{"data":{"id":"us-md/md.-code-financial-institutions-7-205","jurisdiction":"us-md","citation":"Md. Code, Financial Institutions § 7–205","heading":"","body":"(a) To qualify for a certificate of authority under this subtitle, an applicant shall satisfy the Commissioner that the applicant:\n(1) Is trustworthy and reputable;\n(2) Has a good business reputation;\n(3) If domiciled outside the State, is currently licensed and authorized to engage in the credit union share guaranty business in its state of domicile;\n(4) Has and will maintain retained earnings or equity capital of at least $5,000,000, computed in accordance with generally accepted accounting principles;\n(5) Is in compliance with:\n(i) Its charter and this subtitle; and\n(ii) If domiciled outside the State, all laws and regulations applicable to credit union share guaranty corporations in its state of domicile;\n(6) Will conduct the credit union share guaranty business in the State in a manner that will adequately protect the share and deposit accounts of its participating credit unions; and\n(7) Will maintain reserves for guaranty losses in compliance with § 7-217 of this subtitle.\n(b) A person may not be authorized to engage in the credit union share guaranty business in the State if the person has or uses a name that is so similar to the name of a credit union share guaranty corporation already issued a certificate of authority under this subtitle as to tend to cause uncertainty or confusion or to deceive or mislead.","path":["Article - Financial Institutions"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi\u0026section=7-205","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:58:27Z","sha256":"0f419f62ed8b4d39e49c5950044d962c2d664f3327eb592bafff7601cfbc4602","source_id":"us-md","stale":false,"prev":"us-md/md.-code-financial-institutions-7-204","next":"us-md/md.-code-financial-institutions-7-206"},"notice":"GroundRules: Original legal text. Not legal advice."}