§ 6-605. Required security

MD Fin Inst Code § 6-605 (2019) (N/A)
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(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.