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Maryland Code, Financial Institutions § 6-605

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

(a) A credit union may make a loan, including a business loan, to a member with or without security in accordance with the written lending policies established by the board that cover all secured and unsecured loans.

(b) A credit union may accept as security for a loan:

(1) An endorsed note;

(2) A note secured by a lien on real, leasehold, or personal property;

(3) An assignment of shares or deposits in the credit union; or

(4) Any other kind of security that is approved by the Commissioner.

(c) The Commissioner may review the lending policies of the credit union and order changes.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 6-605 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-6-605/

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