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PARRIS N. GLENDENING, Governor
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S.B. 776
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(2) ANY OTHER EXAMINATION OR INVESTIGATION CONDUCTED UNDER
THIS ARTICLE THAT RESULTS IN THE DISCOVERY OF A VIOLATION OF THIS SUBTITLE
BY THE CREDIT UNION SHARE GUARANTY CORPORATION.
(B) (1) A CREDIT UNION SHARE GUARANTY CORPORATION SHALL PAY AN
ANNUAL ASSESSMENT OF $5,000.
(2) A CREDIT UNION SHARE GUARANTY CORPORATION SHALL PAY THE
ASSESSMENT IMPOSED UNDER PARAGRAPH (1) OF THIS SUBSECTION TO THE
COMMISSIONER ON OR BEFORE FEBRUARY 15 AFTER THE ASSESSMENT IS IMPOSED.
7-212.
(A) (1) ON OR BEFORE APRIL 1 OF EACH YEAR, UNLESS THE COMMISSIONER
EXTENDS THE TIME FOR GOOD CAUSE, EACH CREDIT UNION SHARE GUARANTY
CORPORATION SHALL FILE WITH THE COMMISSIONER AN ANNUAL REPORT FOR THE
IMMEDIATELY PRECEDING CALENDAR YEAR.
(2) THE ANNUAL REPORT SHALL INCLUDE:
(I) THE ANNUAL FINANCIAL STATEMENT OF THE CREDIT UNION
SHARE GUARANTY CORPORATION PREPARED IN ACCORDANCE WITH GENERALLY
ACCEPTED ACCOUNTING PRINCIPLES AND AUDITED AND CERTIFIED BY AN
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT THAT CONTAINS:
1. A BALANCE SHEET;
2. AN INCOME STATEMENT;
3. A STATEMENT OF CASH FLOWS;
4. A STATEMENT OF CHANGES OF THE CREDIT UNION SHARE
GUARANTY CORPORATION'S EQUITY; AND
5. NOTES TO THE FINANCIAL STATEMENT;
(II) THE FOLLOWING INFORMATION REGARDING ALL
PARTICIPATING CREDIT UNIONS, AS APPROPRIATE, REGARDLESS OF THE STATE IN
WHICH A PARTICIPATING CREDIT UNION IS DOMICILED:
1. THE COMPOSITE CAMEL RATING OF EACH CREDIT UNION
IF THE COMPOSITE CAMEL RATING OF A CREDIT UNION IS 4 OR 5; AND
2. ANY CURRENT ADMINISTRATIVE ACTION OR ANY
CURRENT PLAN FOR CORRECTIVE ACTION CONCERNING EACH CREDIT UNION
INITIATED BY THE CREDIT UNION SHARE GUARANTY CORPORATION OR THE
RESPONSIBLE SUPERVISORY OFFICIAL IN THE CREDIT UNION'S STATE OF DOMICILE;
AND
(III) AN ANALYSIS OF THE COMPONENTS OF THE GUARANTY FUND
REQUIRED UNDER § 7-216 OF THIS SUBTITLE, INCLUDING ANY RESERVES FOR
GUARANTY LOSSES ESTABLISHED UNDER § 7-217 OF THIS SUBTITLE.
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- 4893 -
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