Financial Institutions - Maryland Community Investment Venture Fund and Regulation of Entities - Revisions

EXPLANATION: CAPITALS INDICATE MATTER ADDED TO EXISTING LAW.
[Brackets] indicate matter deleted from existing law.
Underlining indicates amendments to bill.
Strike out indicates matter stricken from the bill by amendment or deleted from the law by
amendment.
*sb0043*

SENATE BILL 43
I1 6lr0109
(PRE–FILED) CF HB 259
By: Chair, Finance Committee (By Request – Departmental – Labor)
Requested: September 30, 2025
Introduced and read first time: January 14, 2026
Assigned to: Finance
Committee Report: Favorable
Senate action: Adopted
Read second time: February 7, 2026

CHAPTER ______

AN ACT concerning 1

Financial Institutions – Maryland Community Investment Venture Fund and 2
Regulation of Entities – Revisions 3

FOR the purpose of repealing certain fee s charged to certain banking institutions by the 4
Commissioner of Financial Regulation ; altering certain pr ovisions relating to the 5
Maryland Community Investment Venture Fund, including the purpose and 6
administration of the Fund and the date by which the Commissioner may match 7
certain investments in the Fund; altering and providing for certain assessment offset 8
credits for certain banking institutions and credit unions; altering the definition of 9
“emergency” for purposes of determining closures of banking institutions; altering 10
which financial entities a re included in certain prohibition s on using an entity’s 11
likeness; and generally relating to the Maryland Community Investment Venture 12
Fund and regulation of financial institutions in the State. 13

BY repealing and reenacting, without amendments, 14
Article – Financial Institutions 15
Section 1–101(a) and (d) and 1–301(a) 16
Annotated Code of Maryland 17
(2020 Replacement Volume and 2025 Supplement) 18

BY repealing and reenacting, with amendments, 19
Article – Financial Institutions 20
Section 1 –301(b), 2 –108(a)(8), 2 –118.1, 3 –213, 5 –203, 5 –707, 5 –806, 6 –712, and 21
6–901 22
2 SENATE BILL 43

Annotated Code of Maryland 1
(2020 Replacement Volume and 2025 Supplement) 2

BY repealing and reenacting, without amendments, 3
Article – State Finance and Procurement 4
Section 6–226(a)(2)(i) and (ii) 5
Annotated Code of Maryland 6
(2021 Replacement Volume and 2025 Supplement) 7

BY repealing and reenacting, with amendments, 8
Article – State Finance and Procurement 9
Section 6–226(a)(2)(iii)212. and 213. 10
Annotated Code of Maryland 11
(2021 Replacement Volume and 2025 Supplement) 12

BY adding to 13
Article – State Finance and Procurement 14
Section 6–226(a)(2)(iii)214. 15
Annotated Code of Maryland 16
(2021 Replacement Volume and 2025 Supplement) 17

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 18
That the Laws of Maryland read as follows: 19

Article – Financial Institutions 20

1–101. 21

(a) In this article, unless the context clearly requires otherwise, the following 22
words have the meanings indicated. 23

(d) “Banking institution” means an institution that is incorporated under the 24
laws of this State as a State bank, trust company, or savings bank. 25

1–301. 26

(a) In this subtitle the following words have the meanings indicated. 27

(b) (1) “Fiduciary institution” means: 28

(i) A national banking association; 29

(ii) A [State] banking institution; 30

(iii) An other–state bank that maintains a branch in this State; 31

SENATE BILL 43 3

(iv) A credit union that is organized under the laws of this State or 1
of the United States; 2

(v) Any other organization that is organized under the banking laws 3
of this State and subject to the supervision of the Commissioner; or 4

(vi) A savings and loan association that is organized under the laws 5
of this State or of the United States. 6

(2) “Fiduciary institution” does not include any person licensed by the 7
Commissioner under Title 11 of this article. 8

2–108. 9

(a) The Commissioner shall charge and collect, in advance, the following 10
nonrefundable fees: 11

