Maryland § 6-610
Full text of Maryland Maryland Code § 6-610, with citation guidance and answers to common questions.
§ 6-610.
(a) (1) A credit union may make a loan to an official of the credit union if the official takes no part in consideration of the loan application.
(2) A loan authorized under paragraph (1) of this subsection requires approval of the board if:
(i) The official is the debtor in the loan or is the guarantor, endorser, or cosigner of the loan; and
(ii) The loan, standing alone or when added to the aggregate of all outstanding loans for which the official is the debtor or acts as guarantor, endorser, or cosigner, or both, exceeds $25,000 plus pledged shares.
(b) The rates, terms, and conditions on any loan from a credit union to, or guaranteed, endorsed, or cosigned by, an official or officer of the credit union may not be more favorable than the rates, terms, and conditions for a comparable loan to another member of the credit union.
Frequently Asked Questions About Maryland § 6-610
What does Maryland Code § 6-610 cover?
Section 6-610 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 § 6-610?
A common citation format is "Maryland Code § 6-610" (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 § 6-610 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.