Section 7-205 - Certificate of authority - Qualifications; limitations.
§ 7-205. Certificate of authority - Qualifications; limitations.
(a) Qualifications.- To qualify for a certificate of authority under this subtitle, an applicant shall satisfy the Commissioner that the applicant:
(1) Is trustworthy and reputable;
(2) Has a good business reputation;
(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;
(4) Has and will maintain retained earnings or equity capital of at least $5,000,000, computed in accordance with generally accepted accounting principles;
(5) Is in compliance with:
(i) Its charter and this subtitle; and
(ii) If domiciled outside the State, all laws and regulations applicable to credit union share guaranty corporations in its state of domicile;
(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
(7) Will maintain reserves for guaranty losses in compliance with § 7-217 of this subtitle.
(b) Limitations.- 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.
[2002, ch. 540.]