(8) A fee for a certificate of valid charter[: 12

(i) If requested by or on behalf of a banking institution…………$25 13

(ii) If] requested by or on behalf of a person other than a banking 14
institution..............................................................................................................................$50 15

2–118.1. 16

(a) (1) In this section the following words have the meanings indicated. 17

(2) “Fund” means the Maryland Community Investment Venture Fund. 18

(3) “Low– to moderate–income tract” has the meaning stated in § 5–203 of 19
this article. 20

(b) (1) There is a Maryland Community Investment Venture Fund. 21

(2) The Fund is a private venture fund that: 22

(i) Is an instrumentality of the State; and 23

(ii) Uses public and private investment funds. 24

(c) (1) Subject to paragraph (2) of this subsection, the purpose of the Fund is 25
to develop opportunities for banking institutions and credit unions to better serve the needs 26
of low– to moderate–income tracts by: 27

(i) [Investing in ] PROMOTING the development of financial 28
product or financial product underwriting innovations that enhance access to capital, 29
4 SENATE BILL 43

funding, and other financial services for CONSUMERS AND businesses in low – to 1
moderate–income tracts in the State THROUGH INVESTMENTS, GRANTS, AND OTHER 2
FORMS OF FINANCIAL ASSISTANCE; 3

(ii) Deploying, testing, and evaluating the innovations for providing 4
capital and funding to CONSUMERS AND businesses in low– to moderate–income tracts in 5
the State; and 6

(iii) Promoting and making the innovations available to banking 7
institutions and credit unions for use in enhancing access to capital, funding, and other 8
financial services for CONSUMERS AND businesses in low– to moderate–income tracts in 9
the State. 10

(2) With the approval of the Commissioner, the purpose of the Fund may 11
be altered in a manner that is consistent with the intent and requirements of this section. 12

(d) (1) (i) The Commissioner shall establish a governance structure for the 13
Fund. 14

(ii) The Commissioner may collaborate with investors in the Fund 15
when establishing the governance structure. 16

(2) The Commissioner, or the Commissioner’s designee, shall serve on the 17
governing body of the Fund. 18

(e) (1) The Commissioner may use up to $250,000 from the Banking 19
Institution and Credit Union Regulation Fund established under § 2–118 of this subtitle to 20
cover the expenses associated with establishing AND ADMINISTERING the Fund, including 21
accounting, advisory, third–party service provider, marketing, and other necessary 22
expenses. 23

(2) To encourage private investment, the Commissioner may provide an 24
[initial] equity capital investment in the Fund in an amount up to $2,500,000 from the 25
Banking Institution and Credit Union Regulation Fund. 26

(f) (1) Through June 30, [2028] 2030, the Commissioner may match an 27
investment made in the Fund by a banking institution or credit union up to the amount of 28
the assessment credit earned by the banking institution or credit union in accordance with 29
§ 5–203(d) or § 6–712(c)(4) of this article. 30

(2) The Commissioner may not make an investment in the Fund after June 31
30, [2028] 2030. 32

(g) All investment returns or return of capital from the Fund with respect to an 33
investment authorized by the Commissioner shall be credited to the Banking Institution 34
and Credit Union Regulation Fund. 35
SENATE BILL 43 5

(h) At the direction of the Commissioner, and in addition to any customary and 1
appropriate audits of the Fund, the governing body of the Fund shall obtain the services of 2
an independent third party designated by the Commissioner on an annual basis to evaluate 3
whether the investments made to the Fund comply with this section. 4

(i) (1) If the Commissioner determines that separate private venture fu nds 5
are necessary to accomplish the purpose of the Fund, the Commissioner may use money 6
from the Fund to establish additional private venture funds. 7

(2) An additional private venture fund established in accordance with this 8
subsection shall comply with the requirements of subsections (b) through (f) of this section. 9

(J) (1) THE FUND IS A SPECIAL , NONLAPSING FUND THAT IS NOT 10
SUBJECT TO § 7–302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE AND 11
MAY NOT BE DEEMED A PART OF THE GENERAL FUND OF THE STATE. 12

