2013 Maryland Code
FINANCIAL INSTITUTIONS
§ 6-605 - Required security
§6-605.
(a) A credit union may make a loan, including a business loan, to a member with or without security in accordance with the written lending policies established by the board that cover all secured and unsecured loans.
(b) A credit union may accept as security for a loan:
(1) An endorsed note;
(2) A note secured by a lien on real, leasehold, or personal property;
(3) An assignment of shares or deposits in the credit union; or
(4) Any other kind of security that is approved by the Commissioner.
(c) The Commissioner may review the lending policies of the credit union and order changes.
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