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Ch. 540
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2002 LAWS OF MARYLAND
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7-218.
(A) THE COMMISSIONER SHALL GIVE PROMPT NOTICE TO THE APPLICABLE
CREDIT UNION SHARE GUARANTY CORPORATION WHENEVER THE COMMISSIONER:
(1) TAKES POSSESSION OF THE PROPERTY AND ASSETS OF A
PARTICIPATING CREDIT UNION; AND
(2) DETERMINES TO LIQUIDATE THE PROPERTY AND ASSETS OF A
PARTICIPATING CREDIT UNION.
(B) NOTWITHSTANDING THE PROVISIONS OF §§ 5-605 AND 6-905(D) OF THIS
ARTICLE, THE COMMISSIONER MAY PETITION A COURT OF COMPETENT
JURISDICTION TO APPOINT THE APPLICABLE CREDIT UNION SHARE GUARANTY
CORPORATION AS RECEIVER OF THE PARTICIPATING CREDIT UNION.
(C) WHEN THE PROPERTY AND BUSINESS OF A PARTICIPATING CREDIT UNION
HAS BEEN LIQUIDATED OR IS IN THE PROCESS OF LIQUIDATION AND THE PROCEEDS
OF LIQUIDATION DISTRIBUTED ARE INSUFFICIENT TO PAY THE FULL GUARANTEED
AMOUNT OF EACH CREDIT UNION SHARE OR DEPOSIT ACCOUNT, THE CREDIT UNION
SHARE GUARANTY CORPORATION SHALL PAY EACH DEFICIENCY UP TO THE
GUARANTEED AMOUNT WITHIN 30 DAYS AFTER THE DATE THE CREDIT UNION
SHARE OR DEPOSIT ACCOUNT BALANCE IS VERIFIED.
(D) WHEN ANY PARTICIPATING CREDIT UNION SHARE OR DEPOSIT ACCOUNT
IS PAID, THE CREDIT UNION SHARE GUARANTY CORPORATION SHALL BE
SUBROGATED TO ALL RIGHTS OF THE MEMBER OR DEPOSITOR, UP TO THE AMOUNT
PAID BY THE CREDIT UNION SHARE GUARANTY CORPORATION TO THE MEMBER OR
DEPOSITOR
7-219.
(A) A CREDIT UNION SHARE GUARANTY CORPORATION MAY TERMINATE THE
PARTICIPATION OF A PARTICIPATING CREDIT UNION FOR ANY OF THE FOLLOWING
REASONS:
(1) THE PARTICIPATING CREDIT UNION FAILS TO SATISFY THE RISK
ELIGIBILITY STANDARDS ESTABLISHED BY THE CREDIT UNION SHARE GUARANTY
CORPORATION AND APPLICABLE TO ALL PARTICIPATING CREDIT UNIONS;
(2) THE PARTICIPATING CREDIT UNION OPERATES IN AN UNSAFE AND
UNSOUND MANNER AS DETERMINED BY THE CREDIT UNION SHARE GUARANTY
CORPORATION;
(3) THE PARTICIPATING CREDIT UNION FAILS TO FURNISH FINANCIAL
STATEMENTS, DELINQUENT LOAN REPORTS, OR OTHER INFORMATION CONSIDERED
NECESSARY BY THE CREDIT UNION SHARE GUARANTY CORPORATION;
(4) THE PARTICIPATING CREDIT UNION FAILS TO REMEDY IN A TIMELY
MANNER A QUALIFICATION ARISING FROM AN AUDIT PERMITTED OR REQUIRED
UNDER THE WRITTEN CONTRACT BETWEEN THE PARTICIPATING CREDIT UNION AND
THE CREDIT UNION SHARE GUARANTY CORPORATION;
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- 4110 -
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