reglab/housing_qa huggingface dataset:
MD. Financial Institutions Code Ann. §  6-407 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 4 - Examinations and Reports|Section 6-407 - Unsafe or Unauthorized Practices -- Action by Commissioner

    In order to carry out the purposes of this title, the Commissioner may enter into cooperative and information sharing agreements with any other credit union supervisory agency.
MD. Financial Institutions Code Ann. §  6-501 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 5 - Deposits and Dividends|Section 6-501 - Interest Bearing or Share Accounts

    As to each interest bearing or share account of each member or depositor in a credit union, the credit union shall generally make available to any member or depositor with an existing account, in addition to actually giving to the member or depositor, on the opening of the interest bearing or share account and, later, on demand of the member or depositor the following written notice:    “Under Maryland law, all funds remaining in this interest bearing or share account become the property of this State after the account has been inactive for 3 years and notice is sent to the member or depositor at that member’s or depositor’s last known address. This account will be considered inactive if the member or depositor has not: (1) increased or decreased the amount in the account; (2) presented the passbook or other similar evidence of the account for the crediting of interest or dividends; (3) written to this credit union about the account; (4) engaged in any credit, share, or other deposit transaction with the credit union; or (5) otherwise indicated an interest in the account as evidenced by a memorandum on file with this credit union.”
MD. Financial Institutions Code Ann. §  6-502 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 5 - Deposits and Dividends|Section 6-502 - Dividends

    (a)    (1)    Except as otherwise provided in this section, the board may declare and pay dividends from its available net earnings or undivided earnings at the close of any accounting period after providing for accrued expenses and interest.        (2)    Dividends paid or accrued are to be treated as an expense.    (b)    The board shall set the dividend rate and any terms and conditions regarding the dividend.    (c)    A credit union may not declare a dividend:        (1)    Unless the required amount of earnings has been credited to the reserve fund of the credit union; or        (2)    If the known losses at the close of a fiscal year would exceed the sum of the balances of the reserve fund, surplus, and undivided earnings after payment of the dividend.
MD. Financial Institutions Code Ann. §  6-503 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 5 - Deposits and Dividends|Section 6-503 - Month and Year Account Opened to Appear on Share Drafts or Checks; Exceptions

    (a)    Any share drafts or checks provided directly or indirectly by a credit union for use in connection with a personal account shall have the numerical month and year in which the account was opened printed on the face of the drafts or checks, except as provided in subsection (b) of this section.    (b)    The provisions of subsection (a) of this section shall not apply under the following conditions:        (1)    If an individual personal account is closed at a particular credit union and a joint personal account is opened at the same credit union that includes one of the customers who previously had the individual personal account, then the numerical month and year printed on the face of the share drafts or checks shall be the numerical month and year in which the individual personal account was established.        (2)    If a joint personal account is closed at a particular credit union and an individual personal account is opened at the same credit union by one of the customers who previously was included under the joint account, then the numerical month and year printed on the face of the share drafts or checks shall be the numerical month and year in which the joint account was established.        (3)    If a customer with an individual personal account or with a joint personal account opens an additional account at the same credit union, then the numerical month and year printed on the face of the share drafts or checks shall be the numerical month and year in which the initial account was established.        (4)    In the case of a personal account that is closed and a new personal account opened simultaneously on the advice of the credit union, the share drafts or checks for the new account shall have the numerical month and year in which the closed account was originally opened printed on the face of the share drafts or checks.        (5)    If the closed account was opened prior to July 1, 1987, a date is not required to be printed on the share drafts or checks.    (c)    A share draft or check provided on the opening of a personal account for use by the customer until printed share drafts or checks have been prepared is not required to have the numerical month and year in which the account was opened printed on the face of the share draft or check.    (d)    (1)    The credit union and the share draft or check printer may not be held liable for unintentional errors in the month and year printed on the face of the share draft or check.        (2)    The customer may not be charged for the reprinting of the share drafts or checks when the share drafts or checks are reprinted due to error in the month and year printed on the face of the share draft or check.
MD. Financial Institutions Code Ann. §  6-602 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 6 - Loans|Section 6-602 - Credit Committee -- in General

