<section article="gfi" article_name="Financial Institutions" number="7-101" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Corporation” means the Credit Union Insurance Corporation.</text> </level> <level label="c"> <text>“Credit union” means:</text> <level label="1"> <text>Any credit union that is incorporated under the laws of this State; and</text> </level> <level label="2"> <text>Any other credit union that is authorized to do business in this State and has its principal office in this State.</text> </level> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-102" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <level label="a"> <text>There is a Credit Union Insurance Corporation, established as a nonprofit, nonstock corporation, the members of which are credit unions that are accepted for membership under this part.</text> </level> <level label="b"> <level label="1"> <text>The Corporation is not and may not be deemed a department, unit, agency, or instrumentality of the State for any purpose.</text> </level> <level label="2"> <text>All debts, claims, obligations, and liabilities of the Corporation, whenever incurred, shall be the debts, claims, obligations, and liabilities of the Corporation only and not of the State, its agencies, instrumentalities, officers, or employees.</text> </level> <level label="3"> <text>The Corporation money may not be considered part of the General Fund of the State.</text> </level> <level label="4"> <text>The debts, claims, obligations, and liabilities of the Corporation may not be considered to be a debt of the State or a pledge of its credit.</text> </level> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-103" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <text>The purposes of the Corporation are to:</text> <level label="1"> <text>Insure and guarantee the share and deposit accounts of member credit unions;</text> </level> <level label="2"> <text>Improve and stimulate the ability of credit unions to provide low-cost consumer loans;</text> </level> <level label="3"> <text>Promote the elasticity and flexibility of the resources of credit unions;</text> </level> <level label="4"> <text>Make loans for liquidity purposes to credit unions;</text> </level> <level label="5"> <text>Discount notes of credit unions;</text> </level> <level label="6"> <text>Provide a State service of lending among credit unions;</text> </level> <level label="7"> <text>Help rehabilitate and stabilize credit unions;</text> </level> <level label="8"> <text>Help liquidate credit unions in an orderly manner when necessary;</text> </level> <level label="9"> <text>Help strengthen and develop credit unions serving low-income individuals; and</text> </level> <level label="10"> <text>Cooperate with and assist credit unions, organizations of credit unions, the Commissioner, the National Credit Union Administration, and others in improving the general welfare of the people through credit unions.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-104" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <level label="a"> <text>The Corporation exercises its powers and performs its duties subject to the authority of the Commissioner.</text> </level> <level label="b"> <text>Except as otherwise provided in this subtitle, the Corporation has all of the powers, privileges, and immunities granted to Maryland corporations under the Maryland General Corporation Law.</text> </level> <level label="c"> <text>Subject to the provisions of Part III of this subtitle, the Corporation has perpetual existence.</text> </level> <level label="d"> <text>The Corporation may:</text> <level label="1"> <text>Lend money to any credit union;</text> </level> <level label="2"> <text>Guarantee, endorse, or act as surety on the obligations of or otherwise assist financially any credit union; and</text> </level> <level label="3"> <text>Establish and regulate the terms and conditions of and charges for any loans or financial assistance to credit unions.</text> </level> </level> <level label="e"> <level label="1"> <text>The Corporation may buy, lease, or otherwise acquire and sell, mortgage, lease, or otherwise dispose of real or personal property on the terms that its Board of Directors considers advisable.</text> </level> <level label="2"> <text>The Corporation may acquire any real or personal property in satisfaction of debts or enforcement of obligations and may dispose of that property.</text> </level> </level> <level label="f"> <text>The Corporation may:</text> <level label="1"> <text>Assist in the merger, stabilization, consolidation, or liquidation of credit unions; and</text> </level> <level label="2"> <text>Take possession of and operate the business and assets of any credit union if ordered to do so by the Commissioner under § 6-905 of this article.</text> </level> </level> <level label="g"> <text>The Corporation may become a member of the National Association of Share Insurance Corporations or any comparable organization.</text> </level> <level label="h"> <text>The Corporation may invest any of its funds in:</text> <level label="1"> <text>Cash or deposits in checking or savings accounts with or certificates of deposit of:</text> <level label="i"> <text>Any bank that is a member of the Federal Deposit Insurance Corporation; and</text> </level> <level label="ii"> <text>Any savings and loan association whose deposits are insured by the Federal Deposit Insurance Corporation;</text> </level> </level> <level label="2"> <text>Cash or deposits in share or deposit accounts with or certificates of deposit or notes of any credit union that is a member of the Corporation, the National Credit Union Administration Share Insurance Program, or a similar insurance program;</text> </level> <level label="3"> <text>Obligations of:</text> <level label="i"> <text>The United States or any state or any political subdivision of any state;</text> </level> <level label="ii"> <text>Any commission, instrumentality, agency, or authority of the United States or any state; and</text> </level> <level label="iii"> <text>Any corporation that is incorporated under the laws of the United States or of any state;</text> </level> </level> <level label="4"> <text>Readily marketable, dividend-paying shares of any corporation that is incorporated under the laws of the United States or of any state, except that it may not invest more than 10 percent of its total assets in these shares nor more than 3 percent of its total assets in the shares of any one corporation; and</text> </level> <level label="5"> <text>Any other investments, including common trust investments, that are permitted by law or authorized by the Commissioner for credit unions.</text> </level> </level> <level label="i"> <text>The Corporation may:</text> <level label="1"> <text>Borrow money and otherwise incur obligations for any of its purposes;</text> </level> <level label="2"> <text>Issue its secured or unsecured bonds, debentures, notes, or other evidences of obligation; and</text> </level> <level label="3"> <text>Secure these obligations by mortgage, pledge, or other lien on all or any part of its property, rights, and privileges.