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09.03.01.00.htm 09.03.01.00. Title 09 MARYLAND DEPARTMENT OF LABOR Subtitle 03 COMMISSIONER OF FINANCIAL REGULATION Chapter 01 Credit Unions Authority: Business Regulation Article, §2-105; Financial Institutions Article, §2-105.1 and Title 6; Annotated Code of Maryland
09.03.01.01.htm 09.03.01.01. 01―07 Repealed..
09.03.01.08.htm 09.03.01.08. 08 Real Estate Lending.. A. Definitions.. 1) "Appraisal" means an objective estimate of value established using a real estate appraisal policy approved by the board of directors in accordance with all applicable federal and State laws and regulations and in conformity with secondary market guidelines including but not limited to the Federal National Mortgage Association (FNMA) and/or Federal Home Loan Mortgage Corporation (FHLMC)2) "Appraiser" means an individual who performs ap
09.03.01.09.htm 09.03.01.09. 09 Repealed..
09.03.01.10.htm 09.03.01.10. 10 Investments.. A. In this regulation, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Adjusted trading" means any method or transaction used to defer a loss whereby a credit union sells a security to a vendor at a price above its current market price, and simultaneously purchases or commits to purchase from the vendor another security at a price above its current market price.2) Options or Futures Contracts.. a) "Option or futures con
09.03.01.11.htm 09.03.01.11. 11 Accounting Procedures and Records Retention.. A. A credit union shall maintain books and financial records that:. 1) Accurately and fully reflect the fiscal affairs of the credit union; and. 2) Are sufficient to enable an independent certified public accountant to perform a complete audit of the credit union.B. A credit union shall maintain at least the following types of financial records:. 1) Cash receipts journal;. 2) Cash disbursements journal;. 3) General ledger;.
09.03.01.12.htm 09.03.01.12. 12 and .13 Repealed..
09.03.01.14.htm 09.03.01.14. 14 Member Business Loans.. A. In this regulation, the following terms have the meanings indicated:. 1) "Associated member" means a member with shared ownership, investment, or other pecuniary interest in a business or commercial endeavor with the borrower.2) "Development or construction loan" or both means a financing arrangement for acquiring property or rights to property, including land or structures, with the intent to convert it to income-producing property such as reside
09.03.01.15.htm 09.03.01.15. 15 Maximum Loans to a Single Member.. The term "indirectly to any one member" as used in Financial Institutions Article, §6-604, Annotated Code of Maryland, includes a loan or extension of credit made to any member who, acting directly or indirectly, individually or in concert with one or more other persons or entities, or through one or more subsidiaries:A. Acts in a common enterprise;. B. Owns or controls any entity, or holds proxies for, or otherwise has powe
09.03.01.16.htm 09.03.01.16. 16 Reports to the Commissioner of Financial Regulation.. A. The Commissioner of Financial Regulation shall require, as additional reports pursuant to Financial Institutions Article, §6-404(b) Annotated Code of Maryland, that a Report of Condition be received by the Commissioner on or before:1) July 30th of each year, reporting the financial condition of the credit union as of June 30th of that year; and2) February 1st of each year, reporting the financial condition of the cred
09.03.01.17.htm 09.03.01.17. 17 Boards of Directors ― Electronically Conducted Elections.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) “Electronically” means the use of one or more electronic devices.. 2) “Electronic device” means a device having electrical, digital, magnetic, wireless, optical, electromagnetic or similar capabilities and may include, but is not limited to, telephones, voice response units, computer systems, and electronic mail systems.
09.03.01.9999.htm 09.03.01.9999. Administrative History Effective date: December 24, 1976 (3:24 Md. R. 1392). Regulations .01―07 repealed effective October 1, 2001 (28:19 Md. R. 1683). Regulations .08―13 adopted as an emergency provision effective July 19, 1988 (15:18 Md. R. 2143) emergency status extended at 15:27 Md. R. 3123Regulations .08―18 adopted effective August 6, 1990 (17:15 Md. R. 1855). Regulation .08B amended effective October 6, 1997 (24:20 Md. R. 1403). Regulation .08 repealed a
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