§ 6-101. Definitions

   (a) In general. -- In this title the following words have the meanings indicated.

(b) Board. -- "Board" means the board of directors of a credit union.

(c) Branch. --

   (1) "Branch" means a credit union office at which shares or deposits are received, share drafts or checks are paid, or money is lent.

   (2) "Branch" includes a mobile branch or other special-purpose facility that performs a function of a branch.

   (3) "Branch" does not include an automated teller machine as defined in § 1-401(d) of this article.

(d) Credit union. -- "Credit union" means a cooperative, nonprofit financial institution organized under this title to conduct business in the State.

(e) Credit union service organization. -- "Credit union service organization" means an entity formed to engage in activities that:

   (1) Are incidental to the conduct of the business of a credit union;

   (2) Advance or facilitate the purposes of a credit union; and

   (3) Primarily serve a credit union and its members.

(f) Credit union share guaranty corporation. --

   (1) "Credit union share guaranty corporation" means a corporation engaged in the business of guaranteeing or insuring payment of a credit union share or deposit account.

   (2) "Credit union share guaranty corporation" includes the Credit Union Insurance Corporation established under Title 7 of this article.

(g) Deposit account. -- "Deposit account" means a balance held by a credit union on which a contractual rate of interest may be paid as a debt owed by the credit union to the depositor.

(h) Fixed assets. -- "Fixed assets" include land, buildings, leasehold improvements, furniture, fixtures, and equipment used in the conduct of the regular business of a credit union.

(i) Member in good standing. -- "Member in good standing" means a member who:

   (1) Owns at least one share in a credit union;

   (2) Is current on all credit obligations to the credit union; and

   (3) Has not caused the credit union a credit or deposit loss that is currently outstanding.

(j) Officer. -- "Officer" means any officer that a Maryland corporation is required or permitted to have under § 2-412 of the Corporations and Associations Article.

(k) Official. -- "Official" means:

   (1) A director;

   (2) A member of a credit committee; or

   (3) A member of a supervisory committee.

(l) Out-of-state credit union. -- "Out-of-state credit union" means:

   (1) A federal credit union with its main office in a state other than this State; or

   (2) A credit union chartered and primarily regulated by another state.

(m) Share or share account. -- "Share" or "share account" means a balance held by a credit union on which a dividend may be paid and which confers membership and voting rights on the member.

HISTORY: 2001, ch. 147, § 1, 2; ch. 148, § 1, 2.