Section 6-807 - State branches. - Maryland Statutes

§ 6-807. State branches.
 

(a)  Authorized.- A credit union may establish a branch in the State in accordance with the provisions of this section. 

(b)  Requirements.-  

(1) A credit union that proposes to establish a branch in the State shall: 

(i) File with the Commissioner, at least 30 days before the intended opening date, a notice of intention to open a branch; 

(ii) Submit to the Commissioner any information the Commissioner requires in order to evaluate the proposed branch; and 

(iii) Pay to the Commissioner a branch fee of $100. 

(2) The branch fee may not apply to a branch that is acquired by a credit union through a merger or consolidation with, or transfer to the credit union of all or substantially all of the assets of, a credit union. 

(c)  Approval.- In deciding whether to approve the establishment of a branch, the Commissioner shall consider whether: 

(1) The establishment of the branch will promote the convenience of the members of the credit union; 

(2) The applicant has sufficient net worth to support the branch; and 

(3) The applicant generally is operating in compliance with the provisions of this title. 

(d) (1)  The Commissioner shall decide whether to approve the establishment of a branch within 30 days of receipt of the notice specified in subsection (b) (1) of this section. 

(2) The establishment of a branch shall be deemed approved if the Commissioner takes no action on the notice within the time limit specified in this subsection. 
 

[2001, ch. 147, § 1; ch. 148, § 1.]