|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARRIS N. GLENDENING, Governor
|
|
|
|
|
|
S.B. 776
|
|
|
|
|
|
|
|
|
|
|
|
|
|
union, and establish and maintain a certain guaranty fund and certain reserves;
authorizing a credit union share guaranty corporation to terminate the
participation of a participating credit union under certain circumstances;
providing certain penalties; providing that the regulation of credit union share
guaranty corporations does not create any liability on the State for the payment
of funds under certain circumstances; exempting certain credit union share
guaranty corporations from State and local taxation; requiring the
Commissioner to submit an annual report to certain committees of the General
Assembly on the status of the phase-out and dissolution of CUIC, subject to a
certain termination provision; defining certain terms; repealing certain obsolete
references; making stylistic changes; and generally relating to credit unions, the
Credit Union Insurance Corporation, and the regulation of credit union share
guaranty corporations.
BY repealing and reenacting, with amendments,
Article — Financial Institutions
Section 6-401(d)(5), 6-602(e)(2); 7-101 to be under the amended title "Title
7. Credit Union Share Insurance", the new subtitle "Subtitle 1. Credit
Union Insurance Corporation", and the new part "Part I. Definitions"; and
7-102, 7-103, 7-104, 7-106, 7-107, and 7-109 to be under the new part
"Part II. Establishment; Powers; Membership"
Annotated Code of Maryland
(1998 Replacement Volume and 2001 Supplement)
BY repealing and reenacting, without amendments,
Article — Financial Institutions
Section 7-105, 7-108, and 7-110 through 7-117, inclusive
Annotated Code of Maryland
(1998 Replacement Volume and 2001 Supplement)
BY adding to
Article - Financial Institutions
Section 7-118 through 7-121, inclusive, to be under the new part "Part
III. Phase-Out; Dissolution"; and 7-201 through 7-224, inclusive, to be
under the new subtitle "Subtitle 2. Credit Union Share Guaranty
Corporations"
Annotated Code of Maryland
(1998 Replacement Volume and 2001 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows;
Article - Financial Institutions
6-401.
(d) (5) Each member of the supervisory committee:
|
|
|
|
|
|
|
|
|
|
- 4875 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
