reglab/housing_qa huggingface dataset:
MD. Financial Institutions Code Ann. §  6-710 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 7 - Miscellaneous Regulations|Section 6-710 - Fiscal Year

    The fiscal year of each credit union ends at the close of business on December 31.
MD. Financial Institutions Code Ann. §  6-711 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 7 - Miscellaneous Regulations|Section 6-711 - Hours of Operation

    (a)    A credit union shall post its hours of operation prominently in its office.    (b)    Each credit union shall be open for business during its posted hours, except that a credit union may close:        (1)    On any State holiday; and        (2)    At any other time if:            (i)    Notice of the closing is posted prominently in its office 3 business days in advance;            (ii)    Specifically authorized to close by the Commissioner; or            (iii)    An emergency exists that affects the credit union and it is not practical to obtain authorization from the Commissioner before closing the affected credit union.    (c)    If a credit union closes under the provisions of subsection (b)(2)(iii) of this section, the chairman of the board or the president of the affected credit union shall notify the Commissioner of the reason for the closing of the credit union as soon as possible but no later than 24 hours after the closing of the credit union.
MD. Financial Institutions Code Ann. §  6-712 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 7 - Miscellaneous Regulations|Section 6-712 - Credit Unions With Assets of $300,000 or Greater; Annual Assessment

    (a)    This section applies only to a credit union with assets of $300,000 or greater.    (b)    (1)    The Commissioner shall impose an annual assessment on each credit union as provided in this subsection to cover the expense of regulating credit unions.        (2)    The Commissioner shall assess each credit union the sum of:            (i)    $1,000; and            (ii)    8 cents for each $1,000 of the assets of the credit union over $1,000,000.        (3)    The assessment shall be based on assets stated in the credit union’s most recent financial report.    (c)    A credit union shall pay the assessment imposed under this section to the Commissioner on or before the March 1 after the assessment is imposed.
MD. Financial Institutions Code Ann. §  6-713 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 7 - Miscellaneous Regulations|Section 6-713 - Member Insurance -- Notice to Commissioner

    If a credit union files an application with the Maryland Insurance Commissioner to purchase or make available, as an agent or otherwise, insurance for its members either on an individual or group basis, the credit union shall notify the Commissioner, within 10 days after filing the application, that the credit union has filed the application.
MD. Financial Institutions Code Ann. §  6-714 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 7 - Miscellaneous Regulations|Section 6-714 - Marketing Arrangements

    (a)    As approved by the Commissioner, a credit union may enter into marketing arrangements with a person to facilitate the credit union’s members’ voluntary purchase of goods or other services from third parties, consistent with the purposes of the credit union.    (b)    A credit union may be compensated for the services provided under subsection (a) of this section.
MD. Financial Institutions Code Ann. §  6-715 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 7 - Miscellaneous Regulations|Section 6-715 - Books and Records

    (a)    A credit union shall keep the books and records that the Commissioner requires to determine compliance with this title.    (b)    Unless a longer period is expressly required by State or federal law, a credit union shall retain the books and records required under subsection (a) of this section for a period of at least 5 years.    (c)    A credit union may retain the books and records required under subsection (a) of this section at any location, provided that the credit union:        (1)    Notifies the Commissioner in writing of the location of the books and records; and        (2)    Makes the books and records available at the credit union’s principal place of business, as agreed by the Commissioner and the credit union, within 7 days of a written request for examination by the Commissioner.    (d)    A credit union shall retain the books and records required under subsection (a) of this section in one of the following ways:        (1)    Original form;        (2)    An electronic equivalent approved by the Commissioner; or        (3)    A microphotographic copy approved by the Commissioner.
MD. Financial Institutions Code Ann. §  6-801 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 8 - Extraordinary Actions|Section 6-801 - Conversion of State Credit Union Into Federal Credit Union

