLE.
7-203.
(A) A PERSON MAY NOT CONDUCT BUSINESS AS A CREDIT UNION SHARE
GUARANTY CORPORATION UNLESS THE PERSON HAS A CERTIFICATE OF AUTHORITY
ISSUED BY THE COMMISSIONER UNDER THIS SUBTITLE.
(B) A CERTIFICATE OF AUTHORITY ISSUED BY THE COMMISSIONER UNDER
THIS SUBTITLE IS NOT TRANSFERRABLE.
7-204.
(A) A CREDIT UNION SHARE GUARANTY CORPORATION SHALL INSURE AND
GUARANTEE THE SHARE AND DEPOSIT ACCOUNTS OF EACH PARTICIPATING CREDIT
UNION TO AT LEAST THE SAME EXTENT AND AMOUNT AS PROVIDED BY THE
NATIONAL CREDIT UNION ADMINISTRATION SHARE INSURANCE PROGRAM.
(B) A CREDIT UNION SHARE GUARANTY CORPORATION MAY MAKE
CONTRACTS FOR REINSURANCE.
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