§ 6-807. State branches

MD Fin Inst Code § 6-807 (2019) (N/A)
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(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.