Maryland Code, Financial Institutions § 6-307

(1) File with the Commissioner for examination three copies of the articles of incorporation and two copies of the bylaws; and

(2) Pay to the Commissioner a fee of $500.

(1) The articles and bylaws are framed in accordance with law and are reasonable;

(2) The character, responsibility, and general fitness of the incorporators command confidence and warrant belief that the business of the proposed credit union will be conducted honestly and efficiently, in accordance with the intent of this title; and

(3) Allowing the proposed credit union to engage in business:

(d)(1) Unless the Commissioner notifies the applicant that a different time period is necessary, within 120 days after the articles and bylaws are filed, the Commissioner shall sign, date, and endorse each copy of the articles and bylaws as “approved” or “refused”.

(2) If formation of the credit union is refused, the Commissioner shall notify the incorporators in writing of the reason for the refusal.

(3) If formation of the credit union is approved, the Commissioner shall: