Section 6-704 - Allowance for loan and lease loss. - Maryland Statutes

§ 6-704. Allowance for loan and lease loss.
 

(a)  Required.- A credit union shall maintain an allowance for loan and lease loss account in accordance with generally accepted accounting principles. 

(b)  Coverage.- The balance of the allowance for loan and lease loss account shall include coverage for: 

(1) Individually classified loans; and 

(2) The historical reserve needs of the credit union. 
 

[2001, ch. 147, § 1; ch. 148, § 1.]