Section 6-313 - Powers authorized by federal law. - Maryland Statutes

§ 6-313. Powers authorized by federal law.
 

(a)  Additional activities.- Notwithstanding any other provision of the laws or regulations of the State, on approval of the Commissioner, a credit union may engage in any additional activity, service, or other practice in which, under federal law or regulation, federal credit unions may engage. 

(b)  Scope of authority.- The Commissioner may grant an approval under this section only if: 

(1) The Commissioner determines that approval: 

(i) Reasonably is required to protect the welfare of the general economy of the State and of credit unions; or 

(ii) Is not detrimental to the public interest or to credit unions; and 

(2) The approval imposes the same conditions that federal law or regulation requires or permits as to federal credit unions. 
 

[An. Code 1957, art. 11, § 141A; 1980, ch. 33, § 2; 1986, ch. 778; 1996, ch. 326, § 2; 2001, ch. 147, § 1; ch. 148, § 1.]