    (a)    If the bylaws so provide, a credit union may have a credit committee.    (b)    The board shall appoint the members of the credit committee.    (c)    (1)    Subject to the provisions of paragraph (2) of this subsection, the board shall determine the number of members on the credit committee.        (2)    The credit committee shall have at least three and not more than seven members.    (d)    (1)    Each member of the credit committee shall be appointed from among the members of the credit union.        (2)    Not more than one member of the credit committee may be a director.        (3)    The treasurer of the credit union may not be a member of the credit committee.    (e)    (1)    At least one member of the credit committee shall have a minimum of 3 years experience in lending, credit, or general business.        (2)    Each member of the credit committee:            (i)    Shall be a member of the credit union for the period of time required under the bylaws;            (ii)    Shall be bonded;            (iii)    May not have defaulted on the payment of any monetary obligation to the credit union;            (iv)    May not have been convicted of any criminal offense involving dishonesty or breach of trust;            (v)    May not have habitually neglected to pay any debts;            (vi)    May not have been insolvent or bankrupt within 5 years of becoming a member and may not become insolvent or bankrupt while serving as a member; and            (vii)    May not have been removed by the Commissioner or any state or federal regulatory agency as an officer, official, or employee of a financial institution.    (f)    A member of the credit committee serves for 1 year and until a successor is appointed and qualifies.    (g)    The credit committee shall fill any vacancy on the committee by appointing an individual to serve until the next regular meeting of the board.    (h)    The members of the credit committee shall elect the chairman of the credit committee at the beginning of each term and at any other time that a vacancy may occur in the position of the chairman.    (i)    The board shall remove any member of the credit committee who fails:        (1)    To attend three consecutive regular meetings of the credit committee without good cause; or        (2)    To perform any of the duties of the office.    (j)    Each member of the credit committee shall take an oath to perform faithfully the duties of the office.
MD. Financial Institutions Code Ann. §  6-603 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 6 - Loans|Section 6-603 - Credit Committee -- Approval of Loans; Loan Officers; Meetings

    (a)    (1)    Except as provided in subsection (b) of this section, and in § 6-328 (7) and (8) of this title, a loan may not be made to any member of a credit union unless it is approved unanimously by those members of the credit committee who are present at a meeting that is attended by a majority of the members of the credit committee.        (2)    If the bylaws of the credit union so provide, an applicant for a loan that is not approved by the credit committee may appeal to the board of directors.    (b)    (1)    (i)    The credit committee or the president may appoint loan officers.            (ii)    The appointment of loan officers by the president shall be subject to confirmation by the credit committee.            (iii)    The credit committee shall supervise loan officers and delegate to them the power to approve or disapprove loans in accordance with written instructions or policies adopted by the board.        (2)    Not more than one loan officer may be a member of the credit committee.        (3)    A loan made by a loan officer in accordance with the written instructions or policies of the board does not have to be approved by the credit committee.        (4)    (i)    Each loan officer shall give the credit committee the record of each loan that the officer approves or disapproves within 7 days after a loan application is made.            (ii)    The credit committee shall act on each loan application where the decision of the loan officer has been appealed by the credit union member.        (5)    A loan officer may not disburse credit union funds for any loan that the loan officer approved.    (c)    The credit committee shall meet as often as necessary.
MD. Financial Institutions Code Ann. §  6-604 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 6 - Loans|Section 6-604 - Maximum of Loans to Single Member

    The total of all loans made by a credit union directly or indirectly to any one member may not exceed 10 percent of the total assets of the credit union.
MD. Financial Institutions Code Ann. §  6-605 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 6 - Loans|Section 6-605 - Required Security

    (a)    A credit union may make a loan, including a business loan, to a member with or without security in accordance with the written lending policies established by the board that cover all secured and unsecured loans.    (b)    A credit union may accept as security for a loan:        (1)    An endorsed note;        (2)    A note secured by a lien on real, leasehold, or personal property;        (3)    An assignment of shares or deposits in the credit union; or        (4)    Any other kind of security that is approved by the Commissioner.    (c)    The Commissioner may review the lending policies of the credit union and order changes.
MD. Financial Institutions Code Ann. §  6-606 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 6 - Loans|Section 6-606 - Mortgage Loans

    (a)    A credit union may make a loan to a member that is secured by real or leasehold property in accordance with written real estate lending policies established by the board as provided in this section.    (b)    A loan under this section shall be:        (1)    Secured by a deed of trust or mortgage on real or leasehold property; and        (2)    Amortized over a period of 30 years or less.    (c)    The Commissioner may review the lending policies of the credit union and order changes.    (d)    (1)    This subsection does not apply to an extension of credit or loan made by a credit union on or after October 1, 1994.        (2)    A loan under this section that is secured by a first mortgage may be made at any rate of interest that does not exceed the rate authorized by Title 12, Subtitle 1 of the Commercial Law Article for mortgage loans.        (3)    A loan under this section that is secured by a second mortgage may be made at any rate of interest that does not exceed the rate authorized by Title 12, Subtitle 4 of the Commercial Law Article.
MD. Financial Institutions Code Ann. §  6-607 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 6 - Loans|Section 6-607 - Participation With Other Institutions

