1. (a) Except as provided in subsection (b) of this section, the Commissioner, employees of the Commissioner's office, and other State employees acting under the supervision of the Commissioner's office may not:

   1. (1) Become indebted to any institution that is subject to the jurisdiction of the Commissioner; or
   2. (2) Engage or be interested in the sale of securities of or in the negotiation of loans for others to or with any banking institution or credit union.

2. (b) This section does not apply to a loan that is:

   1. (1) Made to a member of a credit union that has a membership of over 60,000 State employees; and

   2. (2) Approved by:

      1. (i) A credit committee approval under § 6-603(a)(1) of this article; and
      2. (ii) The Board of Directors.

3. (c) The Commissioner, employees of the Commissioner's office, and other State employees acting under the supervision of the Commissioner's office may not:

   1. (1) Serve as an officer, director, or committee member of a credit union; or
   2. (2) Exercise any voting rights in a credit union.
4. (d) Any person who violates any provision of this section is subject to forfeiture of that person's office or employment.

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1990, c. 148; Acts 1996, c. 326, § 2, eff. July 1, 1996; Acts 2001, c. 147, § 9, eff. Oct. 1, 2001; Acts 2001, c. 148, § 9, eff. Oct. 1, 2001.

Formerly Art. 11, § 23.