Code of Maryland Regulations
Title 09 - MARYLAND DEPARTMENT OF LABOR
Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION
Chapter 09.03.01 - Credit Unions
Section 09.03.01.15 - Maximum Loans to a Single Member
Universal Citation: MD Code Reg 09.03.01.15
Current through Register Vol. 51, No. 6, March 22, 2024
The term "indirectly to any one member", as used in Financial Institutions Article, § 6-604, Annotated Code of Maryland, includes a loan or extension of credit made to any member who, acting directly or indirectly, individually or in concert with one or more other persons or entities, or through one or more subsidiaries:
A. Acts in a common enterprise;
B. Owns or controls any entity, or holds proxies for, or otherwise has power to vote, 10 percent or more of the voting shares, rights, or interests of any association or corporation; or
C. Controls in any manner the election or appointment of a majority of the directors of that association or corporation.
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