    (a)    Any State credit union may convert into a federal credit union as provided by federal law and as provided in this section.    (b)    A majority of the board of a credit union proposing to convert shall:        (1)    Adopt a resolution that declares that the conversion is advisable;        (2)    Set a date for a vote on the proposed conversion by the members of the credit union at an annual or special meeting of the members or by mail ballot to be filed on or before that date;        (3)    Comply with federal law regarding conversion; and        (4)    File the required conversion application with the Commissioner.    (c)    The Commissioner, at the request of the board, may:        (1)    Waive the vote of the members; and        (2)    Substitute any reasonable method of determining the approval by the members.    (d)    Unless the Commissioner takes action under subsection (c) of this section, written notice of the proposed conversion and of the date set for the vote shall be delivered in person to each member or mailed to each member at the member’s address as recorded by the credit union, not more than 30 days nor less than 7 days before the date set for the vote.    (e)    (1)    Unless the Commissioner takes action under subsection (c) of this section, the proposed conversion shall be approved by the affirmative vote of a majority of the members who vote on the proposal.        (2)    Within 10 days after the vote, a statement of the results of the vote shall be filed with the Commissioner. The statement shall be verified by the chairman or vice chairman of the board and by the secretary of the credit union.    (f)    (1)    Within 90 days after a proposed conversion is approved by the members, the credit union shall take any action necessary under federal law to make it a federal credit union.        (2)    Within 10 days after the credit union receives a federal credit union charter, a copy of that charter shall be filed with the Commissioner and, when the copy is filed, the credit union ceases to be a State credit union.    (g)    When the conversion from a State credit union to a federal credit union is complete:        (1)    The converted credit union is no longer subject to the provisions of this title; and        (2)    The successor federal credit union owns all the assets and is responsible for all the obligations of the former State credit union as though the conversion had not taken place.
MD. Financial Institutions Code Ann. §  6-804 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 8 - Extraordinary Actions|Section 6-804 - Voluntary Dissolution

    (a)    Any credit union may dissolve voluntarily, if the board, the members of the credit union, and the Commissioner approve the dissolution as provided in this section.    (b)    A majority of the board of a credit union proposing to dissolve shall adopt a resolution that:        (1)    Recommends that the credit union be dissolved voluntarily; and        (2)    Directs that a proposal of dissolution be submitted to the members.    (c)    (1)    A proposed dissolution shall be approved at an annual or special meeting of the members or by mail ballot by the affirmative vote of two-thirds of the entire membership of the credit union.        (2)    The Commissioner may substitute any reasonable method of determining the vote of the members.    (d)    After a proposed dissolution is approved by the members, the credit union shall file with the Commissioner:        (1)    A copy of the resolution of the board recommending voluntary dissolution, attested to by:            (i)    The chairman or vice chairman of the board; and            (ii)    The secretary or treasurer of the credit union;        (2)    A verified statement of the names and addresses of the officers and directors of the credit union; and        (3)    The vote by which the voluntary dissolution was approved by the members.    (e)    (1)    If the Commissioner finds that the credit union is solvent, the Commissioner shall issue to the credit union duplicate certificates stating that the credit union appears to have complied with this section.        (2)    The credit union shall file one of the certificates with the State Department of Assessments and Taxation.    (f)    When the certificate is filed with the State Department of Assessments and Taxation, the credit union is dissolved.    (g)    (1)    On dissolution, a credit union may operate only to wind up its business and affairs.        (2)    Under the direction of the Commissioner, the liquidating agent of the dissolved credit union, appointed by the board, shall:            (i)    Discharge its debts and obligations;            (ii)    Collect and distribute its assets; and            (iii)    Do anything else necessary to wind up its business and affairs.        (3)    For 3 years after the dissolution becomes effective, the credit union, acting by its board and liquidating agent:            (i)    Shall continue in existence for the purpose of winding up its business and affairs; and            (ii)    May sue and be sued in its name.
MD. Financial Institutions Code Ann. §  6-805 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 8 - Extraordinary Actions|Section 6-805 - Voluntary Receivership

    (a)    Any credit union voluntarily may place its business and assets in the hands of the Commissioner for liquidation as provided in this section.    (b)    A majority of the board proposing a voluntary receivership shall:        (1)    Adopt a resolution that declares that the voluntary receivership is advisable; and        (2)    Set a date for a vote on the proposed voluntary receivership by the members of the credit union at an annual or special meeting of the members or by mail ballot to be filed on or before that date.    (c)    The Commissioner, at the request of the board, may:        (1)    Waive the vote of the members; and        (2)    Substitute any reasonable method of determining the approval by the members.    (d)    Unless the Commissioner takes action under subsection (c) of this section, the proposed voluntary receivership shall be approved by the affirmative vote of a majority of the members of the credit union who vote on the proposal.    (e)    After the action is approved by the members, the proper officers of the credit union shall certify the action of the members to the Commissioner, and the Commissioner shall post a notice at each office of the credit union that states: “This credit union is in the hands of the Maryland Commissioner of Financial Regulation for liquidation.”    (f)    If a credit union is placed in the hands of the Commissioner under this section, the Commissioner shall place the credit union in receivership for liquidation in the same manner as provided for a banking institution under Title 5, Subtitle 6 of this article.
MD. Financial Institutions Code Ann. §  6-806 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 8 - Extraordinary Actions|Section 6-806 - Assumption of Liabilities of Another Credit Union

