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Maryland Code, Financial Institutions § 6-602

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

(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.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 6-602 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-6-602/

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