§ 6–807
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 6-807 (2026)
Title 6. Credit Unions
Subtitle 8. Extraordinary Actions
§ 6–807LinkCopy Citation
(a)
A credit union may establish a branch in the State in accordance with the provisions of this section.
(b)
(1)
A credit union that proposes to establish a branch in the State shall:
(i)
File with the Commissioner, at least 30 days before the intended opening date, a notice of intention to open a branch;
(ii)
Submit to the Commissioner any information the Commissioner requires in order to evaluate the proposed branch; and
(iii)
Pay to the Commissioner a branch fee of $100.
(2)
The branch fee may not apply to a branch that is acquired by a credit union through a merger or consolidation with, or transfer to the credit union of all or substantially all of the assets of, a credit union.
(c)
In deciding whether to approve the establishment of a branch, the Commissioner shall consider whether:
(1)
The establishment of the branch will promote the convenience of the members of the credit union;
(2)
The applicant has sufficient net worth to support the branch; and
(3)
The applicant generally is operating in compliance with the provisions of this title.
(d)
(1)
The Commissioner shall decide whether to approve the establishment of a branch within 30 days of receipt of the notice specified in subsection (b)(1) of this section.
(2)
The establishment of a branch shall be deemed approved if the Commissioner takes no action on the notice within the time limit specified in this subsection.