    With the approval of the Commissioner, a credit union may purchase the assets or assume the liabilities of another credit union whether or not the credit unions have the same field of membership type, if:         (1)    The other credit union is insolvent or likely to become insolvent;        (2)    The purchase or assumption is in the best interest of the membership of the other credit union; and        (3)    The purchase or assumption will not adversely affect the financial condition of the credit union that makes the purchase or assumption.
MD. Financial Institutions Code Ann. §  6-807 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 8 - Extraordinary Actions|Section 6-807 - State Branches

    (a)    A credit union may establish a branch in the State in accordance with the provisions of this section.    (b)    (1)    A credit union that proposes to establish a branch in the State shall:            (i)    File with the Commissioner, at least 30 days before the intended opening date, a notice of intention to open a branch;            (ii)    Submit to the Commissioner any information the Commissioner requires in order to evaluate the proposed branch; and            (iii)    Pay to the Commissioner a branch fee of $100.        (2)    The branch fee may not apply to a branch that is acquired by a credit union through a merger or consolidation with, or transfer to the credit union of all or substantially all of the assets of, a credit union.    (c)    In deciding whether to approve the establishment of a branch, the Commissioner shall consider whether:        (1)    The establishment of the branch will promote the convenience of the members of the credit union;        (2)    The applicant has sufficient net worth to support the branch; and        (3)    The applicant generally is operating in compliance with the provisions of this title.    (d)    (1)    The Commissioner shall decide whether to approve the establishment of a branch within 30 days of receipt of the notice specified in subsection (b)(1) of this section.        (2)    The establishment of a branch shall be deemed approved if the Commissioner takes no action on the notice within the time limit specified in this subsection.
MD. Financial Institutions Code Ann. §  6-808 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 8 - Extraordinary Actions|Section 6-808 - Out-of-State Credit Union

    (a)    An out-of-state credit union shall provide the Commissioner, within 15 days of opening a branch in the State, with a notice of the opening of the branch.    (b)    A credit union chartered and primarily regulated by another state that proposes to establish a branch in this State shall qualify under § 7-203 of the Corporations and Associations Article to do business in the State as a foreign corporation.    (c)    An out-of-state credit union that has a branch in this State may establish additional branches in this State:        (1)    To the same extent as a credit union; or        (2)    To the extent otherwise permitted by federal law.
MD. Financial Institutions Code Ann. §  6-809 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 8 - Extraordinary Actions|Section 6-809 - Member Withdrawal From Account

    (a)    A credit union may require not more than 60 days’ notice of a member’s intention to withdraw from a share account or deposit account.    (b)    A requirement imposed under subsection (a) of this section shall:        (1)    Apply to all members of the credit union; and        (2)    Be included in each member’s account agreement.
MD. Financial Institutions Code Ann. §  6-901 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 9 - Prohibited Activities; Penalties|Section 6-901 - Unauthorized Use of Words "Credit Union" Prohibited

    (a)    (1)    Except for a credit union authorized to do business in this State, a person may not:            (i)    Use or advertise any name or title that contains the words “credit union” or any derivation of that term;            (ii)    Represent itself as a credit union;            (iii)    Conduct business as a credit union; or            (iv)    Conduct business under a name or title that:                1.    Indicates or reasonably implies that the person engages in or transacts the type of business conducted by a credit union; or                2.    Is calculated to lead a person to believe that the business engaged in or transacted is the type of business conducted by a credit union.        (2)    Any person who violates any provision of this subsection is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $3,000 or imprisonment not exceeding 5 years or both per occurrence.    (b)    This section does not apply to an association or league of credit unions, whether or not the association or league is incorporated.
MD. Financial Institutions Code Ann. §  6-902 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 9 - Prohibited Activities; Penalties|Section 6-902 - Making, Circulating, or Sending Untrue Statements

