Section 7-119 - Primary share guaranty insurance. - Maryland Statutes

§ 7-119. Primary share guaranty insurance.
 

(a)  In general.- A credit union that is a member of the Corporation shall obtain primary share guaranty insurance with: 

(1) The National Credit Union Administration Share Insurance Program; or 

(2) A credit union share guaranty corporation regulated under Subtitle 2 of this title that is approved by the Commissioner to provide primary share guaranty insurance at least to the same extent and amount as provided by the National Credit Union Administration Share Insurance Program. 

(b)  Time limits for compliance.- A credit union that is a member of the Corporation shall comply with the provisions of subsection (a) of this section within 2 years after the date that the Commissioner issues the first certificate of authority under § 7-203 of this title. 
 

[2002, ch. 540.]