(2) UNLESS OTHERWISE PROVIDED BY LAW , NO PART OF THE FUND 13
MAY REVERT OR BE CREDITED TO: 14

(I) THE GENERAL FUND OF THE STATE; OR 15

(II) EXCEPT AS PROVIDED IN SUBSECTION (G) OF THIS SECTION, 16
A SPECIAL FUND OF THE STATE. 17

(K) (1) THE STATE TREASURER IS THE CUSTODIAN OF THE FUND. 18

(2) THE STATE TREASURER SHALL INVEST THE MONEY OF THE FUND 19
IN THE SAME MANNER AS OTHER STATE MONEY MAY BE INVESTED. 20

(3) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITED TO 21
THE FUND. 22

(L) THE COMMISSIONER MAY ADOP T REGULA TIONS REASONABLY 23
NECESSARY TO CARRY OUT THIS SECTION. 24

3–213. 25

(a) Any commercial bank may amend its charter, in any manner not inconsistent 26
with law, as provided in this section. 27

(b) A proposed amendment shall be approved at a meeting called for that purpose, 28
by the affirmative vote of the holders of two thirds of the capital stock of the commercial 29
bank. 30

6 SENATE BILL 43

(c) If the proposed amendment is to authorize the issuance of preferred stock, the 1
proposed amendment shall be approved by the affirmative vote of the holders of a majority 2
of the capital stock of the commercial bank. 3

(d) After an amendment is approved by the stockholders: 4

(1) The president of the commercial bank and either its cashier or treasurer 5
shall certify the amendment; and 6

(2) The amendment shall be signed, filed with the Commissioner for 7
examination, and, if approved by the Commissioner, filed for record as required for articles 8
of incorporation. 9

[(e) On filing the amendment for examination, the commercial bank shall pay to 10
the Commissioner an examination fee of $20.] 11

5–203. 12

(a) (1) In this section the following words have the meanings indicated. 13

(2) “Branch” means a deposit–taking office of a banking institution [other 14
than the main office as defined by the Federal Deposit Insurance Corporation ] IN THE 15
STATE THAT IS OPEN TO THE PUBLIC AS OF DECEMBER 31 OF THE CALENDAR YEAR 16
IMMEDIATELY PRECEDING A REQUEST FOR AN ASSESSMENT OFFSET CREDIT. 17

(3) “De novo branch” [has the meaning stated in § 5 –1001 of this title ] 18
MEANS A DEPOSIT–TAKING OFFICE OF A BANKING INSTITUTION IN THE STATE THAT 19
WAS OPENED TO THE PUBLIC FOR THE FIRST TIME DURING THE CALENDAR YEAR 20
IMMEDIATELY PRECEDING A REQUEST FOR AN ASSESSMENT OFFSET CREDIT THAT: 21

(I) WAS ORIGINALLY ESTABLISH ED BY THE BANKING 22
INSTITUTION AS A BRANCH; BUT 23

(II) DID NOT BECOME A BRANCH OF THE BANKING INSTITUTION 24
AS A RESULT OF: 25

1. THE ACQUISITION BY TH E BANKING INSTITUTION OF 26
AN INSURED DEPOSITORY INSTITUTION OR A BRANCH OF AN INSURED DEPOSITORY 27
INSTITUTION; OR 28

2. THE CONVERSION, MERGER, OR CONSOLIDATION OF 29
AN INSURED DEPOSITORY INSTITUTION OR A BRANCH OF AN INSURED DEPOSITORY 30
INSTITUTION. 31

SENATE BILL 43 7

(4) [“Deposit growth cap” means the year–over–year percentage change of 1
domestic office deposits as reported on December 31 each year by the Federal Deposit 2
Insurance Corporation in the Federal Deposit Insurance Corporation quarterly bank 3
profile. 4

(5)] “Deposits” means deposits originated and housed at a branch located in 5
a low– to moderate–income tract as reported by a banking institution to the Federal Deposit 6
Insurance Corporation each year as of [June 30] DECEMBER 31. 7

