Maryland § 6-606
Full text of Maryland Maryland Code § 6-606, with citation guidance and answers to common questions.
§ 6-606.
(a) Subject to § 6–606.1 of this subtitle, a credit union may make a loan to a member that is secured by real or leasehold property in accordance with written real estate lending policies established by the board as provided in this section.
(b) A loan under this section shall be:
(1) Secured by a deed of trust or mortgage on real or leasehold property; and
(2) Amortized over a period of 30 years or less.
(c) The Commissioner may review the lending policies of the credit union and order changes.
(d) (1) This subsection does not apply to an extension of credit or loan made by a credit union on or after October 1, 1994.
(2) A loan under this section that is secured by a first mortgage may be made at any rate of interest that does not exceed the rate authorized by Title 12, Subtitle 1 of the Commercial Law Article for mortgage loans.
(3) A loan under this section that is secured by a second mortgage may be made at any rate of interest that does not exceed the rate authorized by Title 12, Subtitle 4 of the Commercial Law Article.
Frequently Asked Questions About Maryland § 6-606
What does Maryland Code § 6-606 cover?
Section 6-606 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 6-606?
A common citation format is "Maryland Code § 6-606" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 6-606 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.