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Can you summarize MDCM Fin. Inst., Title 7?
Financial Institutions
Short Summary
The legal document outlines the establishment and purpose of the Credit Union Insurance Corporation, a nonprofit, nonstock corporation. The Corporation’s main purpose is to insure and guarantee the share and deposit accounts of member credit unions. It also aims to improve the ability of credit unions to provide low-cost consumer loans, promote the resources and flexibility of credit unions, and assist in the rehabilitation, stabilization, and liquidation of credit unions when necessary. The document specifies that the Corporation is not considered a department, unit, agency, or instrumentality of the State, and its debts and liabilities are separate from those of the State. The Corporation has the power to lend money to credit unions, guarantee or assist financially credit unions, acquire and dispose of property, and invest its funds in various financial instruments. The document also outlines the process for credit unions to become members of the Corporation, including certification by the Commissioner. The Board of Directors of the Corporation is responsible for its governance, and the document specifies the composition, powers, and responsibilities of the Board. Bylaws, rules, and regulations are established for the Corporation, subject to approval by the Commissioner. The document also addresses the insurance of share and deposit accounts, voting rights of members, dissolution and liquidation of the Corporation, and information exchange between the Corporation and the Commissioner. The Corporation is exempt from certain taxes and is not allowed to accept new membership applications after a certain date. Overall, the document provides a comprehensive framework for the establishment, operation, and governance of the Credit Union Insurance Corporation and its relationship with member credit unions.
Whom does it apply to?
Member credit unions, the Credit Union Insurance Corporation
What does it govern?
Establishment, purpose, and operation of the Credit Union Insurance Corporation
What are exemptions?
The Corporation is exempt from certain taxes and is not allowed to accept new membership applications after a certain date.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Maryland