[(6)] (5) “Low– to moderate –income tract” means a census tract 8
delineated by the U.S. Bureau of the Census in the most recent decennial census as 9
published by the Federal Financial Institutions Examination Council that corresponds to 10
low– to moderate–income level classifications as defined by the regulation of the Federal 11
Reserve Board implementing the federal Community Reinvestment Act, 12 C.F.R. § 228.12. 12

(6) “MARYLAND OPPORTUNITY ACCOUNT” MEANS A TRANSACTION 13
ACCOUNT OFFERED BY A BANKING INSTITUTION TO CUSTOMERS THAT MEETS 14
STANDARDS ANNUALLY DETERMINED BY THE COMMISSIONER THAT PROMOTE FAIR 15
AND EQUAL ACCESS TO FINANCIAL SERVICES. 16

(b) The Commissioner shall impose annual assessments on each banking 17
institution as provided in this section [,] to cover the expense of regulating banking 18
institutions. 19

(c) (1) Except as provided in paragraph (2) of this subsection, the 20
Commissioner shall assess each banking institution the sum of: 21

(i) $8,000; plus 22

(ii) 1. 12 cents for each $1,000 of the assets of the institution over 23
$50,000,000, but not more than $250,000,000; 24

2. 10 cents for each $1,000 of assets over $250,000,000, but 25
not more than $500,000,000; 26

3. 9 cents for each $1,000 of assets over $500,000,000, but not 27
more than $1,000,000,000; 28

4. 8 cents for each $1,000 of assets over $1,000,000,000, but 29
not more than $10,000,000,000; and 30

5. 7 cents for each $1,000 of assets over $10,000,000,000. 31

(2) If a banking institution is not in the business of accepting deposi ts or 32
retaining funds in a deposit account as defined in § 5 –509 of this title, the Commissioner 33
shall assess the banking institution the sum of: 34
8 SENATE BILL 43

(i) $5,000; plus 1

(ii) 1. 0.3 cents for each $1,000 of managed assets held in a 2
fiduciary capacity up to $5,000,000,000; 3

2. 0.2 cents for each $1,000 of managed assets held in a 4
fiduciary capacity over $5,000,000,000, but not more than $20,000,000,000; 5

3. 0.1 cent for each $1,000 of managed assets held in a 6
fiduciary capacity over $20,000,000,000 up to $27,500,000,000; 7

4. 0.2 cents for each $1,000 of nonmanaged and custodial 8
assets held in a fiduciary capacity up to $5,000,000,000; and 9

5. 0.1 cent for each $1,000 of nonmanaged and custodial 10
assets held in a fiduciary capacity over $5,000,000,000 up to $20,000,000,000. 11

(3) The assessments shall be based on assets stated in a banking 12
institution’s most recent financial report. 13

(d) (1) A well –capitalized banking institution w ith a composite CAMELS 14
rating of 1 or 2 may file with the Commissioner a request for an assessment offset credit of: 15

[(1)] (I) 12 cents for each $1,000 of deposits in a de novo branch located 16
in a low– to moderate–income tract IN THE STATE for the first 5 years after the date the 17
branch opened; or 18

[(2)] (II) 6 cents for each $1,000 of deposits in a branch located in a 19
low– to moderate –income tract not to exceed the [deposit growth ] cap SET BY THE 20
COMMISSIONER BY DECEMBER 31 OF THE CALENDAR YEAR IMMEDIATELY 21
PRECEDING THE REQUEST FOR AN ASSESSMENT OFFSET CREDIT. 22

(2) IN ADDITION TO AN ASSESSMENT OFFSET CR EDIT UNDER 23
PARAGRAPH (1) OF THIS SUBSECTION, A WELL–CAPITALIZED BANKING INSTITUTION 24
WITH A COMPOSITE CAMELS RATING OF 1, 2, OR 3 MAY FILE WITH THE 25
COMMISSIONER A REQUEST FOR AN ASSESSMENT OFFSET CREDIT OF: 26

(I) $5,000 ON RECEIVING THE COMMISSIONER’S INITIAL 27
APPROVAL THAT THE BA NKING INSTITUTION OF FERS AT LEAST ONE MARYLAND 28
OPPORTUNITY ACCOUNT; AND 29

