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S.B. 776
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VETOES
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The Honorable Thomas V. Mike Miller, Jr.
President of the Senate
State House
Annapolis MD 21401
Dear Mr. President:
In accordance with Article II, Section 17 of the Maryland Constitution, I have today
vetoed Senate Bill 776 - Credit Unions - Credit Union Insurance Corporation -
Credit Union Share Guaranty Corporations.
This bill provides for the phase-out of the Credit Union Insurance Corporation and
provides procedures for regulation and certification of a new credit union guaranty
corporation.
House Bill 728, which was passed by the General Assembly and signed by me,
accomplishes the same purpose. Therefore, it is not necessary for me to sign Senate
Bill 776.
Sincerely,
Parris N. Glendening
Governor
Senate Bill No. 776
AN ACT concerning
Credit Unions - Credit Union Insurance Corporation - Credit Union Share
Guaranty Corporations
FOR the purpose of repealing a certain qualification for a member of a supervisory
committee or a credit committee of a State-chartered credit union; prohibiting
the Credit Union Insurance Corporation (CUIC) from accepting applications for
new membership after a certain date; requiring a member of CUIC to obtain
primary share guaranty insurance from certain persons other than CUIC within
a certain period of time after a certain date; requiring CUIC to complete a
certain dissolution process within a certain period of time after a certain date;
requiring CUIC to transfer certain assets to a certain corporation under certain
circumstances requiring that certain assets of CUIC be considered general funds
the State and deposited with the State Treasurer under certain circumstances
requiring CUIC to transfer certain assets to a certain corporation under certain
circumstances; prohibiting a person from conducting business as a credit union
share guaranty corporation unless the person has a certificate of authority from
the Commissioner of Financial Regulation; providing for the qualifications,
application process, and approval or denial of an application for a certificate;
authorizing the Commissioner to suspend or revoke a certificate and take
certain other enforcement actions under certain circumstances; requiring and
authorizing the Commissioner to examine the business of each credit union
share guaranty corporation under certain circumstances; requiring a credit
union share guaranty corporation to pay certain expenses and assessments, file
a certain annual report, have a certain contract with each participating credit
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