Maryland Financial Institutions Section 7-205

      (a)      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)      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.