{"data":{"id":"us-md/md.-code-financial-institutions-6-101","jurisdiction":"us-md","citation":"Md. Code, Financial Institutions § 6–101","heading":"","body":"(a) In this title the following words have the meanings indicated.\n(b) “Board” means the board of directors of a credit union.\n(c) (1) “Branch” means a credit union office at which shares or deposits are received, share drafts or checks are paid, or money is lent.\n(2) “Branch” includes a mobile branch or other special–purpose facility that performs a function of a branch.\n(3) “Branch” does not include an automated teller machine as defined in § 1–401(d) of this article.\n(d) “Credit union” means a cooperative, nonprofit financial institution organized under this title to conduct business in the State.\n(e) “Credit union service organization” means an entity formed to engage in activities that:\n(1) Are incidental to the conduct of the business of a credit union;\n(2) Advance or facilitate the purposes of a credit union; and\n(3) Primarily serve a credit union and its members.\n(f) (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.\n(2) “Credit union share guaranty corporation” includes the Credit Union Insurance Corporation established under Title 7 of this article.\n(g) “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.\n(h) “Fixed assets” includes land, buildings, leasehold improvements, furniture, fixtures, and equipment used in the conduct of the regular business of a credit union.\n(i) “Member in good standing” means a member who:\n(1) Owns at least one share in a credit union;\n(2) Is current on all credit obligations to the credit union; and\n(3) Has not caused the credit union a credit or deposit loss that is currently outstanding.\n(j) “Officer” means any officer that a Maryland corporation is required or permitted to have under § 2–412 of the Corporations and Associations Article.\n(k) “Official” means:\n(1) A director;\n(2) A member of a credit committee; or\n(3) A member of a supervisory committee.\n(l) “Out–of–state credit union” means:\n(1) A federal credit union with its main office in a state other than this State; or\n(2) A credit union chartered and primarily regulated by another state.\n(m) “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.","path":["Article - Financial Institutions"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi\u0026section=6-101","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:58:27Z","sha256":"9a402eacbb376de57de955fe226a521ff2af1b7fee748730301f37adf98c7523","source_id":"us-md","stale":false,"prev":"us-md/md.-code-financial-institutions-5-1107","next":"us-md/md.-code-financial-institutions-6-201"},"notice":"GroundRules: Original legal text. Not legal advice."}