Skip to main content
Find a Lawyer

Maryland Code, Financial Institutions § 6-101

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) In this title the following words have the meanings indicated.

(b) “Board” means the board of directors of a credit union.

(c)(1) “Branch” means a credit union office at which shares or deposits are received, share drafts or checks are paid, or money is lent.

(2) “Branch” includes a mobile branch or other special-purpose facility that performs a function of a branch.

(3) “Branch” does not include an automated teller machine as defined in § 1-401(d) of this article.

(d) “Credit union” means a cooperative, nonprofit financial institution organized under this title to conduct business in the State.

(e) “Credit union service organization” means an entity formed to engage in activities that:

(1) Are incidental to the conduct of the business of a credit union;

(2) Advance or facilitate the purposes of a credit union; and

(3) Primarily serve a credit union and its members.

(f)(1) “Credit union share guaranty corporation” means a corporation engaged in the business of guaranteeing or insuring payment of a credit union share or deposit account.

(2) “Credit union share guaranty corporation” includes the Credit Union Insurance Corporation established under Title 7 of this article.

(g) “Deposit account” means a balance held by a credit union on which a contractual rate of interest may be paid as a debt owed by the credit union to the depositor.

(h) “Fixed assets” includes land, buildings, leasehold improvements, furniture, fixtures, and equipment used in the conduct of the regular business of a credit union.

(i) “Member in good standing” means a member who:

(1) Owns at least one share in a credit union;

(2) Is current on all credit obligations to the credit union; and

(3) Has not caused the credit union a credit or deposit loss that is currently outstanding.

(j) “Officer” means any officer that a Maryland corporation is required or permitted to have under § 2-412 of the Corporations and Associations Article.

(k) “Official” means:

(1) A director;

(2) A member of a credit committee; or

(3) A member of a supervisory committee.

(l) “Out-of-state credit union” means:

(1) A federal credit union with its main office in a state other than this State; or

(2) A credit union chartered and primarily regulated by another state.

(m) “Share” or “share account” means a balance held by a credit union on which a dividend may be paid and which confers membership and voting rights on the member.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 6-101 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-6-101/

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 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.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard