Md. Code, Financial Institutions § 7-107
This is the official text of Md. Code, Financial Institutions § 7-107, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
§7–107.
Official statutory text
(a) (1) A credit union becomes a member of the Corporation when:
(i) The financial affairs, solvency, and management of a credit union have been certified by the Commissioner as approved for insurance of its share and deposit accounts; and
(ii) The application of the credit union is accepted by the Board of Directors of the Corporation.
(2) The Board of Directors of the Corporation may deny the application of a credit union only for good cause shown.
(b) Subject to the bylaws, rules, and regulations of the Corporation and except as provided in subsection (c) of this section and Part III of this subtitle, membership in the Corporation continues as long as the Corporation exists.
(c) (1) If the Board of Directors of the Corporation finds that unsafe or unsound practices or mismanagement of a member threatens loss to the Corporation or appears to affect adversely the solvency of the member, the Board may:
(i) Order the member to correct the situation; or
(ii) With the approval of the Commissioner and after giving the member notice and an opportunity for a hearing, revoke the membership of the credit union.
(2) A credit union that is organized under federal law or the laws of any other state may withdraw from the Corporation by:
(i) Giving written notice at least 1 year in advance; and
(ii) Complying with the bylaws, rules, and regulations of the Corporation.
(d) Each member of the Corporation shall make the investments and pay the assessments, premiums, and other charges required for participation in the Corporation.
(i) The financial affairs, solvency, and management of a credit union have been certified by the Commissioner as approved for insurance of its share and deposit accounts; and
(ii) The application of the credit union is accepted by the Board of Directors of the Corporation.
(2) The Board of Directors of the Corporation may deny the application of a credit union only for good cause shown.
(b) Subject to the bylaws, rules, and regulations of the Corporation and except as provided in subsection (c) of this section and Part III of this subtitle, membership in the Corporation continues as long as the Corporation exists.
(c) (1) If the Board of Directors of the Corporation finds that unsafe or unsound practices or mismanagement of a member threatens loss to the Corporation or appears to affect adversely the solvency of the member, the Board may:
(i) Order the member to correct the situation; or
(ii) With the approval of the Commissioner and after giving the member notice and an opportunity for a hearing, revoke the membership of the credit union.
(2) A credit union that is organized under federal law or the laws of any other state may withdraw from the Corporation by:
(i) Giving written notice at least 1 year in advance; and
(ii) Complying with the bylaws, rules, and regulations of the Corporation.
(d) Each member of the Corporation shall make the investments and pay the assessments, premiums, and other charges required for participation in the Corporation.
Status: in_force · Read it on the official government site
Need a lawyer in Maryland?
Find a Maryland lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.