Maryland 2023 Regular Session

Maryland House Bill HB548 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	WES MOORE, Governor Ch. 432
2	1
3		-	– 1 –
4		-	Chapter 432
5		-	(House Bill 548)
6	2
7		-	AN ACT concerning
	3	+	EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
	4	+	[Brackets] indicate matter deleted from existing law.
	5	+	Underlining indicates amendments to bill.
	6	+	Strike out indicates matter stricken from the bill by amendment or deleted from the law by
	7	+	amendment.
	8	+	Italics indicate opposite chamber/conference committee amendments.
	9	+	hb0548
8	10
9		-	Financial Regulation – Maryland Community Investment Venture Fund –
10		-	Establishment
11		-	(Access to Banking Act)
	11	+	HOUSE BILL 548
	12	+	I1 (3lr0117)
	13	+	ENROLLED BILL
	14	+	— Economic Matters/Finance —
	15	+	Introduced by The Speaker (By Request – Administration) and Delegates Addison,
	16	+	Allen, Alston, Amprey, Attar, Bagnall, Bhandari, Boafo, Boyce, Cardin,
	17	+	Charles, Conaway, Crutchfield, Cullison, Davis, Ebersole, Edelson, Embry,
	18	+	Fennell, Foley, Fraser–Hidalgo, Grossman, Harris, Harrison, Healey,
	19	+	Henson, Holmes, D. Jones, Kaiser, Kaufman, Kelly, Kerr, J. Long, Lopez,
	20	+	Pasteur, Patterson, Phillips, Qi, Queen, Reznik, Rogers, Rosenberg, Ruth,
	21	+	Sample–Hughes, Shetty, Simpson, Smith, Solomon, Stein, Taveras, Toles,
	22	+	Turner, Valderrama, Vogel, Watson, Wells, Wilkins, Williams, Wivell, Woods,
	23	+	Wu, and Young
12	24
13		-	FOR the purpose of authorizing the establishment of a establishing the Maryland
14		-	Community Investment Venture Fund by the Commissioner of Financial Regulation
15		-	as an instrumentality of the State for certain purposes; providing for certain
16		-	assessment offset credits for certain banking institutions and credit unions that
17		-	establish de novo branches or maintain branches in certain areas; authorizing the
18		-	use of the Banking Institution and Credit Union Regulation Fund for certain
19		-	purposes; and generally relating to financial regulation the Maryland Community
20		-	Investment Venture Fund and the assessment of banking institutions and credit
21		-	unions.
	25	+	Read and Examined by Proofreaders:
22	26
23		-	BY repealing and reenacting, with amendments,
24		-	Article – Financial Institutions
25		-	Section 2–118, 5–203, and 6–712
26		-	Annotated Code of Maryland
27		-	(2020 Replacement Volume and 2022 Supplement)
	27	+	_______________________________________________
	28	+	Proofreader.
	29	+	_______________________________________________
	30	+	Proofreader.
28	31
29		-	BY adding to
30		-	Article – Financial Institutions
31		-	Section 2–118.1
32		-	Annotated Code of Maryland
33		-	(2020 Replacement Volume and 2022 Supplement)
	32	+	Sealed with the Great Seal and presented to the Governor, for his approval this
34	33
35		-	BY repealing and reenacting, without amendments,
36		-	Article – Financial Institutions
37		-	Section 5–101(a) and (b)
38		-	Annotated Code of Maryland
39		-	(2020 Replacement Volume and 2022 Supplement)
	34	+	_______ day of _______________ at ________________________ o’clock, ________M.
40	35
41		-	~~SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND ,~~
42		-	~~That the Laws of Maryland read as follows:~~
	36	+	______________________________________________
	37	+	Speaker.
43	38
44		-	~~Article – Financial Institutions~~
	39	+	CHAPTER ______
45	40
46		-	~~2–118.~~
	41	+	AN ACT concerning 1
47	42
48		-	(a) In this section, “Fund” means the Banking Institution and Credit Union
49		-	Regulation Fund established under this section. Ch. 432 2023 LAWS OF MARYLAND
	43	+	Financial Regulation – Maryland Community Investment Venture Fund – 2
	44	+	Establishment 3
	45	+	(Access to Banking Act) 4
50	46
51		-	– 2 –
	47	+	FOR the purpose of authorizing the establishment of a establishing the Maryland 5
	48	+	Community Investment Venture Fund by the Commissioner of Financial Regulation 6
	49	+	as an instrumentality of the State for certain purposes; providing for certain 7 2 HOUSE BILL 548
52	50
53		-	(b) There is a Banking Institution and Credit Union Regulation Fund that
54		-	consists of:
55	51
56		-	(1) All revenue received for the chartering and regulation of persons who
57		-	engage in the business of a banking institution or credit union under this article; and
	52	+	assessment offset credits for certain banking institutions and credit unions that 1
	53	+	establish de novo branches or maintain branches in certain areas; authorizing the 2
	54	+	use of the Banking Institution and Credit Union Regulation Fund for certain 3
	55	+	purposes; and generally relating to financial regulation the Maryland Community 4
	56	+	Investment Venture Fund and the assessment of banking institutions and credit 5
	57	+	unions. 6
58	58
59		-	(2) Any other fee, assessment, or revenue received by the Commissioner
60		-	from banking institutions and credit unions under this article.
