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§ 6-807. State Branches

(a) Authorized. -- A credit union may establish a branch in the State in accordance with the provisions of this section.

(b) Requirements. --

(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) Approval. -- 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.

History

2001, ch. 147, § 1; ch. 148, § 1.

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Local Government
Maryland
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Larry Hogan
Larry Hogan
January 21, 2015 -
Republican
1-410-974-3400
100 State Circle, Annapolis, MD, 21401

Keywords
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union
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