§ 7-205
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/md/financial-institutions/7-205·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§7–205.
(a)To qualify for a certificate of authority under this subtitle, an applicant shall satisfy the Commissioner that the applicant:
(1)Is trustworthy and reputable;
(2)Has a good business reputation;
(3)If domiciled outside the State, is currently licensed and authorized to engage in the credit union share guaranty business in its state of domicile;
(4)Has and will maintain retained earnings or equity capital of at least $5,000,000, computed in accordance with generally accepted accounting principles;
(5)Is in compliance with:
(i)Its charter and this subtitle; and
(ii)If domiciled outside the State, all laws and regulations applicable to credit union share guaranty corporations in its state of domicile;
(6)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
(7)Will maintain reserves for guaranty losses in compliance with § 7-217 of this subtitle.
(b)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.