(a) To qualify for a certificate of authority under this subtitle, an applicant shall satisfy the Commissioner that the applicant: (1) Is trustworthy and reputable; (2) Has a good business reputation; (3) If domiciled outside the State, is currently licensed and authorized to engage in the credit union share guaranty business in its state of domicile; (4) Has and will maintain retained earnings or equity capital of at least $5,000,000, computed in accordance with generally accepted accounting principles; (5) Is in compliance with: (i) Its charter and this subtitle; and (ii) If domiciled outside the State, all laws and regulations applicable to credit union share guaranty corporations in its state of domicile; (6) Will conduct the credit union share guaranty business in the State in a manner that will adequately protect the share and deposit accounts of its participating credit unions; and (7) Will maintain reserves for guaranty losses in compliance with § 7-217 of this subtitle. (b) A person may not be authorized to engage in the credit union share guaranty business in the State if the person has or uses a name that is so similar to the name of a credit union share guaranty (b) A person may not be authorized to engage in the credit union share guaranty business in the State if the person has or uses a name that is so similar to the name of a credit union share guaranty corporation already issued a certificate of authority under this subtitle as to tend to cause uncertainty or confusion or to deceive or mislead.
Maryland Legal Code