</text> </level> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-105" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <level label="a"> <text>The Corporation shall insure and guarantee the share and deposit accounts of each member on the same basis, and to the same extent and amount as provided by the National Credit Union Administration Share Insurance Program.</text> </level> <level label="b"> <text>The Corporation may make contracts for reinsurance.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-106" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <level label="a"> <level label="1"> <text>Subject to the provisions of Part III of this subtitle, any credit union may apply to the Corporation to become a member of the Corporation.</text> </level> <level label="2"> <text>The Corporation shall refer each application that it receives to the Commissioner.</text> </level> </level> <level label="b"> <level label="1"> <text>On receipt of an application for membership, the Commissioner shall examine the affairs of the credit union.</text> </level> <level label="2"> <text>If the Commissioner finds that the credit union qualifies for membership under § 7–107 of this subtitle, the Commissioner shall certify that fact to the Corporation.</text> </level> </level> <level label="c"> <text>The Corporation may not extend benefits to any credit union until the Corporation receives the certification of the Commissioner.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-107" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <level label="a"> <level label="1"> <text>A credit union becomes a member of the Corporation when:</text> <level label="i"> <text>The financial affairs, solvency, and management of a credit union have been certified by the Commissioner as approved for insurance of its share and deposit accounts; and</text> </level> <level label="ii"> <text>The application of the credit union is accepted by the Board of Directors of the Corporation.</text> </level> </level> <level label="2"> <text>The Board of Directors of the Corporation may deny the application of a credit union only for good cause shown.</text> </level> </level> <level label="b"> <text>Subject to the bylaws, rules, and regulations of the Corporation and except as provided in subsection (c) of this section and Part III of this subtitle, membership in the Corporation continues as long as the Corporation exists.</text> </level> <level label="c"> <level label="1"> <text>If the Board of Directors of the Corporation finds that unsafe or unsound practices or mismanagement of a member threatens loss to the Corporation or appears to affect adversely the solvency of the member, the Board may:</text> <level label="i"> <text>Order the member to correct the situation; or</text> </level> <level label="ii"> <text>With the approval of the Commissioner and after giving the member notice and an opportunity for a hearing, revoke the membership of the credit union.</text> </level> </level> <level label="2"> <text>A credit union that is organized under federal law or the laws of any other state may withdraw from the Corporation by:</text> <level label="i"> <text>Giving written notice at least 1 year in advance; and</text> </level> <level label="ii"> <text>Complying with the bylaws, rules, and regulations of the Corporation.</text> </level> </level> </level> <level label="d"> <text>Each member of the Corporation shall make the investments and pay the assessments, premiums, and other charges required for participation in the Corporation.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-108" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <level label="a"> <text>In the election of directors and in voting on any other matter at a meeting of the members of the Corporation, each member has one vote, to be cast by its delegate.</text> </level> <level label="b"> <text>A delegate may not vote on behalf of more than one member.</text> </level> <level label="c"> <text>A majority of the votes cast is sufficient to elect directors or decide any questions voted on by the members.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-109" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <level label="a"> <text>The powers of the Corporation shall be exercised by its Board of Directors.</text> </level> <level label="b"> <text>The Board of Directors consists of 11 directors elected by the members of the Corporation.</text> </level> <level label="c"> <text>Each director shall be a resident of this State.</text> </level> <level label="d"> <level label="1"> <text>Each director serves for a term of 4 years and until a successor is chosen and qualifies.</text> </level> <level label="2"> <text>The terms of the directors shall be staggered as required by the terms provided for directors on July 1, 1988.</text> </level> <level label="3"> <text>If a vacancy occurs as to an elected director, the Board of Directors shall elect a successor to fill the vacancy until the next annual meeting of the members of the Corporation. At the annual meeting, the members of the Corporation shall elect a successor to serve for the rest of the term and until a successor is elected and qualifies.</text> </level> </level> <level label="e"> <text>A majority of the full authorized membership of the Board of Directors is a quorum.</text> </level> <level label="f"> <text>Each director is entitled to reasonable compensation, as set by the Board of Directors with the approval of the Commissioner.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-110" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <level label="a"> <level label="1"> <text>The Board of Directors of the Corporation:</text> <level label="i"> <text>Shall elect one of its members as chairman of the Board; and</text> </level> <level label="ii"> <text>May appoint any officers and employees that it considers advisable.</text> </level> </level> <level label="2"> <text>The manner of election of the chairman and appointment of officers and their terms of office shall be as the bylaws provide.</text> </level> </level> <level label="b"> <text>In accordance with the bylaws of the Corporation, the Board of Directors shall set the amount of the fidelity bonds of the officers and employees of the Corporation.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-111" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <level label="a"> <text>The Board of Directors of the Corporation shall adopt bylaws for the Corporation and rules and regulations to carry out the provisions of this title.</text> </level> <level label="b"> <level label="1"> <text>A bylaw, rule, or regulation becomes effective only after it is submitted to and approved by the Commissioner.</text> </level> <level label="2"> <text>A bylaw, rule, or regulation is considered approved if the Commissioner does not notify the Corporation of disapproval and the reasons for it within 30 days after submission of the bylaw, rule, or regulation.</text> </level> <level label="3"> <text>The Commissioner may disapprove a bylaw, rule, or regulation only if the Commissioner has reason to believe that:</text> <level label="i"> <text>It is contrary to the principles or purposes of this title; or</text> </level> <level label="ii"> <text>It does not serve the best interests of the public.