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PARRIS N. GLENDENING, Governor
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Ch. 540
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(5) THE PARTICIPATING CREDIT UNION FAILS TO PAY WHEN DUE A
CAPITAL CONTRIBUTION OR APPLICABLE PREMIUM, FEE, OR ASSESSMENT UNDER
THIS SUBTITLE;
(6) THE PARTICIPATING CREDIT UNION FAILS TO COMPLY WITH ANY
PROVISION OF THIS ARTICLE OR THE ARTICLES OF INCORPORATION OR BYLAWS OF
THE CREDIT UNION SHARE GUARANTY CORPORATION THAT ARE MATERIAL TO THE
SAFETY AND SOUNDNESS OF THE PARTICIPATING CREDIT UNION; OR
(7) CONTINUED PARTICIPATION BY THE PARTICIPATING CREDIT UNION
WOULD RESULT IN A VIOLATION OF THIS SUBTITLE OR OTHER APPLICABLE STATE
OR FEDERAL LAW BY THE CREDIT UNION SHARE GUARANTY CORPORATION.
(B) (1) AT LEAST 30 DAYS BEFORE THE EFFECTIVE DATE OF ANY
TERMINATION, THE CREDIT UNION SHARE GUARANTY CORPORATION SHALL SEND
WRITTEN NOTICE OF THE PENDING TERMINATION AND THE REASONS FOR THE
TERMINATION TO;
(I) THE PARTICIPATING CREDIT UNION WHOSE PARTICIPATION IS
TO BE TERMINATED; AND
(II) THE COMMISSIONER.
(2) THE 30-DAY NOTICE REQUIRED UNDER PARAGRAPH (I) OF THIS
SUBSECTION DOES NOT APPLY TO THE TERMINATION OF EXCESS COVERAGE.
7-220.
A PERSON WHO VIOLATES ANY PROVISION OF THIS SUBTITLE IS GUILTY OF A
MISDEMEANOR AND ON CONVICTION IS SUBJECT TO A FINE NOT EXCEEDING $ 5,000
OR IMPRISONMENT NOT EXCEEDING 5 YEARS OR BOTH.
7-221.
NOTHING IN THIS SUBTITLE CREATES ANY LIABILITY ON THE STATE FOR THE
PAYMENT OF ANY FUNDS TO ANY PARTICIPATING CREDIT UNION OR OTHER PERSON
BY REASON OF:
(1) AN ACT OR OMISSION OF A CREDIT UNION SHARE GUARANTY
CORPORATION; OR
(2) A DEFICIENCY OF A PARTICIPATING CREDIT UNION IN THE EVENT A
CREDIT UNION SHARE GUARANTY CORPORATION IS UNABLE TO PAY THE
DEFICIENCY.
7-222.
A CREDIT UNION SHARE GUARANTY CORPORATION, ITS PARTICIPATING CREDIT
UNIONS, AND PERSONS WHO HAVE SHARE OR DEPOSIT ACCOUNTS IN THE
PARTICIPATING CREDIT UNIONS ARE NOT SUBJECT TO THE PROVISIONS OF THE
INSURANCE ARTICLE AS A RESULT OF ANY OF THE ACTIVITIES OF THE CREDIT
UNION SHARE GUARANTY CORPORATION UNDER THIS SUBTITLE.
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- 4111 -
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