§ 6-808. Out-of-state credit union

   (a) Branch -- Notice to Commissioner. -- An out-of-state credit union shall provide the Commissioner, within 15 days of opening a branch in the State, with a notice of the opening of the branch.

(b) Qualifications under § 7-203 of the Corporations and Associations Article. -- A credit union chartered and primarily regulated by another state that proposes to establish a branch in this State shall qualify under § 7-203 of the Corporations and Associations Article to do business in the State as a foreign corporation.

(c) Additional branches. -- An out-of-state credit union that has a branch in this State may establish additional branches in this State:

   (1) To the same extent as a credit union; or

   (2) To the extent otherwise permitted by federal law.

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