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PARRIS N. GLENDENING, Governor
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Ch. 540
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(IV) THE NAME AND ADDRESS OF THE APPLICANTS PROPOSED
RESIDENT AGENT IN THE STATE; AND
(V) ANY OTHER INFORMATION THAT THE COMMISSIONER
REASONABLY REQUIRES.
(B) WITH THE APPLICATION, THE APPLICANT SHALL SUBMIT:
(1) A CERTIFIED COPY OF ITS ARTICLES OF INCORPORATION WITH ALL
AMENDMENTS;
(2) A CERTIFIED COPY OF ITS BYLAWS WITH ALL AMENDMENTS;
(3) A COPY OF THE APPLICANT'S ANNUAL FINANCIAL STATEMENTS AS
OF THE IMMEDIATELY PRECEDING DECEMBER 31, PREPARED IN ACCORDANCE WITH
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND AUDITED AND CERTIFIED BY
AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT;
(4) IF DOMICILED OUTSIDE THE STATE, A COPY OF THE APPLICANT'S
MOST RECENT REPORT OF EXAMINATION, IF ANY, MADE BY THE RESPONSIBLE
SUPERVISORY OFFICIAL IN ITS STATE OF DOMICILE;
(5) IF DOMICILED OUTSIDE THE STATE, CERTIFICATION BY THE
RESPONSIBLE SUPERVISORY OFFICIAL IN ITS STATE OF DOMICILE SHOWING THAT
THE APPLICANT IS AUTHORIZED TO ENGAGE IN THE CREDIT UNION SHARE
GUARANTY BUSINESS IN THAT STATE;
(6) A COPY OF THE APPLICANT'S CURRENT STANDARD WRITTEN
CONTRACT WITH PARTICIPATING CREDIT UNIONS CONTAINING THE RIGHTS AND
OBLIGATIONS OF THE PARTIES; AND
(7) ANY OTHER INFORMATION AND DOCUMENTS THAT THE
COMMISSIONER REASONABLY REQUIRES.
(C) WITH THE APPLICATION, THE APPLICANT SHALL PAY TO THE
COMMISSIONER A NONREFUNDABLE APPLICATION FEE OF $5,000.
7-207.
(A) WHEN AN APPLICANT FOR A CERTIFICATE OF AUTHORITY FILES THE
APPLICATION AND PAYS THE APPLICATION FEE REQUIRED UNDER § 7-206 OF THIS
SUBTITLE, THE COMMISSIONER SHALL CONDUCT AN INVESTIGATION TO DETERMINE
IF THE APPLICANT MEETS THE REQUIREMENTS OF § 7-205 OF THIS SUBTITLE.
(B) UNLESS THE COMMISSIONER NOTIFIES THE APPLICANT THAT A
DIFFERENT TIME PERIOD IS NECESSARY, THE COMMISSIONER SHALL APPROVE OR
DENY EACH APPLICATION FOR A CERTIFICATE OF AUTHORITY WITHIN 120 DAYS
AFTER THE COMPLETE APPLICATION IS FILED AND THE APPLICATION FEE IS PAID.
(C) THE COMMISSIONER SHALL ISSUE A CERTIFICATE OF AUTHORITY TO ANY
APPLICANT WHO MEETS THE REQUIREMENTS OF THIS SUBTITLE.
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- 4101 -
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