    (a)    A person may not willfully make, circulate, or send to another person any untrue statement that is derogatory to the financial condition or that affects the solvency or financial standing of any credit union doing business in the State, or counsel, aid, procure, or induce another to make, circulate, or send to another person such a statement.    (b)    A person that violates any provision of this section is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $1,000 or imprisonment not exceeding 3 years or both.
MD. Financial Institutions Code Ann. §  6-903 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 9 - Prohibited Activities; Penalties|Section 6-903 - Intentionally False Statements or False Records

    (a)    An officer, official, or employee of a credit union may not willfully and knowingly make or cause to be made a false statement or false entry in the records of the credit union or, with the intent to deceive a person authorized to examine the affairs of the credit union, sign or exhibit false records.    (b)    An officer, official, or employee who violates any provision of this section is guilty of a felony and on conviction is subject to a fine not exceeding $5,000 or imprisonment not exceeding 10 years or both.
MD. Financial Institutions Code Ann. §  6-904 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 9 - Prohibited Activities; Penalties|Section 6-904 - Improper Loans

    (a)    An officer or official who in any way knowingly permits or participates in making a loan in violation of § 6-611 of this title is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $3,000 or imprisonment not exceeding 5 years or both, per occurrence.    (b)    If a loan is made in violation of § 6-611 of this title, the credit union may recover the amount of the loan from:        (1)    Any borrower; or        (2)    Any officer or official who knowingly permitted or participated in making the loan.
MD. Financial Institutions Code Ann. §  6-905 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 9 - Prohibited Activities; Penalties|Section 6-905 - Improper Loans -- Action by Commissioner

    (a)    The Commissioner may order a credit union, or enter into an agreement with a credit union, to take corrective action if the Commissioner finds that the credit union:        (1)    Has failed to file a report when due;        (2)    Is insolvent;        (3)    Has violated any provision of this title; or        (4)    Is engaged in an unsafe or unauthorized practice.    (b)    (1)    Before the order becomes effective, the Commissioner shall give the credit union an opportunity for a hearing.        (2)    Notice of the hearing shall be given and the hearing shall be held in accordance with Title 10 of the State Government Article.    (c)    If the Commissioner determines that the violation or practice under subsection (a) of this section requires immediate action to protect depositors or members, the Commissioner:        (1)    May issue a cease and desist order that is effective on service; and        (2)    Shall give the credit union an opportunity for a hearing to rescind the order.    (d)    If the credit union fails to comply with the order within 60 days after it becomes effective, the Commissioner may:        (1)    Take possession of the business and assets of the credit union and operate it until the Commissioner permits it to resume business or until the Commissioner orders its liquidation under item (3) of this subsection;        (2)    Order the credit union share guaranty corporation that insures the credit union to take possession of the business and assets of the credit union and operate it in accordance with the Commissioner’s instructions until the Commissioner permits it to resume business or until the Commissioner orders its liquidation under item (3) of this subsection; or        (3)    Place the credit union in receivership for liquidation in the same manner as provided for a banking institution under Title 5, Subtitle 6 of this article.
MD. Financial Institutions Code Ann. §  6-906 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 9 - Prohibited Activities; Penalties|Section 6-906 - Cease and Desist Orders

    (a)    The Commissioner shall order any credit union to cease and desist from:        (1)    An unsafe or unsound practice;        (2)    A practice that is injurious to the public interest; or        (3)    A violation of laws or rules or regulations that relate to the Commissioner’s supervision of the credit union.    (b)    To protect depositors or members, the Commissioner may include in a cease and desist order a restriction on the withdrawal of money from any credit union.    (c)    The Commissioner may include in a cease and desist order a requirement that the officers or officials act affirmatively to correct any violation or practice.    (d)    (1)    Before a cease and desist order takes effect, the Commissioner shall give the credit union an opportunity for a hearing.        (2)    Notice of the hearing shall be given and the hearing shall be held in accordance with Title 10 of the State Government Article.    (e)    If the Commissioner determines that the violation or practice under subsection (a) of this section requires immediate action to protect depositors or members, the Commissioner:        (1)    May issue a cease and desist order that is effective on service; and        (2)    Shall give the credit union an opportunity for a hearing to rescind the order.