</text> </level> </level> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-112" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <text>The Corporation may require independent audits and investigations of any member to determine the member’s financial condition as it relates to insurance of share and deposit accounts. These audits and investigations shall be made at the expense of the credit union.</text> </section> <section article="gfi" article_name="Financial Institutions" number="7-113" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <level label="a"> <text>This section applies notwithstanding any other provisions of law.</text> </level> <level label="b"> <level label="1"> <text>The Corporation and the Commissioner may exchange information about credit unions.</text> </level> <level label="2"> <text>The Commissioner shall make available to the Corporation all examinations of credit unions that are members of the Corporation.</text> </level> </level> <level label="c"> <text>If a credit union is not incorporated under the laws of this State, the credit union may not be accepted as a member of the Corporation unless it submits a written statement from the agency that regulates it stating that the agency will cooperate with the Commissioner in carrying out the provisions of this title.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-114" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <text>The net earnings of the Corporation shall be accumulated and may not be returned to its members.</text> </section> <section article="gfi" article_name="Financial Institutions" number="7-115" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <text>The Corporation, its members, and persons who have share and deposit accounts in credit unions are not subject to the provisions of the Insurance Article as a result of any of the activities of the Corporation under this title.</text> </section> <section article="gfi" article_name="Financial Institutions" number="7-116" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <text>The Corporation is exempt from all taxes imposed by this State or any of its political subdivisions under §§ 20–101, 20–104, 20–108, 20–113 through 20–127, 20–601, 20–603 through 20–609, 20–805, and 20–806, and Title 20, Subtitles 3 through 5 of the Local Government Article, Title 6, Subtitle 1 of the Insurance Article, the Tax – General Article, or the Tax – Property Article.</text> </section> <section article="gfi" article_name="Financial Institutions" number="7-117" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <text>This title does not, and the Corporation may not, pledge the faith or credit of this State.</text> </section> <section article="gfi" article_name="Financial Institutions" number="7-118" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <level label="a"> <text>The Corporation may not accept an application from a credit union for new membership on or after the date that the Commissioner issues the first certificate of authority under § 7-203 of this title.</text> </level> <level label="b"> <text>The Commissioner shall notify the Corporation of the date that the Commissioner issues the first certificate of authority under § 7-203 of this title.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-119" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <level label="a"> <text>A credit union that is a member of the Corporation shall obtain primary share guaranty insurance with:</text> <level label="1"> <text>The National Credit Union Administration Share Insurance Program; or</text> </level> <level label="2"> <text>A credit union share guaranty corporation regulated under Subtitle 2 of this title that is approved by the Commissioner to provide primary share guaranty insurance at least to the same extent and amount as provided by the National Credit Union Administration Share Insurance Program.</text> </level> </level> <level label="b"> <text>A credit union that is a member of the Corporation shall comply with the provisions of subsection (a) of this section within 2 years after the date that the Commissioner issues the first certificate of authority under § 7-203 of this title.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-120" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <level label="a"> <level label="1"> <text>In this section, “assets” means:</text> <level label="i"> <text>All net earnings of the Corporation accumulated under § 7–114 of this subtitle; and</text> </level> <level label="ii"> <text>All real or tangible or intangible personal property of the Corporation.</text> </level> </level> <level label="2"> <text>In this section, “assets” does not include member deposits.</text> </level> </level> <level label="b"> <text>Within 2 years after the date that the Corporation no longer has any members, the Corporation shall complete the dissolution of the Corporation in accordance with the provisions of this section.</text> </level> <level label="c"> <level label="1"> <text>When the Corporation no longer has any members, the Corporation shall file articles of dissolution with the Commissioner and the State Department of Assessments and Taxation.</text> </level> <level label="2"> <text>Except as provided in subsection (d) of this section, the Corporation is dissolved when the Commissioner accepts the Corporation’s articles of dissolution.</text> </level> </level> <level label="d"> <level label="1"> <text>The Corporation continues to exist for the purpose of collecting money owing to the Corporation, paying, satisfying, and discharging any existing debts or obligations, collecting and distributing the Corporation’s assets, and doing all other acts required to liquidate and wind up the business and affairs of the Corporation.</text> </level> <level label="2"> <text>After paying, satisfying, and discharging any existing debts or obligations, the Corporation shall transfer its remaining assets to a corporation that satisfies the requirements of subsection (e) of this section.</text> </level> </level> <level label="e"> <text>The corporation receiving the assets under subsection (d)(2) of this section shall:</text> <level label="1"> <text>Be a nonprofit corporation that is exempt from federal taxation under § 501(c)(3) of the Internal Revenue Code;</text> </level> <level label="2"> <text>Have been organized:</text> <level label="i"> <text>For educational and charitable purposes; and</text> </level> <level label="ii"> <text>To promote and publicize the interest and welfare of credit unions and their members in this State; and</text> </level> </level> <level label="3"> <text>Have been in existence and operating under a charter that includes the following purposes for at least 10 years:</text> <level label="i"> <text>Promoting the ideals of the credit union movement, including the cooperative nonprofit aspect, democratic aspect, the common bond, volunteerism, personalized service, cooperative spirit, and the encouragement of thrift and the creation of a source of credit at fair and reasonable rates;</text> </level> <level label="ii"> <text>Helping to strengthen and develop credit unions serving low–income individuals;</text> </level> <level label="iii"> <text>Improving and stimulating the ability of credit unions to provide low–cost consumer loans;</text> </level> <level label="iv"> <text>Promoting the elasticity and flexibility of the resources of credit unions;</text> </level> <level label="v"> <text>Conducting or funding research on all aspects of credit union operations and the credit union movement in general;</text> </level> <level label="vi"> <text>Cooperating and assisting credit unions and local and national organizations and credit unions to improve the general welfare of the people through credit unions;</text> </level> <level label="vii"> <text>Providing scholarships and awards to professionals and volunteers in the credit union movement; and</text> </level> <level label="viii"> <text>Furthering the credit union movement and performing all necessary and properly related services and activities.