§ 6-605
105 words·~1 min read·
/md/financial-institutions/6-605A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§6–605.
(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.