	59	+	BY repealing and reenacting, with amendments, 7
	60	+	Article – Financial Institutions 8
	61	+	Section 2–118, 5–203, and 6–712 9
	62	+	Annotated Code of Maryland 10
	63	+	(2020 Replacement Volume and 2022 Supplement) 11
61	64
62		-	(c) Notwithstanding subsection (b) of this section, the Commissioner shall pay all
63		-	fines and penalties collected by the Commissioner from banking institutions and credit
64		-	unions under this article into the General Fund of the State.
	65	+	BY adding to 12
	66	+	Article – Financial Institutions 13
	67	+	Section 2–118.1 14
	68	+	Annotated Code of Maryland 15
	69	+	(2020 Replacement Volume and 2022 Supplement) 16
65	70
66		-	(d) The purpose of the Fund is to pay all the costs and expenses incurred by the
67		-	Commissioner that are related to the regulation of banking institutions and credit unions
68		-	under this article, including:
	71	+	BY repealing and reenacting, without amendments, 17
	72	+	Article – Financial Institutions 18
	73	+	Section 5–101(a) and (b) 19
	74	+	Annotated Code of Maryland 20
	75	+	(2020 Replacement Volume and 2022 Supplement) 21
69	76
70		-	(1) Expenditures authorized under this article; [and]
	77	+	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARY LAND, 22
	78	+	That the Laws of Maryland read as follows: 23
71	79
72		-	(2) INVESTMENTS AUTHORIZE D UNDER § 2–118.1 OF THIS SUBTITLE ;
73		-	AND
	80	+	Article – Financial Institutions 24
74	81
75		-	[(2~~)] (3) Any other expense authorized in the State budget~~.
	82	+	2–118. 25
76	83
77		-	(e) (1) All the costs and expenses of the Comm issioner relating to the
78		-	regulation of banking institutions and credit unions under this article shall be included in
79		-	the State budget.
	84	+	(a) In this section, “Fund” means the Banking Institution and Credit Union 26
	85	+	Regulation Fund established under this section. 27
80	86
81		-	(2) ~~Any expenditures from the~~ Fund ~~to cover costs and expenses of the~~
82		-	~~Commissioner may be made only~~:
	87	+	(b) There is a Banking Institution and Credit Union Regulation Fund that 28
	88	+	consists of: 29
83	89
84		-	(i) ~~By an appropriation from~~ the ~~Fund approved by the General~~
85		-	~~Assembly~~ in the ~~annual State budget;~~ or
	90	+	(1) All revenue received for the chartering and regulation of persons who 30
	91	+	engage in the business of a banking institution or credit union under this article; and 31
86	92
87		-	(ii) By the ~~budget amendment procedure provided for in § 7–209 of~~
88		-	~~the State Finance~~ and ~~Procurement~~ Article.
	93	+	(2) Any other fee, assessment, or revenue received by the Commissioner 32
	94	+	from banking institutions and credit unions under this article. 33
89	95
90		-	(3) If, in any given fiscal year, the amount of the revenue collected by the
91		-	Commissioner and deposited into the Fund exceeds the actual appropriation for the
92		-	Commissioner to regulate banking institutions and credit unions under this article, the
93		-	excess amount shall be carried forward within the Fund.
	96	+	(c) Notwithstanding subsection (b) of this section, the Commissioner shall pay all 34
	97	+	fines and penalties collected by the Commissioner from banking institutions and credit 35
	98	+	unions under this article into the General Fund of the State. 36 HOUSE BILL 548 3
94	99
95		-	(f) (1) The State Treasurer is the custodian of the Fund.
96		-	WES MOORE, Governor Ch. 432
97	100
98		-	– 3 –
99		-	(2) The State Treasurer shall deposit payments received from the
100		-	Commissioner into the Fund.
