(a) Except as provided in subsection (b) of this section, the Commissioner, employees
of the Commissioner's office, and other State employees acting under the supervision
of the Commissioner's office may not:
(1) Become indebted to any institution that is subject to the jurisdiction of the
(2) Engage or be interested in the sale of securities of or in the negotiation of
loans for others to or with any banking institution or credit union.
(b) This section does not apply to a loan that is:
(1) Made to a member of a credit union that has a membership of over 60,000 State
(2) Approved by:
(i) A credit committee approval under § 6-603(a)(1) of this article; and
(ii) The Board of Directors.
(c) The Commissioner, employees of the Commissioner's office, and other State employees
acting under the supervision of the Commissioner's office may not:
(1) Serve as an officer, director, or committee member of a credit union; or
(2) Exercise any voting rights in a credit union.
(d) Any person who violates any provision of this section is subject to forfeiture
of that person's office or employment.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.