(II) $3,000 FOR EACH YEAR THEREA FTER THAT THE BANKIN G 30
INSTITUTION OFFERS AT LEAST ONE MARYLAND OPPORTUNITY ACCOUNT THAT, AS 31
SENATE BILL 43 9

DETERMINED BY THE COMMISSIONER, REMAINS IN ACTIVE US E BY THE BANKING 1
INSTITUTION’S CUSTOMERS. 2

(e) Notwithstanding subsection (c) of this section, for a banking institution with 3
a composite CAMELS rating of 3, 4, or 5 for its most recent examination, the annual 4
assessment imposed under this section shall be increased by an additional 25%. 5

(f) A banking institution shall pay the assessment imposed under this section to 6
the Commissioner on or before the April 15 after it is imposed. 7

(g) The Commissioner may designate a successor index for[: 8

(1) The] THE low– to moderate–income tract if the Federal Financial 9
Institutions Examination Council tract income level data is no longer published[; or 10

(2) The deposit growth cap if the Federal Deposit Insurance Corporation 11
report of domestic office deposits is no longer published]. 12

5–707. 13

(a) (1) In this section, “emergency” has the meaning stated in § 14–307 of the 14
Public Safety Article. 15

(2) “EMERGENCY” INCLUDES A CYBERSECURITY INCIDE NT THAT 16
NECESSITATES THE CLO SURE OF A BANKING IN STITUTION OR A BRANC H OF A 17
BANKING INSTITUTION. 18

(b) (1) If the Governor proclaims that an emergency exists in a political 19
subdivision and designates days for the general cessation of bu siness in the subdivision, 20
each banking office that is located within the subdivision shall be closed on those days. 21

(2) If the Governor proclaims that an emergency exists in a political 22
subdivision, the Governor may designate days on which each banking office that is located 23
within the subdivision may be closed. 24

(3) If the Governor proclaims that an emergency exists as to a particular 25
banking office, that office may be closed on those days that the Governor designates. 26

(4) When the Governor author izes, but does not require, the banking 27
institution to be closed, the chairman of its board of directors or its president shall decide 28
whether to close or remain open. 29

(c) (1) If an emergency exists and affects a banking institution and if it is not 30
practical to obtain a proclamation from the Governor before closing the affected institution, 31
the chairman of its board of directors or its president: 32

10 SENATE BILL 43

(i) May close the banking institution; and 1

(ii) As soon as possible, but within 24 hours after the cl osing, shall 2
notify the Governor of the reasons for the closing. 3

(2) A banking institution may be closed under this subsection until the 4
earlier of: 5

(i) Issuance by the Governor of a proclamation that relates to the 6
emergency closing; 7

(ii) Notice to the banking institution that the Governor will not issue 8
a proclamation; 9

(iii) Reopening of the banking institution by the chairman of its board 10
of directors or by its president; or 11

(iv) 5 p.m. on the third day after the closing, except for Saturdays, 12
Sundays, and legal holidays. 13

5–806. 14

(a) Except for a [bank, trust company, savings bank, ] BANKING INSTITUTION, 15
A NATIONAL BANKING A SSOCIATION, AN OTHER–STATE BANK, or A savings and loan 16
association that is authorized to do business in this State, a person may not use any name, 17
title, or other words that represent that the person is authorized to do the business of 18
banking in this State. 19

(b) (1) (i) In this subsection the following terms have the meanings 20
indicated. 21

(ii) 1. “Bank” means any [bank, trust company, savings bank, ] 22
BANKING INSTITUTION, NATIONAL BANKING ASSOCIATION, OTHER–STATE BANK, or 23
savings and loan association that is authorized to do business in this State, and any 24
subsidiary or affiliate of the entity. 25

2. “Bank” in cludes any Farm Credit System institution in 26
this State. 27

(iii) “Name” means the name, trade name, trademark, service mark, 28
logo, or tagline used by a bank to identify itself. 29

