§ 6–605
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 6-605 (2026)
Title 6. Credit Unions
Subtitle 6. Loans
§ 6–605LinkCopy Citation
(a)
A credit union may make a loan, including a business loan, to a member with or without security in accordance with the written lending policies established by the board that cover all secured and unsecured loans.
(b)
A credit union may accept as security for a loan:
(1)
An endorsed note;
(2)
A note secured by a lien on real, leasehold, or personal property;
(3)
An assignment of shares or deposits in the credit union; or
(4)
Any other kind of security that is approved by the Commissioner.
(c)
The Commissioner may review the lending policies of the credit union and order changes.