101	101
102		-	(g) ~~(1)~~ The Fund is ~~a continuing, nonlapsing fund that is not subject~~ to §
103		-	~~7–302~~ of ~~the State Finance~~ and ~~Procurement Article,~~ ~~and may not be deemed a part of the~~
104		-	~~General Fund of the State.~~
	102	+	(d) The purpose of the Fund is to pay all the costs and expenses incurred by the 1
	103	+	Commissioner that are related to the regulation of banking institutions and credit unions 2
	104	+	under this article, including: 3
105	105
106		-	(2) Unless otherwise provided by law, no part of the Fund may revert or be
107		-	credited to:
	106	+	(1) Expenditures authorized under this article; [and] 4
108	107
109		-	(i) The General Fund of the State; or
	108	+	(2) INVESTMENTS AUTHORIZE D UNDER § 2–118.1 OF THIS SUBTITLE ; 5
	109	+	AND 6
110	110
111		-	(ii) ~~A special fund of~~ the State.
	111	+	[(2)] (3) Any other expense authorized in the State budget. 7
112	112
113		-	2–118.1.
	113	+	(e) (1) All the costs and expenses of the Commissioner relating to the 8
	114	+	regulation of banking institutions and credit unions under this article shall be included in 9
	115	+	the State budget. 10
114	116
115		-	(A) ~~(1) IN THIS SECTION~~ THE ~~F OLLOWING WORDS HAVE~~ THE ~~MEANINGS~~
116		-	~~INDICATED.~~
	117	+	(2) Any expenditures from the Fund to cover costs and expenses of the 11
	118	+	Commissioner may be made only: 12
117	119
118		-	(2) ~~“FUND” MEANS~~ THE ~~MARYLAND COMMUNITY INVESTMENT~~
119		-	~~VENTURE FUND.~~
	120	+	(i) By an appropriation from the Fund approved by the General 13
	121	+	Assembly in the annual State budget; or 14
120	122
121		-	(2) ~~(3) “LOW– TO MODERATE –INCOME TRACT ” HAS~~ THE ~~MEANING~~
122		-	~~STATED IN § 5–203 OF THIS~~ ARTICLE.
	123	+	(ii) By the budget amendment procedure provided for in § 7–209 of 15
	124	+	the State Finance and Procurement Article. 16
123	125
124		-	(3) “PRIVATE VENTURE FUND ” MEANS THE SEPARATE E NTITY OR
125		-	ENTITIES CHARTERED I N ACCORDANCE WITH SU BSECTIONS (B) AND (K) OF THIS
126		-	SECTION.
	126	+	(3) If, in any given fiscal year, the amount of the revenue collected by the 17
	127	+	Commissioner and deposited into the Fund exceeds the actual appropriation for the 18
	128	+	Commissioner to regulate banking institutions and credit unions under this article, the 19
	129	+	excess amount shall be carried forward within the Fund. 20
127	130
128		-	(B) (1) THE COMMISSIONER MAY INVE ST IN THERE IS A MARYLAND
129		-	COMMUNITY INVESTMENT VENTURE FUND.
	131	+	(f) (1) The State Treasurer is the custodian of the Fund. 21
130	132
131		-	(2) THE MARYLAND COMMUNITY INVESTMENT VENTURE FUND IS A
132		-	PRIVATE VENTURE FUND THAT IS A SEPARATELY CHAR TERED EQUITY FUND US ING
133		-	BOTH:
	133	+	(2) The State Treasurer shall deposit payments received from the 22
	134	+	Commissioner into the Fund. 23
134	135
135		-	(I) IS AN INSTRUMENTALITY OF THE STATE; AND
	136	+	(g) (1) The Fund is a continuing, nonlapsing fund that is not subject to § 24
	137	+	7–302 of the State Finance and Procurement Article, and may not be deemed a part of the 25
	138	+	General Fund of the State. 26
136	139
137		-	(II) USES PUBLIC AND PRIVATE I NVESTMENT FUNDS .