(2) Except with the consent of the bank, a person may not use the name of 30
a bank or any term or design that is similar to the name of a bank in any marketing 31
material provided to another person or in any solicitation of another person in a manner 32
that may cause a reasonable person to be confused, mistaken, or deceived that the 33
marketing material or solicitation: 34
SENATE BILL 43 11

(i) Originated from the bank; 1

(ii) Originated from someone affiliated, connected, or associated 2
with the bank; 3

(iii) Is approved or sponsored by the bank; or 4

(iv) Is the responsibility of the bank. 5

(c) In addition to any other remedies a bank may have under any other provision 6
of law, a bank that is affected by a violation of subsection (b) of this section may bring an 7
action against the person that committed the violation to recover: 8

(1) Actual damages sustained as a result of the violation; 9

(2) Either: 10

(i) All profits attributable to the violation; or 11

(ii) $1,000 for each violation; and 12

(3) Court costs and reasonable attorney’s fees. 13

(d) Any person who violates subsection (a) of this section is guilty of a 14
misdemeanor and on conviction is subject to a fine not exceeding $3,000 or imprisonment 15
not exceeding 5 years or both. 16

6–712. 17

(a) (1) In this section the following words have the meanings indicated. 18

(2) “BRANCH” MEANS A D EPOSIT–TAKING OFFICE OF A C REDIT 19
UNION IN THE STATE THAT IS OPEN TO THE PUBLIC AS OF DECEMBER 31 OF THE 20
CALENDAR YEAR PRECEDING THE REQUEST FOR AN ASSESSMENT OFFSET CREDIT. 21

(3) “De novo branch” means a [branch of a credit union that was originally 22
established by the credit union in the State ] DEPOSIT–TAKING OFFICE OF A C REDIT 23
UNION IN THE STATE THAT WAS OPENED TO THE PUBLIC FOR THE FIRST TIME 24
DURING THE CALENDAR YEAR IMMEDIATELY PRECEDIN G A REQUEST FOR AN 25
ASSESSMENT OFFSET CREDIT THAT: 26

(I) WAS ORIGINALLY ESTABLISHED BY THE CREDIT UNION AS A 27
BRANCH; BUT 28

12 SENATE BILL 43

(II) DID NOT BECOME A BRANCH OF THE CREDIT UNION AS A 1
RESULT OF: 2

1. THE ACQUISITION BY TH E CREDIT UNION OF AN 3
INSURED DEPOSITORY I NSTITUTION OR A BRAN CH OF AN INSURED DEP OSITORY 4
INSTITUTION; OR 5

2. THE CONVERSION, MERGER, OR CONSOLIDATION OF 6
AN INSURED DEPOSITORY INSTITUTION OR A BRANCH OF AN INSURED DEPOSITORY 7
INSTITUTION. 8

[(3) “Deposit growth cap” means the year –over–year percentage change of 9
total shares and deposits reported December 31 each year by federally insured credit unions 10
to the National Credit Union Administration and published in the National Credit Union 11
Administration Call Report Aggregate Financial Performance Reports.] 12

(4) “Deposits” means deposits originated and housed at a credit union 13
branch located in a low – to moderate–income tract as reported by a credit union to the 14
Commissioner each year as of [June 30] DECEMBER 31. 15

(5) “Low– to moderate–income tract” has the meaning stated in § 5–203 of 16
this article. 17

(6) “MARYLAND OPPORTUNITY ACCOUNT” MEANS A TRANSACTION 18
ACCOUNT OFFERED BY A CREDIT UNION TO ITS MEMBERS THAT MEETS STANDARDS 19
ANNUALLY DETERMINED BY THE COMMISSIONER THAT PROMOTE FAIR AND EQUAL 20
ACCESS TO FINANCIAL SERVICES. 21

(b) This section applies only to a credit union with assets of $300,000 or greater. 22

(c) (1) The Commissioner shall impose an annual assessment on each credit 23
union as provided in this subsection to cover the expense of regulating credit unions. 24

(2) The Commissioner shall assess each credit union the sum of: 25

(i) $1,000; and 26

(ii) 8 cents for each $1,000 of the assets of the credit union over 27
$1,000,000. 28

