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PARRIS N. GLENDENING, Governor
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S.B. 776
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7-217.
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(A) (1) A CREDIT UNION SHARE GUARANTY CORPORATION SHALL
ESTABLISH RESERVES FOR GUARANTY LOSSES ON AN INCURRED BASIS IN
ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES DURING THE
PERIOD IN WHICH THE LOSSES BECOME EVIDENT.
(2) THE RESERVES SHALL PROVIDE FOR:
(I) LOSSES REPORTED TO THE CREDIT UNION SHARE GUARANTY
CORPORATION;
(II) LOSSES INCURRED BUT NOT PREVIOUSLY REPORTED; AND
(III) ESTIMATED LOSSES ON THE COLLECTION OF NOTES AND
OTHER GUARANTEES TO PARTICIPATING CREDIT UNIONS.
(B) THE RESERVES SHALL BE MAINTAINED UNTIL THE LOSSES FOR WHICH
THE RESERVES WERE ESTABLISHED HAVE BEEN SATISFIED.
7-218.
(A) THE COMMISSIONER SHALL GIVE PROMPT NOTICE TO THE APPLICABLE
CREDIT UNION SHARE GUARANTY CORPORATION WHENEVER THE COMMISSIONER:
(1) TAKES POSSESSION OF THE PROPERTY AND ASSETS OF A
PARTICIPATING CREDIT UNION; AND
(2) DETERMINES TO LIQUIDATE THE PROPERTY AND ASSETS OF A
PARTICIPATING CREDIT UNION.
(B) NOTWITHSTANDING THE PROVISIONS OF §§ 5-605 AND 6-905(D) OF THIS
ARTICLE, THE COMMISSIONER MAY PETITION A COURT OF COMPETENT
JURISDICTION TO APPOINT THE APPLICABLE CREDIT UNION SHARE GUARANTY
CORPORATION AS RECEIVER OF THE PARTICIPATING CREDIT UNION.
(C) WHEN THE PROPERTY AND BUSINESS OF A PARTICIPATING CREDIT UNION
HAS BEEN LIQUIDATED OR IS IN THE PROCESS OF LIQUIDATION AND THE PROCEEDS
OF LIQUIDATION DISTRIBUTED ARE INSUFFICIENT TO PAY THE FULL GUARANTEED
AMOUNT OF EACH CREDIT UNION SHARE OR DEPOSIT ACCOUNT, THE CREDIT UNION
SHARE GUARANTY CORPORATION SHALL PAY EACH DEFICIENCY UP TO THE
GUARANTEED AMOUNT WITHIN 30 DAYS AFTER THE DATE THE CREDIT UNION
SHARE OR DEPOSIT ACCOUNT BALANCE IS VERIFIED.
(D) WHEN ANY PARTICIPATING CREDIT UNION SHARE OR DEPOSIT ACCOUNT
IS PAID, THE CREDIT UNION SHARE GUARANTY CORPORATION SHALL BE
SUBROGATED TO ALL RIGHTS OF THE MEMBER OR DEPOSITOR, UP TO THE AMOUNT
PAID BY THE CREDIT UNION SHARE GUARANTY CORPORATION TO THE MEMBER OR
DEPOSITOR
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- 4897 -
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