</text> </level> </level> </level> <level label="f"> <text>The Corporation shall promptly notify the Commissioner following the completion of the liquidation and the winding up of the business and affairs of the Corporation.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-121" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="1" subtitle_name="Credit Union Insurance Corporation"> <text>The Commissioner may require the Corporation to provide any information that the Commissioner deems necessary to determine whether the phase-out and dissolution of the Corporation are in accordance with the provisions of this part.</text> </section> <section article="gfi" article_name="Financial Institutions" number="7-201" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>Unless the context requires otherwise, “credit union” has the meaning stated in § 6-101(d) of this article.</text> </level> <level label="c"> <text>“Credit union share guaranty corporation” means a corporation that is:</text> <level label="1"> <text>Engaged in the business of providing primary share guaranty insurance for the share and deposit accounts of a credit union; and</text> </level> <level label="2"> <text>Regulated under this subtitle.</text> </level> </level> <level label="d"> <text>“Participating credit union” means a credit union that has applied for and been admitted to participation in a credit union share guaranty corporation and whose participation has not terminated.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-202" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <text>The provisions of this subtitle do not apply to the Credit Union Insurance Corporation established under Subtitle 1 of this title.</text> </section> <section article="gfi" article_name="Financial Institutions" number="7-203" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <level label="a"> <text>A person may not conduct business as a credit union share guaranty corporation unless the person has a certificate of authority issued by the Commissioner under this subtitle.</text> </level> <level label="b"> <text>A certificate of authority issued by the Commissioner under this subtitle is not transferrable.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-204" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <level label="a"> <text>A credit union share guaranty corporation shall insure and guarantee the share and deposit accounts of each participating credit union to at least the same extent and amount as provided by the National Credit Union Administration Share Insurance Program.</text> </level> <level label="b"> <text>A credit union share guaranty corporation may make contracts for reinsurance.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-205" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <level label="a"> <text>To qualify for a certificate of authority under this subtitle, an applicant shall satisfy the Commissioner that the applicant:</text> <level label="1"> <text>Is trustworthy and reputable;</text> </level> <level label="2"> <text>Has a good business reputation;</text> </level> <level label="3"> <text>If domiciled outside the State, is currently licensed and authorized to engage in the credit union share guaranty business in its state of domicile;</text> </level> <level label="4"> <text>Has and will maintain retained earnings or equity capital of at least $5,000,000, computed in accordance with generally accepted accounting principles;</text> </level> <level label="5"> <text>Is in compliance with:</text> <level label="i"> <text>Its charter and this subtitle; and</text> </level> <level label="ii"> <text>If domiciled outside the State, all laws and regulations applicable to credit union share guaranty corporations in its state of domicile;</text> </level> </level> <level label="6"> <text>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</text> </level> <level label="7"> <text>Will maintain reserves for guaranty losses in compliance with § 7-217 of this subtitle.</text> </level> </level> <level label="b"> <text>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.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-206" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <level label="a"> <level label="1"> <text>To apply for a certificate of authority, an applicant shall sign and submit to the Commissioner an application made under oath on the form that the Commissioner requires.</text> </level> <level label="2"> <text>The application shall include:</text> <level label="i"> <text>The applicant’s corporate name, business address, and any trade names under which the applicant conducts business;</text> </level> <level label="ii"> <text>The name and business address of each of the applicant’s officers and directors;</text> </level> <level label="iii"> <text>The address at which the business is to be conducted;</text> </level> <level label="iv"> <text>The name and address of the applicant’s proposed resident agent in the State; and</text> </level> <level label="v"> <text>Any other information that the Commissioner reasonably requires.</text> </level> </level> </level> <level label="b"> <text>With the application, the applicant shall submit:</text> <level label="1"> <text>A certified copy of its articles of incorporation with all amendments;</text> </level> <level label="2"> <text>A certified copy of its bylaws with all amendments;</text> </level> <level label="3"> <text>A copy of the applicant’s annual financial statements as of the immediately preceding December 31, prepared in accordance with generally accepted accounting principles and audited and certified by an independent certified public accountant;</text> </level> <level label="4"> <text>If domiciled outside the State, a copy of the applicant’s most recent report of examination, if any, made by the responsible supervisory official in its state of domicile;</text> </level> <level label="5"> <text>If domiciled outside the State, certification by the responsible supervisory official in its state of domicile showing that the applicant is authorized to engage in the credit union share guaranty business in that state;</text> </level> <level label="6"> <text>A copy of the applicant’s current standard written contract with participating credit unions containing the rights and obligations of the parties; and</text> </level> <level label="7"> <text>Any other information and documents that the Commissioner reasonably requires.