The term “indirectly to any one member”, as used in Financial Institutions Article, §6-604, Annotated Code of Maryland, includes a loan or extension of credit made to any member who, acting directly or indirectly, individually or in concert with one or more other persons or entities, or through one or more subsidiaries:

1. A. Acts in a common enterprise;
2. B. Owns or controls any entity, or holds proxies for, or otherwise has power to vote, 10 percent or more of the voting shares, rights, or interests of any association or corporation; or
3. C. Controls in any manner the election or appointment of a majority of the directors of that association or corporation.

Authority: Business Regulation Article, §2-105; Financial Institutions Article, §2-105.1 and Title 6; Annotated Code of Maryland

Effective date: December 24, 1976 (3:24 Md. R. 1392)

Regulations .01—.07 repealed effective October 1, 2001 (28:19 Md. R. 1683)

Regulations .08—.13 adopted as an emergency provision effective July 19, 1988 (15:18 Md. R. 2143); emergency status extended at 15:27 Md. R. 3123

Regulations .08—.18 adopted effective August 6, 1990 (17:15 Md. R. 1855)

Regulation .08B amended effective October 6, 1997 (24:20 Md. R. 1403)

Regulation .08 repealed and new Regulation .08 adopted effective November 2, 1998 (25:22 Md. R. 1652)

Regulation .08 amended effective October 1, 2001 (28:19 Md. R. 1683)

Regulation .09 repealed effective October 1, 2001 (28:19 Md. R. 1683)

Regulation .10 repealed and new Regulation .10 adopted effective October 1, 2001 (28:19 Md. R. 1683)

Regulation .12 repealed effective October 1, 2001 (28:19 Md. R. 1683)

Regulation .13 repealed effective October 1, 2001 (28:19 Md. R. 1683)

Regulation .14 repealed and new Regulation .14 adopted effective October 1, 2001 (28:19 Md. R. 1683)

Regulation .14 amended effective April 29, 2002 (29:8 Md. R. 697)

Regulation .17 repealed effective June 16, 1997 (24:12 Md. R. 863)

Regulation .17 adopted effective December 26, 2011 (38:26 Md. R. 1696)

Regulation .18 repealed effective October 1, 2001 (28:19 Md. R. 1683)