§ 2-112. Conflicts of interest -- Other prohibited activities

   (a) In general. -- Except as provided in subsection (b) of this section, the Commissioner, employees of the Commissioner's office, and other State employees acting under the supervision of the Commissioner's office may not:

   (1) Become indebted to any institution that is subject to the jurisdiction of the Commissioner; or

   (2) Engage or be interested in the sale of securities of or in the negotiation of loans for others to or with any banking institution or credit union.

(b) Excepted loans. -- This section does not apply to a loan that is:

   (1) Made to a member of a credit union that has a membership of over 60,000 State employees; and

   (2) Approved by:

      (i) A credit committee approval under § 6-603(a)(1) of this article; and

      (ii) The Board of Directors.

(c) Membership or office in credit unions. -- The Commissioner, employees of the Commissioner's office, and other State employees acting under the supervision of the Commissioner's office may not:

   (1) Serve as an officer, director, or committee member of a credit union; or

   (2) Exercise any voting rights in a credit union.

(d) Penalty. -- Any person who violates any provision of this section is subject to forfeiture of that person's office or employment.

HISTORY: An. Code 1957, art. 11, § 23; 1980, ch. 33, § 2; 1990, ch. 148; 1996, ch. 326, § 2; 2001, ch. 147, § 9; ch. 148, § 9.