</text> </level> </level> <level label="c"> <text>With the application, the applicant shall pay to the Commissioner a nonrefundable application fee of $5,000.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-207" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <level label="a"> <text>When an applicant for a certificate of authority files the application and pays the application fee required under § 7-206 of this subtitle, the Commissioner shall conduct an investigation to determine if the applicant meets the requirements of § 7-205 of this subtitle.</text> </level> <level label="b"> <text>Unless the Commissioner notifies the applicant that a different time period is necessary, the Commissioner shall approve or deny each application for a certificate of authority within 120 days after the complete application is filed and the application fee is paid.</text> </level> <level label="c"> <text>The Commissioner shall issue a certificate of authority to any applicant who meets the requirements of this subtitle.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-208" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <level label="a"> <text>If an application for a certificate of authority is denied, the notification of the denial shall:</text> <level label="1"> <text>Be in writing; and</text> </level> <level label="2"> <text>State the applicant’s right to a hearing held in accordance with the Administrative Procedure Act.</text> </level> </level> <level label="b"> <text>An applicant who seeks a hearing on an application denial shall file a written request for a hearing within 30 days following receipt of the notice of the applicant’s right to a hearing.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-209" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <level label="a"> <text>The Commissioner may suspend or revoke the certificate of authority of a credit union share guaranty corporation if the credit union share guaranty corporation or a director or officer of the credit union share guaranty corporation:</text> <level label="1"> <text>Makes a material misstatement in an application for a certificate of authority;</text> </level> <level label="2"> <text>Is convicted under the laws of the United States or any state of:</text> <level label="i"> <text>A felony; or</text> </level> <level label="ii"> <text>A misdemeanor that is directly related to the activities authorized by the certificate of authority;</text> </level> </level> <level label="3"> <text>In connection with any credit union share guaranty transaction:</text> <level label="i"> <text>Commits a fraud;</text> </level> <level label="ii"> <text>Engages in an illegal or dishonest activity; or</text> </level> <level label="iii"> <text>Misrepresents or fails to disclose a material fact to a person entitled to that information;</text> </level> </level> <level label="4"> <text>Violates any provision of this subtitle, any rule or regulation adopted under this subtitle, or any other law regulating credit union share guaranty business in the State, or fails to comply with an order of the Commissioner;</text> </level> <level label="5"> <text>Is found by the Commissioner to be in unsound condition or in a condition that renders further transaction of credit union share guaranty business hazardous to participating credit unions, the members of the participating credit unions, or the public;</text> </level> <level label="6"> <text>Refuses or delays payment of amounts due claimants without just cause;</text> </level> <level label="7"> <text>Refuses to be examined or to produce records or files for examination by the Commissioner when required;</text> </level> <level label="8"> <text>Refuses to provide additional information reasonably requested by the Commissioner; or</text> </level> <level label="9"> <text>Otherwise demonstrates unworthiness, bad faith, dishonesty, or any other quality that indicates that the business of the credit union share guaranty corporation has not been or will not be conducted honestly, fairly, and equitably.</text> </level> </level> <level label="b"> <text>In determining whether the certificate of authority of a credit union share guaranty corporation should be suspended or revoked for a conviction listed in subsection (a)(2) of this section, the Commissioner shall consider:</text> <level label="1"> <text>The nature of the crime;</text> </level> <level label="2"> <text>The relationship of the crime to the activities authorized by the certificate of authority;</text> </level> <level label="3"> <text>The relevance of the conviction to the fitness and qualification of the credit union share guaranty corporation to engage in the credit union share guaranty business;</text> </level> <level label="4"> <text>The length of time since the conviction; and</text> </level> <level label="5"> <text>The behavior and activities of the credit union share guaranty corporation since the conviction.</text> </level> </level> <level label="c"> <level label="1"> <text>The Commissioner may enforce the provisions of this subtitle and any rule or regulation adopted under this subtitle by:</text> <level label="i"> <text>Issuing an order to the credit union share guaranty corporation or entering into an agreement under which the credit union share guaranty corporation agrees:</text> <level label="1"> <text>To cease and desist from the violation and any further similar violations; and</text> </level> <level label="2"> <text>To take affirmative action to correct the violation, including the restitution of money or property to any person aggrieved by the violation; and</text> </level> </level> <level label="ii"> <text>Imposing a civil penalty not exceeding $1,000 for each violation.</text> </level> </level> <level label="2"> <text>If a violator fails to comply with an order or agreement under this subsection, the Commissioner may impose a civil penalty not exceeding $1,000 for each violation from which the violator failed to cease and desist or for which the violator failed to take affirmative corrective action.</text> </level> </level> <level label="d"> <text>The Commissioner may file a petition in the circuit court for a county seeking enforcement of an order issued under this section.</text> </level> <level label="e"> <text>In determining the amount of financial penalty to be imposed under subsection (c) of this section, the Commissioner shall consider:</text> <level label="1"> <text>The seriousness of the violation;</text> </level> <level label="2"> <text>The good faith of the violator;</text> </level> <level label="3"> <text>The violator’s history of previous violations;</text> </level> <level label="4"> <text>The deleterious effect of the violation on the public and holders of credit union share or deposit accounts;</text> </level> <level label="5"> <text>The assets of the violator; and</text> </level> <level label="6"> <text>Any other factors relevant to the determination of the financial penalty.