Maryland § 6-708
Full text of Maryland Maryland Code § 6-708, with citation guidance and answers to common questions.
§ 6-708.
(a) (1) Subject to the provisions of paragraph (2) of this subsection, a credit union may borrow money for the purchase of fixed assets.
(2) The term of the loan may not exceed:
(i) 15 years for borrowings secured by real or leasehold property; and
(ii) 5 years for borrowings secured by other fixed assets.
(b) A credit union may borrow money for a purpose other than the purchase of fixed assets as long as the total borrowing does not exceed the greater of:
(1) Two times the net worth of the borrowing credit union; or
(2) 10% of the total assets of the borrowing credit union.
Frequently Asked Questions About Maryland § 6-708
What does Maryland Code § 6-708 cover?
Section 6-708 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 § 6-708?
A common citation format is "Maryland Code § 6-708" (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 § 6-708 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.