§ 6–708

Statutes in effect as of October 1, 2026.

Md. Code Ann., Fin. Inst. § 6-708 (2026)

Title 6. Credit Unions

Subtitle 7. Miscellaneous Regulations

(a)

(1)

Subject to the provisions of paragraph (2) of this subsection, a credit union may borrow money for the purchase of fixed assets.

(2)

The term of the loan may not exceed:

(i)

15 years for borrowings secured by real or leasehold property; and

(ii)

5 years for borrowings secured by other fixed assets.

(b)

A credit union may borrow money for a purpose other than the purchase of fixed assets as long as the total borrowing does not exceed the greater of:

(1)

Two times the net worth of the borrowing credit union; or

(2)

10% of the total assets of the borrowing credit union.