</text> </level> </level> <level label="f"> <level label="1"> <text>Before the Commissioner takes any action under subsection (a) or (c) of this section, the Commissioner shall give the credit union share guaranty corporation an opportunity for a hearing.</text> </level> <level label="2"> <text>A hearing under this subtitle shall be held in accordance with the Administrative Procedure Act.</text> </level> <level label="3"> <text>The hearing notice shall be sent by certified mail, return receipt requested, to the credit union share guaranty corporation to the principal place of business of the credit union share guaranty corporation at least 30 days before the hearing.</text> </level> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-210" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <level label="a"> <level label="1"> <text>The Commissioner:</text> <level label="i"> <text>Shall examine the business of each credit union share guaranty corporation at least once every 24 months; and</text> </level> <level label="ii"> <text>May examine the business of each credit union share guaranty corporation at any time that the Commissioner reasonably considers necessary.</text> </level> </level> <level label="2"> <text>The Commissioner may enter into agreements with third parties and delegate the authority to conduct an examination required or permitted under this subsection.</text> </level> <level label="3"> <text>In lieu of performing an examination of a credit union share guaranty corporation, the Commissioner may accept an examination report from the responsible supervisory official of the credit union share guaranty corporation’s state of domicile.</text> </level> </level> <level label="b"> <level label="1"> <text>A person aggrieved by the conduct of a credit union share guaranty corporation under this subtitle in connection with the credit union share guaranty business may file a written complaint with the Commissioner who may investigate the complaint.</text> </level> <level label="2"> <text>The Commissioner may make any other investigation of any person if the Commissioner has reasonable cause to believe that the person has violated any provision of this subtitle, any regulation adopted under this subtitle, or any other law regulating credit union share guaranty corporations in the State.</text> </level> </level> <level label="c"> <text>In connection with an examination or investigation made under this section, the Commissioner may:</text> <level label="1"> <text>Examine the books and records of any credit union share guaranty corporation or of any other person who the Commissioner believes has violated any provision of this subtitle, any regulation adopted under this subtitle, or any other law regulating credit union share guaranty corporations in the State;</text> </level> <level label="2"> <text>Subpoena documents or other evidence; or</text> </level> <level label="3"> <text>Summon and examine under oath any individual whose testimony the Commissioner requires.</text> </level> </level> <level label="d"> <text>If any person fails to comply with a subpoena or summons issued by the Commissioner under this section, the Commissioner may file a petition for enforcement in the appropriate circuit court.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-211" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <level label="a"> <text>A credit union share guaranty corporation shall pay all reasonable expenses for transportation, lodging, and meals associated with:</text> <level label="1"> <text>An examination required or permitted under § 7-210 of this subtitle; and</text> </level> <level label="2"> <text>Any other examination or investigation conducted under this article that results in the discovery of a violation of this subtitle by the credit union share guaranty corporation.</text> </level> </level> <level label="b"> <level label="1"> <text>A credit union share guaranty corporation shall pay an annual assessment of $5,000.</text> </level> <level label="2"> <text>A credit union share guaranty corporation shall pay the assessment imposed under paragraph (1) of this subsection to the Commissioner on or before February 15 after the assessment is imposed.</text> </level> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-212" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <level label="a"> <level label="1"> <text>On or before April 1 of each year, unless the Commissioner extends the time for good cause, each credit union share guaranty corporation shall file with the Commissioner an annual report for the immediately preceding calendar year.</text> </level> <level label="2"> <text>The annual report shall include:</text> <level label="i"> <text>The annual financial statement of the credit union share guaranty corporation prepared in accordance with generally accepted accounting principles and audited and certified by an independent certified public accountant that contains:</text> <level label="1"> <text>A balance sheet;</text> </level> <level label="2"> <text>An income statement;</text> </level> <level label="3"> <text>A statement of cash flows;</text> </level> <level label="4"> <text>A statement of changes of the credit union share guaranty corporation’s equity; and</text> </level> <level label="5"> <text>Notes to the financial statement;</text> </level> </level> <level label="ii"> <text>The following information regarding all participating credit unions, as appropriate, regardless of the state in which a participating credit union is domiciled:</text> <level label="1"> <text>The composite CAMEL rating of each credit union if the composite CAMEL rating of a credit union is 4 or 5; and</text> </level> <level label="2"> <text>Any current administrative action or any current plan for corrective action concerning each credit union initiated by the credit union share guaranty corporation or the responsible supervisory official in the credit union’s state of domicile; and</text> </level> </level> <level label="iii"> <text>An analysis of the components of the guaranty fund required under § 7-216 of this subtitle, including any reserves for guaranty losses established under § 7-217 of this subtitle.</text> </level> </level> <level label="3"> <text>Unless the Commissioner extends the time for filing, a credit union share guaranty corporation that fails to file an annual report on or before April 10 shall pay a penalty of $100 for each day from April 1 to the day before the Commissioner receives the report.</text> </level> </level> <level label="b"> <text>At any time, the Commissioner may require a credit union share guaranty corporation to file an interim report containing the information that the Commissioner considers necessary.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-213" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <level label="a"> <text>This section applies notwithstanding any other provision of law.</text> </level> <level label="b"> <text>A credit union share guaranty corporation and the Commissioner may exchange information, including information obtained during an examination, about a participating credit union or a credit union that is applying for participation in the credit union share guaranty corporation.