§ 6–101
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 6-101 (2026)
Title 6. Credit Unions
Subtitle 1. Definitions
§ 6–101LinkCopy Citation
(a)
In this title the following words have the meanings indicated.
(b)
“Board” means the board of directors of a credit union.
(c)
(1)
“Branch” means a credit union office at which shares or deposits are received, share drafts or checks are paid, or money is lent.
(2)
“Branch” includes a mobile branch or other special–purpose facility that performs a function of a branch.
(3)
“Branch” does not include an automated teller machine as defined in § 1–401(d) of this article.
(d)
“Credit union” means a cooperative, nonprofit financial institution organized under this title to conduct business in the State.
(e)
“Credit union service organization” means an entity formed to engage in activities that:
(1)
Are incidental to the conduct of the business of a credit union;
(2)
Advance or facilitate the purposes of a credit union; and
(3)
Primarily serve a credit union and its members.
(f)
(1)
“Credit union share guaranty corporation” means a corporation engaged in the business of guaranteeing or insuring payment of a credit union share or deposit account.
(2)
“Credit union share guaranty corporation” includes the Credit Union Insurance Corporation established under Title 7 of this article.
(g)
“Deposit account” means a balance held by a credit union on which a contractual rate of interest may be paid as a debt owed by the credit union to the depositor.
(h)
“Fixed assets” includes land, buildings, leasehold improvements, furniture, fixtures, and equipment used in the conduct of the regular business of a credit union.
(i)
“Member in good standing” means a member who:
(1)
Owns at least one share in a credit union;
(2)
Is current on all credit obligations to the credit union; and
(3)
Has not caused the credit union a credit or deposit loss that is currently outstanding.
(j)
“Officer” means any officer that a Maryland corporation is required or permitted to have under § 2–412 of the Corporations and Associations Article.
(k)
“Official” means:
(1)
A director;
(2)
A member of a credit committee; or
(3)
A member of a supervisory committee.
(l)
“Out–of–state credit union” means:
(1)
A federal credit union with its main office in a state other than this State; or
(2)
A credit union chartered and primarily regulated by another state.
(m)
“Share” or “share account” means a balance held by a credit union on which a dividend may be paid and which confers membership and voting rights on the member.