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S.B. 776
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VETOES
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7-219.
(A) A CREDIT UNION SHARE GUARANTY CORPORATION MAY TERMINATE THE
PARTICIPATION OF A PARTICIPATING CREDIT UNION FOR ANY OF THE FOLLOWING
REASONS:
(1) THE PARTICIPATING CREDIT UNION FAILS TO SATISFY THE RISK
ELIGIBILITY STANDARDS ESTABLISHED BY THE CREDIT UNION SHARE GUARANTY
CORPORATION AND APPLICABLE TO ALL PARTICIPATING CREDIT UNIONS;
(2) THE PARTICIPATING CREDIT UNION OPERATES IN AN UNSAFE AND
UNSOUND MANNER AS DETERMINED BY THE CREDIT UNION SHARE GUARANTY
CORPORATION;
(3) THE PARTICIPATING CREDIT UNION FAILS TO FURNISH FINANCIAL
STATEMENTS, DELINQUENT LOAN REPORTS, OR OTHER INFORMATION CONSIDERED
NECESSARY BY THE CREDIT UNION SHARE GUARANTY CORPORATION;
(4) THE PARTICIPATING CREDIT UNION FAILS TO REMEDY IN A TIMELY
MANNER A QUALIFICATION ARISING FROM AN AUDIT PERMITTED OR REQUEUED
UNDER THE WRITTEN CONTRACT BETWEEN THE PARTICIPATING CREDIT UNION AND
THE CREDIT UNION SHARE GUARANTY CORPORATION;
(5) THE PARTICIPATING CREDIT UNION FAILS TO PAY WHEN DUE A
CAPITAL CONTRIBUTION OR APPLICABLE PREMIUM, FEE, OR ASSESSMENT UNDER
THIS SUBTITLE;
(6) THE PARTICIPATING CREDIT UNION FAILS TO COMPLY WITH ANY
PROVISION OF THIS ARTICLE OR THE ARTICLES OF INCORPORATION OR BYLAWS OF
THE CREDIT UNION SHARE GUARANTY CORPORATION THAT ARE MATERIAL TO THE
SAFETY AND SOUNDNESS OF THE PARTICIPATING CREDIT UNION; OR
(7) CONTINUED PARTICIPATION BY THE PARTICIPATING CREDIT UNION
WOULD RESULT IN A VIOLATION OF THIS SUBTITLE OR OTHER APPLICABLE STATE
OR FEDERAL LAW BY THE CREDIT UNION SHARE GUARANTY CORPORATION.
(B) (1) AT LEAST 30 DAYS BEFORE THE EFFECTIVE DATE OF ANY
TERMINATION, THE CREDIT UNION SHARE GUARANTY CORPORATION SHALL SEND
WRITTEN NOTICE OF THE PENDING TERMINATION AND THE REASONS FOR THE
TERMINATION TO:
(I) THE PARTICIPATING CREDIT UNION WHOSE PARTICIPATION IS
TO BE TERMINATED; AND
(II) THE COMMISSIONER
(2) THE 30-DAY NOTICE REQUIRED UNDER PARAGRAPH (1) OF THIS
SUBSECTION DOES NOT APPLY TO THE TERMINATION OF EXCESS COVERAGE.
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- 4898 -
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