Section 7-205 - Certificate of authority - Qualifications; limitations. - Maryland Statutes

§ 7-205. Certificate of authority - Qualifications; limitations.
 

(a)  Qualifications.- To qualify for a certificate of authority under this subtitle, an applicant shall satisfy the Commissioner that the applicant: 

(1) Is trustworthy and reputable; 

(2) Has a good business reputation; 

(3) If domiciled outside the State, is currently licensed and authorized to engage in the credit union share guaranty business in its state of domicile; 

(4) Has and will maintain retained earnings or equity capital of at least $5,000,000, computed in accordance with generally accepted accounting principles; 

(5) Is in compliance with: 

(i) Its charter and this subtitle; and 

(ii) If domiciled outside the State, all laws and regulations applicable to credit union share guaranty corporations in its state of domicile; 

(6) Will conduct the credit union share guaranty business in the State in a manner that will adequately protect the share and deposit accounts of its participating credit unions; and 

(7) Will maintain reserves for guaranty losses in compliance with § 7-217 of this subtitle. 

(b)  Limitations.- A person may not be authorized to engage in the credit union share guaranty business in the State if the person has or uses a name that is so similar to the name of a credit union share guaranty corporation already issued a certificate of authority under this subtitle as to tend to cause uncertainty or confusion or to deceive or mislead. 
 

[2002, ch. 540.]