	140	+	(2) Unless otherwise provided by law, no part of the Fund may revert or be 27
	141	+	credited to: 28
138	142
139		-	(3) (C) (1) THE SUBJECT TO PARAGRAPH (2) OF THIS
140		-	SUBSECTION, THE PURPOSE OF THE PRIVATE VENTURE FUND FUND IS TO DEVELOP
141		-	OPPORTUNITIES FOR BA NKING INSTITUTIONS A ND CREDIT UNIONS TO BETTER
142		-	SERVE THE NEEDS OF L OW– TO MODERATE –INCOME TRACTS BY :
143		-	Ch. 432 2023 LAWS OF MARYLAND
	143	+	(i) The General Fund of the State; or 29
144	144
145		-	– 4 –
146		-	(I) INVESTING IN THE DEVE LOPMENT OF FINANCIAL PRODUCT
147		-	OR FINANCIAL PRODUCT UNDERWRITING INNOVAT IONS THAT WILL ENHANCE
148		-	ACCESS TO CAPITAL , FUNDING, AND OTHER FINANCIAL SERVICES FOR BUSINES SES
149		-	IN LOW– TO MODERATE –INCOME TRACTS IN MARYLAND THE STATE;
	145	+	(ii) A special fund of the State. 30
	146	+	4 HOUSE BILL 548
150	147
151		-	(II) DEPLOYING, TESTING, AND EVALUATING THESE THE
152		-	INNOVATIONS FOR PROVIDI NG CAPITAL AND FUNDI NG TO BUSINESSES IN LOW– TO
153		-	MODERATE–INCOME TRACTS IN MARYLAND THE STATE; AND
154	148
155		-	(III) PROMOTING AND MAKING THESE THE INNOVATIONS
156		-	AVAILABLE TO A VARIETY OF BANKING INSTITUTIONS AND CREDIT UNIONS FO R USE
157		-	IN ENHANCING ACCESS TO CAPITAL, FUNDING, AND OTHER FINANCIAL SERVICES
158		-	FOR BUSINESSES IN LO W– TO MODERATE –INCOME TRACTS IN MARYLAND THE
159		-	STATE.
	149	+	2–118.1. 1
160	150
161		-	(2) WITH THE APPROVAL OF THE COMMISSIONER , THE PURPOSE OF
162		-	THE FUND MAY BE ALTERED I N A MANNER THAT IS C ONSISTENT WITH THE I NTENT
163		-	AND REQUIREMENTS OF THIS SECTION.
	151	+	(A) (1) IN THIS SECTION THE F OLLOWING WORDS HAVE THE MEANINGS 2
	152	+	INDICATED. 3
164	153
165		-	(D) ~~(1) (I)~~ THE ~~COMMISSIONER SHALL ES TABLISH A GOVERNANCE~~
166		-	~~STRUCTURE FOR THE~~ FUND.
	154	+	(2) “FUND” MEANS THE MARYLAND COMMUNITY INVESTMENT 4
	155	+	VENTURE FUND. 5
167	156
168		-	(II) THE ~~COMMISSIONER MAY COLL ABORATE WITH INVESTO RS~~
169		-	IN ~~THE FUND WHEN ESTABLISHING THE G OVERNANCE STRUCTURE~~ .
	157	+	(2) (3) “LOW– TO MODERATE –INCOME TRACT ” HAS THE MEANING 6
	158	+	STATED IN § 5–203 OF THIS ARTICLE. 7
170	159
171		-	(2) THE COMMISSIONER , OR THE COMMISSIONER ’S DESIGNEE ,
172		-	SHALL SERVE ON THE G OVERNING BODY OF THE FUND.
	160	+	(3) “PRIVATE VENTURE FUND ” MEANS THE SEPARATE E NTITY OR 8
	161	+	ENTITIES CHARTERED I N ACCORDANCE WITH SU BSECTIONS (B) AND (K) OF THIS 9
	162	+	SECTION. 10
173	163
174		-	(C) (E) (1) THE COMMISSIONER MAY EXPEND USE UP TO $250,000
175		-	FROM THE BANKING INSTITUTION AND CREDIT UNION REGULATION FUND
176		-	ESTABLISHED UNDER § 2–118 OF THIS SUBTITLE TO COVER THE EXPENSES
177		-	ASSOCIATED WITH CHARTERING AND ORGANIZING THE PRIVA TE VENTURE FUND
178		-	ESTABLISHING THE FUND, INCLUDING ACCOUNTING , ADVISORY, THIRD–PARTY
179		-	SERVICE PROVIDER , MARKETING, AND OTHER NE CESSARY EXPENSES .
	164	+	(B) (1) THE COMMISSIONER MAY INVE ST IN THERE IS A MARYLAND 11
	165	+	COMMUNITY INVESTMENT VENTURE FUND. 12
180	166
181		-	(D) (2) TO ENCOURAGE PRIVATE INVESTMENT, THE COMMISSIONER MAY
182		-	PROVIDE THE AN INITIAL EQUITY CAPIT AL INVESTMENT IN THE PRIVATE VENTURE
183		-	FUND FUND IN AN AMOUNT UP TO $2,500,000 FROM THE BANKING INSTITUTION
184		-	AND CREDIT UNION REGULATION FUND.