    (a)    Subject to the provisions of subsection (b) of this section, a credit union may participate with a depository financial institution or a credit union service organization for purposes of making a loan to a credit union member in accordance with the lending policies of the board.    (b)    A credit union may participate in a loan under subsection (a) of this section provided that the credit union that originates the loan retains an interest of at least 10% of the face amount of the loan.
MD. Financial Institutions Code Ann. §  6-608 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 6 - Loans|Section 6-608 - Government Guarantees

    A credit union may make a loan that is insured or guaranteed by the federal government, a state government or local government, or a unit of the federal government or of any state or local government.
MD. Financial Institutions Code Ann. §  6-610 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 6 - Loans|Section 6-610 - Loans to Officials of Credit Union

    (a)    (1)    A credit union may make a loan to an official of the credit union if the official takes no part in consideration of the loan application.        (2)    A loan authorized under paragraph (1) of this subsection requires approval of the board if:            (i)    The official is the debtor in the loan or is the guarantor, endorser, or cosigner of the loan; and            (ii)    The loan, standing alone or when added to the aggregate of all outstanding loans for which the official is the debtor or acts as guarantor, endorser, or cosigner, or both, exceeds $25,000 plus pledged shares.    (b)    The rates, terms, and conditions on any loan from a credit union to, or guaranteed, endorsed, or cosigned by, an official or officer of the credit union may not be more favorable than the rates, terms, and conditions for a comparable loan to another member of the credit union.
MD. Financial Institutions Code Ann. §  6-611 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 6 - Loans|Section 6-611 - Prohibited Loans

    A credit union may not make a loan to any person except:         (1)    A member of the credit union;        (2)    Another credit union; or        (3)    A credit union service organization.
MD. Financial Institutions Code Ann. §  6-701 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 7 - Miscellaneous Regulations|Section 6-701 - Required Insurance

    (a)    Each credit union incorporated under the laws of this State shall:        (1)    Participate in and have its member accounts insured under the National Credit Union Administration Share Insurance Program; or        (2)    Participate in and have its member accounts insured by a credit union share guaranty corporation that is approved by the Commissioner to at least the same extent and amount as provided by the National Credit Union Administration Share Insurance Program.    (b)    (1)    The Commissioner may examine any credit union share guaranty corporation that insures the member accounts of a credit union that is subject to this title.        (2)    The Commissioner may charge the reasonable cost of an examination conducted under paragraph (1) of this subsection to the credit union share guaranty corporation that is examined.    (c)    A credit union share guaranty corporation, its members, and persons who have share and deposit accounts in 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 title.    (d)    A credit union may not voluntarily terminate its insurance with the National Credit Union Administration Share Insurance Program or a credit union share guaranty corporation without prior approval of the Commissioner.
MD. Financial Institutions Code Ann. §  6-702 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 7 - Miscellaneous Regulations|Section 6-702 - Relevant Federal Provisions

    A credit union is subject to the provisions of 12 C.F.R., Part 702 (Prompt Corrective Action) and 12 U.S.C. § 1790d (Net Worth Provisions).
MD. Financial Institutions Code Ann. §  6-703 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 7 - Miscellaneous Regulations|Section 6-703 - Reserve Fund

    (a)    In this section, “risk assets” means a credit union’s total loans outstanding to its members.    (b)    (1)    Each credit union shall have a reserve fund to meet losses on loans and to meet other contingencies that the Commissioner specifies.        (2)    The reserve fund may be distributed to the members of the credit union only on dissolution of the credit union.    (c)    (1)    After paying organization expenses, each credit union shall credit to its reserve fund all entrance fees, transfer fees, and fines.        (2)    A credit union in operation for 4 years or more and having assets of $500,000 or more shall credit to the reserve fund, at the end of each accounting period:            (i)    10 percent of its gross income until the reserve fund equals 4 percent of its risk assets; and            (ii)    Then, 5 percent of its gross income until the reserve fund equals 6 percent of its risk assets.        (3)    A credit union in operation for less than 4 years or having assets of less than $500,000 shall credit to the reserve fund, at the end of each accounting period:            (i)    10 percent of its gross income until the reserve fund equals 7.5 percent of its risk assets; and            (ii)    Then, 5 percent of its gross income until the reserve fund equals 10 percent of its risk assets.        (4)    On recommendation of the board, the amount credited to the reserve fund may be increased.    (d)    If the reserve fund falls below the amounts required by subsection (c)(2) or (3) of this section, it shall be restored by regular contributions.
MD. Financial Institutions Code Ann. §  6-704 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 7 - Miscellaneous Regulations|Section 6-704 - Allowance for Loan and Lease Loss