</text> </level> <level label="c"> <text>The Commissioner may exchange information, including information obtained during an examination, about a credit union share guaranty corporation with any state or federal agency having supervisory authority over the credit union share guaranty corporation.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-214" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <level label="a"> <text>A credit union share guaranty corporation shall have a written contract with each participating credit union that clearly establishes the rights and obligations of the parties.</text> </level> <level label="b"> <text>At least 30 days before the effective date of any material amendment to the standard written contract that is submitted under § 7-206(b) of this subtitle, the credit union share guaranty corporation shall file the amendment with the Commissioner.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-215" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <text>A credit union share guaranty corporation shall provide written notice to the Commissioner of:</text> <level label="1"> <text>The receipt from a credit union of an application for participation in the credit union share guaranty corporation;</text> </level> <level label="2"> <text>The credit union share guaranty corporation’s underwriting decision regarding the application for participation; and</text> </level> <level label="3"> <text>The voluntary or involuntary termination of the participation of a credit union in the credit union share guaranty corporation.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-216" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <level label="a"> <level label="1"> <text>Except as provided in paragraph (2) of this subsection, a credit union share guaranty corporation shall establish and maintain a guaranty fund of at least 1 percent of the aggregate shares and deposits of the participating credit unions.</text> </level> <level label="2"> <text>A credit union share guaranty corporation that is domiciled outside the State may maintain a guaranty fund at the level permitted by its state of domicile if the credit union share guaranty corporation:</text> <level label="i"> <text>Has been domiciled in that state for at least 25 years immediately preceding the date of the credit union share guaranty corporation’s completed application for a certificate of authority;</text> </level> <level label="ii"> <text>Has engaged in the credit union share guaranty business for at least 25 years immediately preceding the date of the credit union share guaranty corporation’s completed application for a certificate of authority; and</text> </level> <level label="iii"> <text>The business of the credit union share guaranty corporation is subject to regulation by its state of domicile.</text> </level> </level> </level> <level label="b"> <text>The guaranty fund shall be composed of the following:</text> <level label="1"> <text>The account for each participating credit union;</text> </level> <level label="2"> <text>Retained earnings; and</text> </level> <level label="3"> <text>Any reserves established under § 7–217 of this subtitle.</text> </level> </level> <level label="c"> <text>The amount of the account of each participating credit union shall be carried on the books of the participating credit union as an asset.</text> </level> <level label="d"> <text>Notwithstanding any other provision of this subtitle, a credit union share guaranty corporation may require a participating credit union to make additional capital contributions to maintain the normal operating level during any calendar year in which the fund has been reduced below the minimum operating level as a result of payment of any deficiencies in credit union share accounts.</text> </level> <level label="e"> <text>Within 60 days of the assessment, a credit union share guaranty corporation shall file with the Commissioner a report of each capital contribution that the credit union share guaranty corporation requires under subsection (d) of this section.</text> </level> <level label="f"> <level label="1"> <text>If a participating credit union fails to pay an annual capital contribution, premium, fee, or assessment when due, the credit union share guaranty corporation:</text> <level label="i"> <text>Within 10 days after the failure, shall report the failure in writing to the Commissioner; and</text> </level> <level label="ii"> <text>After 30 days’ notice, may revoke the participating credit union’s participation in the credit union share guaranty corporation, unless good cause is shown for the failure.</text> </level> </level> <level label="2"> <text>The 30–day notice of revocation required under paragraph (1)(ii) of this subsection does not apply to the revocation of excess coverage.</text> </level> </level> <level label="g"> <level label="1"> <text>Subject to the provisions of paragraph (2) of this subsection, a credit union share guaranty corporation shall refund to a participating credit union an amount equal to the balance of the participating credit union’s capital contribution account, less any outstanding debts owed to the credit union share guaranty corporation, if the participating credit union:</text> <level label="i"> <text>Voluntarily dissolves;</text> </level> <level label="ii"> <text>Obtains primary share guaranty insurance from the National Credit Union Administration Share Insurance Program or another credit union share guaranty corporation regulated under this subtitle; or</text> </level> <level label="iii"> <text>Merges or consolidates with another credit union that results in the share and deposit accounts of the surviving or new credit union being insured by the National Credit Union Administration Share Insurance Program or another credit union share guaranty corporation regulated under this subtitle.</text> </level> </level> <level label="2"> <text>A credit union share guaranty corporation shall make a refund under paragraph (1) of this subsection only if the guaranty fund equals or exceeds the guaranty fund’s normal operating level as calculated without the account of the exiting credit union.</text> </level> </level> <level label="h"> <text>If two or more participating credit unions merge or consolidate and the surviving or new credit union is to be insured by the credit union share guaranty corporation, the funds in the capital contribution account of each credit union shall be transferred to the account of the surviving or new credit union, less any outstanding debts owed to the credit union share guaranty corporation.</text> </level> <level label="i"> <text>If a credit union share guaranty corporation is dissolved, the net assets after paying all liabilities and all costs of dissolution shall be distributed to the participating credit unions in accordance with their share and deposit balances, less any outstanding debts owed to the credit union share guaranty corporation.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-217" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <level label="a"> <level label="1"> <text>A credit union share guaranty corporation shall establish reserves for guaranty losses on an incurred basis in accordance with generally accepted accounting principles during the period in which the losses become evident.