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Ch. 540
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2002 LAWS OF MARYLAND
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7-205.
(A) TO QUALIFY FOR A CERTIFICATE OF AUTHORITY UNDER THIS SUBTITLE,
AN APPLICANT SHALL SATISFY THE COMMISSIONER THAT THE APPLICANT:
(1) IS TRUSTWORTHY AND REPUTABLE;
(2) HAS A GOOD BUSINESS REPUTATION;
(3) IF DOMICILED OUTSIDE THE STATE, IS CURRENTLY LICENSED AND
AUTHORIZED TO ENGAGE IN THE CREDIT UNION SHARE GUARANTY BUSINESS IN ITS
STATE OF DOMICILE;
(4) HAS AND WILL MAINTAIN RETAINED EARNINGS OR EQUITY CAPITAL
OF AT LEAST $5,000,000, COMPUTED IN ACCORDANCE WITH GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES;
(5) IS IN COMPLIANCE WITH:
(I) ITS CHARTER AND THIS SUBTITLE; AND
(II) IF DOMICILED OUTSIDE THE STATE, ALL LAWS AND
REGULATIONS APPLICABLE TO CREDIT UNION SHARE GUARANTY CORPORATIONS IN
ITS STATE OF DOMICILE;
(6) WILL CONDUCT THE CREDIT UNION SHARE GUARANTY BUSINESS IN
THE STATE IN A MANNER THAT WILL ADEQUATELY PROTECT THE SHARE AND
DEPOSIT ACCOUNTS OF ITS PARTICIPATING CREDIT UNIONS; AND
(7) WILL MAINTAIN RESERVES FOR GUARANTY LOSSES IN COMPLIANCE
WITH § 7-217 OF THIS SUBTITLE.
(B) A PERSON MAY NOT BE AUTHORIZED TO ENGAGE IN THE CREDIT UNION
SHARE GUARANTY BUSINESS IN THE STATE IF THE PERSON HAS OR USES A NAME
THAT IS SO SIMILAR TO THE NAME OF A CREDIT UNION SHARE GUARANTY
CORPORATION ALREADY ISSUED A CERTIFICATE OF AUTHORITY UNDER THIS
SUBTITLE AS TO TEND TO CAUSE UNCERTAINTY OR CONFUSION OR TO DECEIVE OR
MISLEAD.
7-206.
(A) (1) TO APPLY FOR A CERTIFICATE OF AUTHORITY, AN APPLICANT SHALL
SIGN AND SUBMIT TO THE COMMISSIONER AN APPLICATION MADE UNDER OATH ON
THE FORM THAT THE COMMISSIONER REQUIRES.
(2) THE APPLICATION SHALL INCLUDE:
(I) THE APPLICANT'S CORPORATE NAME, BUSINESS ADDRESS, AND
ANY TRADE NAMES UNDER WHICH THE APPLICANT CONDUCTS BUSINESS;
(II) THE NAME AND BUSINESS ADDRESS OF EACH OF THE
APPLICANT'S OFFICERS AND DIRECTORS;
(III) THE ADDRESS AT WHICH THE BUSINESS IS TO BE CONDUCTED;
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- 4100 -
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