    (a)    A credit union shall maintain an allowance for loan and lease loss account in accordance with generally accepted accounting principles.    (b)    The balance of the allowance for loan and lease loss account shall include coverage for:        (1)    Individually classified loans; and        (2)    The historical reserve needs of the credit union.
MD. Financial Institutions Code Ann. §  6-705 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 7 - Miscellaneous Regulations|Section 6-705 - Permitted Deposits and Investments

    (a)    The assets of a credit union that are not committed for loans may be invested in:        (1)    General obligations of or obligations guaranteed by the United States;        (2)    Deposits, loans, shares, or stock of any federal reserve bank, federal home loan bank, or any central liquidity facility established under state or federal law;        (3)    Securities, obligations, or other instruments of or issued by or fully guaranteed as to principal and interest by the federal government or a unit of the federal government;        (4)    General obligations of a state or a federal territory or political subdivision, provided that the general obligation is rated in one of the three highest rating categories of a nationally recognized statistical rating organization as determined by the Commissioner;        (5)    Deposits or federal funds of any financial institution that has federal deposit insurance;        (6)    Shares or deposits of other credit unions;        (7)    Mutual funds that invest solely in investments permissible for direct investment by the credit union;        (8)    Repurchase transactions secured by investments permissible for direct investment by the credit union; or        (9)    Any other investment that the Commissioner approves.    (b)    (1)    Subject to the provisions of paragraph (2) of this subsection, in addition to the investments authorized under subsection (a) of this section, a credit union may request authority from the Commissioner to make other investments, including investments authorized under the federal Credit Union Act or regulations of the National Credit Union Administration, on an ongoing basis.        (2)    To obtain the Commissioner’s approval for additional investment authority under paragraph (1) of this subsection, a credit union shall submit to the Commissioner an investment policy.    (c)    The Commissioner may review the investment policies of the credit union and order changes.
MD. Financial Institutions Code Ann. §  6-707 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 7 - Miscellaneous Regulations|Section 6-707 - Credit Union Facilities

    (a)    (1)    In addition to any other investment authorized under this subtitle, a credit union may purchase, construct, or acquire and hold, either individually or jointly with another credit union, fixed assets for the purpose of providing adequate facilities for the transaction of present and future business.        (2)    A credit union may use fixed assets acquired under this section for:            (i)    The principal office functions;            (ii)    Branches; and            (iii)    Any other activities in which the credit union engages.        (3)    A credit union may rent excess space in a fixed asset acquired under this section as a source of income.        (4)    A credit union’s investment in fixed assets acquired under this section:            (i)    May exceed 4% of the total assets of the credit union only with the prior approval of the Commissioner; and            (ii)    May not exceed 6% of the total assets of the credit union.    (b)    A credit union may purchase, lease, or acquire and hold tangible personal property, either individually or jointly with another credit union, as may be necessary or incidental to the operations of the credit union.
MD. Financial Institutions Code Ann. §  6-708 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 7 - Miscellaneous Regulations|Section 6-708 - Power to Borrow

    (a)    (1)    Subject to the provisions of paragraph (2) of this subsection, a credit union may borrow money for the purchase of fixed assets.        (2)    The term of the loan may not exceed:            (i)    15 years for borrowings secured by real or leasehold property; and            (ii)    5 years for borrowings secured by other fixed assets.    (b)    A credit union may borrow money for a purpose other than the purchase of fixed assets as long as the total borrowing does not exceed the greater of:        (1)    Two times the net worth of the borrowing credit union; or        (2)    10% of the total assets of the borrowing credit union.
MD. Financial Institutions Code Ann. §  6-709 (2021)
2021 Maryland Statutes|Financial Institutions|Title 6 - Credit Unions|Subtitle 7 - Miscellaneous Regulations|Section 6-709 - Change of Place of Business

    A credit union may change its place of business on written notice to the Commissioner.