Skip to main content
Find a Lawyer

Maryland Code, Financial Institutions § 9-1105

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

(a) To convert to a credit union, the mutual association shall deliver to the Commissioner:

(1) A written application for conversion in the form that the Maryland Department of Labor requires;

(2) Any additional exhibits the Department may require;

(3) Any filing fee set by the Department by regulation; and

(4) Its proposed amended articles and bylaws.

(b) Upon receipt of an application to convert, the Commissioner shall examine the mutual association.

(c) The examination shall include, but not be limited to, the following:

(1) The financial history and condition of the mutual association including:

(i) The identification of overvalued assets, undisclosed nonperforming loans, and understated liabilities;

(ii) The identification of assets that may become nonperforming assets upon conversion;

(iii) The identification of loans in default and loans past due over 60 days;

(iv) Review of material litigation affecting the mutual association, and the identification of significant judgments, orders or decrees affecting its financial status; and

(v) Review of mortgage contracts, participating loans, and other commitments; and

(2) The management of the association.

(d) As a condition of approval of an application of conversion, the Commissioner may require a mutual association to have its books and records audited and certified under § 9-502 of this title.

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

Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 9-1105 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-9-1105/

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