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PARRIS N. GLENDENING, Governor
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S.B. 776
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7-220.
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A PERSON WHO VIOLATES ANY PROVISION OF THIS SUBTITLE IS GUILTY OF A
MISDEMEANOR AND ON CONVICTION IS SUBJECT TO A FINE NOT EXCEEDING $ 5,000
OR IMPRISONMENT NOT EXCEEDING 5 YEARS OR BOTH.
7-221.
NOTHING IN THIS SUBTITLE CREATES ANY LIABILITY ON THE STATE FOR THE
PAYMENT OF ANY FUNDS TO ANY PARTICIPATING CREDIT UNION OR OTHER PERSON
BY REASON OF:
(1) AN ACT OR OMISSION OF A CREDIT UNION SHARE GUARANTY
CORPORATION; OR
(2) A DEFICIENCY OF A PARTICIPATING CREDIT UNION IN THE EVENT A
CREDIT UNION SHARE GUARANTY CORPORATION IS UNABLE TO PAY THE
DEFICIENCY.
7-222.
A CREDIT UNION SHARE GUARANTY CORPORATION, ITS PARTICIPATING CREDIT
UNIONS, AND PERSONS WHO HAVE SHARE OR DEPOSIT ACCOUNTS IN THE
PARTICIPATING CREDIT UNIONS ARE NOT SUBJECT TO THE PROVISIONS OF THE
INSURANCE ARTICLE AS A RESULT OF ANY OF THE ACTIVITIES OF THE CREDIT
UNION SHARE GUARANTY CORPORATION UNDER THIS SUBTITLE.
7-223.
A CREDIT UNION SHARE GUARANTY CORPORATION THAT IS A NONPROFIT
CORPORATION EXEMPT FROM FEDERAL TAXATION UNDER § 501(C)(6) OF THE
INTERNAL REVENUE CODE IS EXEMPT FROM ALL TAXES IMPOSED BY THE STATE OR
ANY OF ITS SUBDIVISIONS UNDER:
(1) ARTICLE 24, TITLE 9 OF THE CODE;
(2) TITLE 6, SUBTITLE 1 OF THE INSURANCE ARTICLE;
(3) THE TAX - GENERAL ARTICLE; OR
(4) THE TAX - PROPERTY ARTICLE.
7-224.
THE COMMISSIONER MAY ADOPT RULES AND REGULATIONS TO CARRY OUT
THIS SUBTITLE.
SECTION 2. AND BE IT FURTHER ENACTED, That the Commissioner of
Financial Regulation shall report annually on or before December 15 to the Senate
Finance Committee and the House Commerce and Government Matters Committee,
in accordance with § 2-1246 of the State Government Article, on the status of the
phase-out and dissolution of the Credit Union Insurance Corporation, including:
(a) whether the phase-out and dissolution of the Corporation and the transfer
of the assets of the Corporation are in accordance with the provisions of this Act;
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- 4899 -
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