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S.B. 776
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VETOES
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(3) UNLESS THE COMMISSIONER EXTENDS THE TIME FOR FILING, A
CREDIT UNION SHARE GUARANTY CORPORATION THAT FAILS TO FILE AN ANNUAL
REPORT ON OR BEFORE APRIL 10 SHALL PAY A PENALTY OF $100 FOR EACH DAY
FROM APRIL 1 TO THE DAY BEFORE THE COMMISSIONER RECEIVES THE REPORT.
(B) AT ANY TIME, THE COMMISSIONER MAY REQUIRE A CREDIT UNION SHARE
GUARANTY CORPORATION TO FILE AN INTERIM REPORT CONTAINING THE
INFORMATION THAT THE COMMISSIONER CONSIDERS NECESSARY.
7-213.
(A) THIS SECTION APPLIES NOTWITHSTANDING ANY OTHER PROVISION OF
LAW.
(B) A CREDIT UNION SHARE GUARANTY CORPORATION AND THE
COMMISSIONER MAY EXCHANGE INFORMATION, INCLUDING INFORMATION
OBTAINED DURING AN EXAMINATION, ABOUT A PARTICIPATING CREDIT UNION OR A
CREDIT UNION THAT IS APPLYING FOR PARTICIPATION IN THE CREDIT UNION SHARE
GUARANTY CORPORATION.
(C) THE COMMISSIONER MAY EXCHANGE INFORMATION, INCLUDING
INFORMATION OBTAINED DURING AN EXAMINATION, ABOUT A CREDIT UNION SHARE
GUARANTY CORPORATION WITH ANY STATE OR FEDERAL AGENCY HAVING
SUPERVISORY AUTHORITY OVER THE CREDIT UNION SHARE GUARANTY
CORPORATION.
7-214.
(A) A CREDIT UNION SHARE GUARANTY CORPORATION SHALL HAVE A
WRITTEN CONTRACT WITH EACH PARTICIPATING CREDIT UNION THAT CLEARLY
ESTABLISHES THE RIGHTS AND OBLIGATIONS OF THE PARTIES.
(B) AT LEAST 30 DAYS BEFORE THE EFFECTIVE DATE OF ANY MATERIAL
AMENDMENT TO THE STANDARD WRITTEN CONTRACT THAT IS SUBMITTED UNDER §
7-206(B) OF THIS SUBTITLE, THE CREDIT UNION SHARE GUARANTY CORPORATION
SHALL FILE THE AMENDMENT WITH THE COMMISSIONER
7-215.
A CREDIT UNION SHARE GUARANTY CORPORATION SHALL PROVIDE WRITTEN
NOTICE TO THE COMMISSIONER OF:
(1) THE RECEIPT FROM A CREDIT UNION OF AN APPLICATION FOR
PARTICIPATION IN THE CREDIT UNION SHARE GUARANTY CORPORATION;
(2) THE CREDIT UNION SHARE GUARANTY CORPORATION'S
UNDERWRITING DECISION REGARDING THE APPLICATION FOR PARTICIPATION; AND
(3) THE VOLUNTARY OR INVOLUNTARY TERMINATION OF THE
PARTICIPATION OF A CREDIT UNION IN THE CREDIT UNION SHARE GUARANTY
CORPORATION.
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- 4894 -
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