(3) The assessment shall be based on assets stated in the credit union’s 29
most recent financial report. 30

(4) A well–capitalized credit union with a composite CAMELS rating of 1 31
or 2 may file with the Commissioner a request for an assessment offset credit of: 32
SENATE BILL 43 13

(i) 12 cents for each $1,000 of deposits in a de novo branch located 1
in a low– to moderate–income tract for the first 5 years after the date the de novo branch 2
opened; or 3

(ii) 6 cents for each $1,000 of deposits in a branch located in a 4
low– to moderate –income tract not to exceed the [deposit growth ] cap SET BY THE 5
COMMISSIONER BY DECEMBER 31 OF THE CALENDAR YEAR PRECED ING THE 6
REQUEST FOR AN ASSESSMENT OFFSET CREDIT. 7

(5) IN ADDITION TO AN ASS ESSMENT OFFSET CREDI T UNDER 8
PARAGRAPH (4) OF THIS SUBSECTION, A WELL–CAPITALIZED CREDIT UNION WITH A 9
COMPOSITE CAMELS RATING OF 1, 2, OR 3 MAY FILE WITH THE COMMISSIONER A 10
REQUEST FOR AN ASSESSMENT CREDIT OF: 11

(I) $5,000 ON RECEIVING THE COMMISSIONER’S INITIAL 12
APPROVAL THAT THE CREDIT UNION OFFERS AT LEAST ONE MARYLAND 13
OPPORTUNITY ACCOUNT; AND 14

(II) $3,000 FOR EACH YEAR THEREA FTER T HAT THE CREDIT 15
UNION OFFERS AT LEAST ONE MARYLAND OPPORTUNITY ACCOUNT THAT , AS 16
DETERMINED BY THE COMMISSIONER, REMAINS IN ACTIVE US E BY THE CREDIT 17
UNION’S MEMBERS. 18

(d) A credit union shall pay the assessment imposed under this section to the 19
Commissioner on or before the [March 1] APRIL 15 after the assessment is imposed. 20

[(e) The Commissioner may designate a successor index for the deposit growth cap 21
if the National Credit Union Administration Call Report Aggregate Financial Performance 22
Reports is no longer published.] 23

6–901. 24

(a) (1) Except for a credit union OR AN OUT–OF–STATE CREDIT UNION 25
authorized to do business in this State, a person may not: 26

(i) Use or advertise any name or title that contains the words “credit 27
union” or any derivation of that term; 28

(ii) Represent itself as a credit union; 29

(iii) Conduct business as a credit union; or 30

(iv) Conduct business under a name or title that: 31

14 SENATE BILL 43

1. Indicates or reasonably implies that the person engages in 1
or transacts the type of business conducted by a credit union; or 2

2. Is calculated to lead a person to believe that the business 3
engaged in or transacted is the type of business conducted by a credit union. 4

(2) Any person who violates any provision of this subsection is guilty of a 5
misdemeanor and on conviction is subject to a fine not exceeding $3,000 or imprisonment 6
not exceeding 5 years or both per occurrence. 7

(b) This section does not apply to an association or league of credit unions, 8
whether or not the association or league is incorporated. 9

Article – State Finance and Procurement 10

6–226. 11

(a) (2) (i) This paragraph does not apply in fiscal years 2024 through 2028. 12

(ii) Notwithstanding any other provision of law, and unless 13
inconsistent with a federal law, grant agreement, or other federal requirement or with the 14
terms of a gift or settlement agreement, net interest on all State money allocated by the 15
State Treasurer under this section to special funds or accounts, and otherwise entitled to 16
receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 17
Fund of the State. 18

(iii) The provisions of subparagraph (ii) of this parag raph do not 19
apply to the following funds: 20

212. the Department of Social and Economic Mobility Special 21
Fund; [and] 22

213. the Population Health Improvement Fund; AND 23

214. THE MARYLAND COMMUNITY INVESTMENT VENTURE 24
FUND. 25

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 26
1, 2026. 27