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Statutes Text

Article - Financial Institutions




§6–313.

    (a)    Notwithstanding any other provision of the laws or regulations of the State, on approval of the Commissioner, a credit union may engage in any additional activity, service, or other practice in which, under federal law or regulation, federal credit unions may engage.

    (b)    The Commissioner may grant an approval under this section only if:

        (1)    The Commissioner determines that approval:

            (i)    Reasonably is required to protect the welfare of the general economy of the State and of credit unions; or

            (ii)    Is not detrimental to the public interest or to credit unions; and

        (2)    The approval imposes the same conditions that federal law or regulation requires or permits as to federal credit unions.



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