Section 9-1105 – Application to Convert; Examination; Audit
(a) To convert to a credit union, the mutual association shall deliver to the Commissioner: (1) A written application for conversion in the form that the Maryland Department of Labor requires; (2) Any additional exhibits the Department may require; (3) Any filing fee set by the Department by regulation; and (4) Its proposed amended articles and bylaws. (b) Upon receipt of […]
Section 9-1106 – Review and Approval of Application by Commissioner
(a) In reviewing an application for conversion, the Commissioner shall determine: (1) Whether, after conversion, the credit union will be in sound financial condition and will be soundly managed; and (2) That no person will receive any inequitable gain or advantage by reason of the conversion. (b) An application for conversion may only be approved if it is found […]
Section 9-1107 – Effective Date of Conversion
(a) On approval of the application for conversion, the applicant shall file an endorsed copy of the application with the State Department of Assessments and Taxation. (b) The mutual association becomes a credit union when the application and endorsed amended articles and bylaws by the State Department of Assessments and Taxation accepts the application for record. (c) The […]
Section 9-1108 – Changes in Application or Exhibits; Actions of Commissioner Upon Approval or Denial of Application
(a) The Commissioner may require any changes to the application or exhibits that the Department considers necessary. (b) If the application for conversion is denied, the Commissioner shall endorse and date a copy of the application “denied”, return it to the mutual association, and certify this action to the State of Maryland Deposit Insurance Fund Corporation. (c) If […]
Section 9-1109 – Membership
In addition to membership authorized in § 6-302 of this article, a credit union resulting from a conversion under this subtitle may permit individuals who, at the time of conversion, are members, savings account holders, directors, officers, employees, or borrowers of a mutual association, to become members of the resulting credit union.
Section 9-1007 – Powers of Division Director
(a) The Division Director may enter into cooperative agreements with any other savings and loan regulatory unit to facilitate the regulation of savings and loan associations and savings and loan holding companies doing business in this State. (b) The Division Director may accept reports of examinations and other records from any other unit instead of conducting its […]
Section 9-1008 – Purpose; Nonseverability; Monitoring and Reporting
(a) It is the purpose of this subtitle to permit orderly development of savings and loan association operations on a regional reciprocal basis. It is not the purpose of this subtitle to authorize interstate savings and loan association operations on any basis other than as provided in this subtitle. (b) Except as provided in subsection (c) of […]
Section 9-1009 – Conversion to or From Federal or Regional Charter; Divestment by Associations Not Federally Chartered
(a) An out-of-state association’s status as an out-of-state association shall not be affected by its conversion from a federal charter to a charter issued by a region jurisdiction, or by conversion from a charter issued by a region jurisdiction to a federal charter, so long as the out-of-state association otherwise continues to qualify as an out-of-state […]
Section 9-1101 – “Mutual Association” Defined
In this subtitle, “mutual association” means an association that: (1) Is a corporation chartered under the laws of the State as a savings and loan association that does not have the authority to issue capital stock; (2) Is insured by the State of Maryland Deposit Insurance Corporation; and (3) Has assets of $15,000,000 or less or had total […]
Section 9-912 – Civil Penalties; Directors, Officers, Employees, and Controlling Persons
(a) (1) Any director, officer, controlling person, or employee of a savings and loan association or related entity who is found to have violated any provision of this title or Title 8 of this article, whether willfully or as a result of gross negligence or recklessness, may be ordered to pay a civil penalty to the State […]