Section 2-112 - Same - Other prohibited activities. - Maryland Statutes

§ 2-112. Same - Other prohibited activities.
 

(a)  In general.- Except as provided in subsection (b) of this section, the Commissioner, employees of the Commissioner's office, and other State employees acting under the supervision of the Commissioner's office may not: 

(1) Become indebted to any institution that is subject to the jurisdiction of the Commissioner; or 

(2) Engage or be interested in the sale of securities of or in the negotiation of loans for others to or with any banking institution or credit union. 

(b)  Excepted loans.- This section does not apply to a loan that is: 

(1) Made to a member of a credit union that has a membership of over 60,000 State employees; and 

(2) Approved by: 

(i) A credit committee approval under § 6-603 (a) (1) of this article; and 

(ii) The Board of Directors. 

(c)  Membership or office in credit unions.- The Commissioner, employees of the Commissioner's office, and other State employees acting under the supervision of the Commissioner's office may not: 

(1) Serve as an officer, director, or committee member of a credit union; or 

(2) Exercise any voting rights in a credit union. 

(d)  Penalty.- Any person who violates any provision of this section is subject to forfeiture of that person's office or employment. 
 

[An. Code 1957, art. 11, § 23; 1980, ch. 33, § 2; 1990, ch. 148; 1996, ch. 326, § 2; 2001, ch. 147, § 9; ch. 148, § 9.]