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PARRIS N. GLENDENING, Governor
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S.B. 776
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7-216.
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(A) (1) EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS SUBSECTION, A
CREDIT UNION SHARE GUARANTY CORPORATION SHALL ESTABLISH AND MAINTAIN
A GUARANTY FUND OF AT LEAST 1 PERCENT OF THE AGGREGATE SHARES AND
DEPOSITS OF THE PARTICIPATING CREDIT UNIONS.
(2) A CREDIT UNION SHARE GUARANTY CORPORATION THAT IS
DOMICILED OUTSIDE THE STATE MAY MAINTAIN A GUARANTY FUND AT THE LEVEL
PERMITTED BY ITS STATE OF DOMICILE IF THE CREDIT UNION SHARE GUARANTY
CORPORATION:
(I) HAS BEEN DOMICILED IN THAT STATE FOR AT LEAST 25 YEARS
IMMEDIATELY PRECEDING THE DATE OF THE CREDIT UNION SHARE GUARANTY
CORPORATION'S COMPLETED APPLICATION FOR A CERTIFICATE OF AUTHORITY;
(II) HAS ENGAGED IN THE CREDIT UNION SHARE GUARANTY
BUSINESS FOR AT LEAST 25 YEARS IMMEDIATELY PRECEDING THE DATE OF THE
CREDIT UNION SHARE GUARANTY CORPORATION'S COMPLETED APPLICATION FOR A
CERTIFICATE OF AUTHORITY; AND
(III) THE BUSINESS OF THE CREDIT UNION SHARE GUARANTY
CORPORATION IS SUBJECT TO REGULATION BY ITS STATE OF DOMICILE.
(B) THE GUARANTY FUND SHALL BE COMPRISED OF THE FOLLOWING:
(1) THE ACCOUNT FOR EACH PARTICIPATING CREDIT UNION;
(2) RETAINED EARNINGS; AND
(3) ANY RESERVES ESTABLISHED UNDER § 7-217 OF THIS SUBTITLE.
(C) THE AMOUNT OF THE ACCOUNT OF EACH PARTICIPATING CREDIT UNION
SHALL BE CARRIED ON THE BOOKS OF THE PARTICIPATING CREDIT UNION AS AN
ASSET.
(D) NOTWITHSTANDING ANY OTHER PROVISION OF THIS SUBTITLE, A CREDIT
UNION SHARE GUARANTY CORPORATION MAY REQUIRE A PARTICIPATING CREDIT
UNION TO MAKE ADDITIONAL CAPITAL CONTRIBUTIONS TO MAINTAIN THE NORMAL
OPERATING LEVEL DURING ANY CALENDAR YEAR IN WHICH THE FUND HAS BEEN
REDUCED BELOW THE MINIMUM OPERATING LEVEL AS A RESULT OF PAYMENT OF
ANY DEFICIENCIES IN CREDIT UNION SHARE ACCOUNTS.
(E) WITHIN 60 DAYS OF THE ASSESSMENT, A CREDIT UNION SHARE
GUARANTY CORPORATION SHALL FILE WITH THE COMMISSIONER A REPORT OF
EACH CAPITAL CONTRIBUTION THAT THE CREDIT UNION SHARE GUARANTY
CORPORATION REQUIRES UNDER SUBSECTION (D) OF THIS SECTION.
(F) (1) IF A PARTICIPATING CREDIT UNION FAILS TO PAY AN ANNUAL
CAPITAL CONTRIBUTION, PREMIUM, FEE, OR ASSESSMENT WHEN DUE, THE CREDIT
UNION SHARE GUARANTY CORPORATION:
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- 4895 -
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