</text> </level> <level label="2"> <text>The reserves shall provide for:</text> <level label="i"> <text>Losses reported to the credit union share guaranty corporation;</text> </level> <level label="ii"> <text>Losses incurred but not previously reported; and</text> </level> <level label="iii"> <text>Estimated losses on the collection of notes and other guarantees to participating credit unions.</text> </level> </level> </level> <level label="b"> <text>The reserves shall be maintained until the losses for which the reserves were established have been satisfied.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-218" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <level label="a"> <text>The Commissioner shall give prompt notice to the applicable credit union share guaranty corporation whenever the Commissioner:</text> <level label="1"> <text>Takes possession of the property and assets of a participating credit union; and</text> </level> <level label="2"> <text>Determines to liquidate the property and assets of a participating credit union.</text> </level> </level> <level label="b"> <text>Notwithstanding the provisions of §§ 5-605 and 6-905(d) of this article, the Commissioner may petition a court of competent jurisdiction to appoint the applicable credit union share guaranty corporation as receiver of the participating credit union.</text> </level> <level label="c"> <text>When the property and business of a participating credit union has been liquidated or is in the process of liquidation and the proceeds of liquidation distributed are insufficient to pay the full guaranteed amount of each credit union share or deposit account, the credit union share guaranty corporation shall pay each deficiency up to the guaranteed amount within 30 days after the date the credit union share or deposit account balance is verified.</text> </level> <level label="d"> <text>When any participating credit union share or deposit account is paid, the credit union share guaranty corporation shall be subrogated to all rights of the member or depositor, up to the amount paid by the credit union share guaranty corporation to the member or depositor.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-219" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <level label="a"> <text>A credit union share guaranty corporation may terminate the participation of a participating credit union for any of the following reasons:</text> <level label="1"> <text>The participating credit union fails to satisfy the risk eligibility standards established by the credit union share guaranty corporation and applicable to all participating credit unions;</text> </level> <level label="2"> <text>The participating credit union operates in an unsafe and unsound manner as determined by the credit union share guaranty corporation;</text> </level> <level label="3"> <text>The participating credit union fails to furnish financial statements, delinquent loan reports, or other information considered necessary by the credit union share guaranty corporation;</text> </level> <level label="4"> <text>The participating credit union fails to remedy in a timely manner a qualification arising from an audit permitted or required under the written contract between the participating credit union and the credit union share guaranty corporation;</text> </level> <level label="5"> <text>The participating credit union fails to pay when due a capital contribution or applicable premium, fee, or assessment under this subtitle;</text> </level> <level label="6"> <text>The participating credit union fails to comply with any provision of this article or the articles of incorporation or bylaws of the credit union share guaranty corporation that are material to the safety and soundness of the participating credit union; or</text> </level> <level label="7"> <text>Continued participation by the participating credit union would result in a violation of this subtitle or other applicable state or federal law by the credit union share guaranty corporation.</text> </level> </level> <level label="b"> <level label="1"> <text>At least 30 days before the effective date of any termination, the credit union share guaranty corporation shall send written notice of the pending termination and the reasons for the termination to:</text> <level label="i"> <text>The participating credit union whose participation is to be terminated; and</text> </level> <level label="ii"> <text>The Commissioner.</text> </level> </level> <level label="2"> <text>The 30-day notice required under paragraph (1) of this subsection does not apply to the termination of excess coverage.</text> </level> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-220" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <text>A person who violates any provision of this subtitle is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $5,000 or imprisonment not exceeding 5 years or both.</text> </section> <section article="gfi" article_name="Financial Institutions" number="7-221" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <text>Nothing in this subtitle creates any liability on the State for the payment of any funds to any participating credit union or other person by reason of:</text> <level label="1"> <text>An act or omission of a credit union share guaranty corporation; or</text> </level> <level label="2"> <text>A deficiency of a participating credit union in the event a credit union share guaranty corporation is unable to pay the deficiency.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-222" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <text>A credit union share guaranty corporation, its participating credit unions, and persons who have share or deposit accounts in the participating credit unions are not subject to the provisions of the Insurance Article as a result of any of the activities of the credit union share guaranty corporation under this subtitle.</text> </section> <section article="gfi" article_name="Financial Institutions" number="7-223" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <text>A credit union share guaranty corporation that is a nonprofit corporation exempt from federal taxation under § 501(c)(6) of the Internal Revenue Code is exempt from all taxes imposed by the State or any of its subdivisions under:</text> <level label="1"> <text>§§ 20–101, 20–104, 20–108, 20–113 through 20–127, 20–601, 20–603 through 20–609, 20–805, and 20–806, and Title 20, Subtitles 3 through 5 of the Local Government Article;</text> </level> <level label="2"> <text>Title 6, Subtitle 1 of the Insurance Article;</text> </level> <level label="3"> <text>The Tax – General Article; or</text> </level> <level label="4"> <text>The Tax – Property Article.</text> </level> </section> <section article="gfi" article_name="Financial Institutions" number="7-224" title_number="7" title_name="Credit Union Share Insurance" subtitle_number="2" subtitle_name="Credit Union Share Guaranty Corporations"> <text>The Commissioner may adopt rules and regulations to carry out this subtitle.</text> </section>