	167	+	(2) THE MARYLAND COMMUNITY INVESTMENT VENTURE FUND IS A 13
	168	+	PRIVATE VENTURE FUND THAT IS A SEPARATELY CHAR TERED EQUITY FUND US ING 14
	169	+	BOTH: 15
185	170
186		-	(E) (F) (1) THROUGH JUNE 30, 2028, THE COMMISSIONER MAY MATC H
187		-	ANY AN INVESTMENT MADE IN T HE PRIVATE VENTURE FUND FUND BY A BANKING
188		-	INSTITUTION OR CREDI T UNION UP TO THE AM OUNT OF THE ASSESSME NT CREDIT WES MOORE, Governor Ch. 432
	171	+	(I) IS AN INSTRUMENTALITY OF THE STATE; AND 16
189	172
190		-	– 5 –
191		-	EARNED BY THAT THE BANKING INSTITUTION OR CREDIT UNION UNDER IN
192		-	ACCORDANCE WITH § 5–203(C) § 5–203(D) OR § 6–712(C)(4) OF THIS ARTICLE.
	173	+	(II) USES PUBLIC AND PRIVATE I NVESTMENT FUNDS . 17
193	174
194		-	(F) (2) THE COMMISSIONER MAY NOT MAKE ANY FURTHER
195		-	INVESTMENTS AN INVESTMENT IN THE PRIVATE VENTURE FUND FUND AFTER JUNE
196		-	30, 2028.
	175	+	(3) (C) (1) THE SUBJECT TO PARAGRAPH (2) OF THIS 18
	176	+	SUBSECTION, THE PURPOSE OF THE PRIVATE VENTURE FUND FUND IS TO DEVELOP 19
	177	+	OPPORTUNITIES FOR BA NKING INSTITUTIONS A ND CREDIT UNIONS TO BETTER 20
	178	+	SERVE THE NEEDS OF L OW– TO MODERATE –INCOME TRACTS BY : 21
197	179
198		-	(G) ~~ANY AND ALL ALL INVESTMENT RETURNS O R RETURN~~ OF ~~CAPITAL~~
199		-	~~FROM THE PRIVATE VENTURE FUND FUND WITH RESPECT TO ANY AN INVESTMENT~~
200		-	~~AUTHORIZED BY THE COMMISSIONER SHALL BE THE PROPERTY OF CREDITED~~ TO
201		-	THE ~~BANKING INSTITUTION AND CREDIT UNION REGULATION FUND.~~
	180	+	(I) INVESTING IN THE DEVE LOPMENT OF FINANCIAL PRODUCT 22
	181	+	OR FINANCIAL PRODUCT UNDERWRITING INNOVAT IONS THAT WILL ENHANCE 23
	182	+	ACCESS TO CAPITAL , FUNDING, AND OTHER FINANCIAL SERVICES FOR BUSINES SES 24
	183	+	IN LOW– TO MODERATE –INCOME TRACTS IN MARYLAND THE STATE; 25
202	184
203		-	(H) ~~(1) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION ,~~ THE
204		-	~~COMMISSIONER MAY NEGO TIATE APPROPRIATE GO VERNANCE STRUCTURES~~ FOR
205		-	THE ~~PRIVATE VENTURE FUND WITH OTHER INVE STORS.~~
	185	+	(II) DEPLOYING, TESTING, AND EVALUATING THESE THE 26
	186	+	INNOVATIONS FOR PROVIDI NG CAPITAL AND FUNDI NG TO BUSINESSES IN LOW– TO 27
	187	+	MODERATE–INCOME TRACTS IN MARYLAND THE STATE; AND 28
206	188
207		-	(2) THE ~~COMMISSIONER OR A REP RESENTATIVE OF THE~~
208		-	~~COMMISSIONER SHALL AL WAYS SERVE ON THE BODY GOVERNING THE P RIVATE~~
209		-	~~VENTURE FUND .~~
	189	+	(III) PROMOTING AND MAKING THESE THE INNOVATIONS 29
	190	+	AVAILABLE TO A VARIETY OF BANKING INSTITUTIONS AND CREDIT UNIONS FO R USE 30
	191	+	IN ENHANCING ACCESS TO CAPITAL, FUNDING, AND OTHER FINANCIAL SERVICES 31 HOUSE BILL 548 5
210	192
211		-	(3) (I) THE PURPOSE OF THE PR IVATE VENTURE FUND M AY NOT BE
212		-	ALTERED OR AMENDED W ITHOUT THE CONSENT O F THE COMMISSIONER .
213	193
214		-	~~(II) ANY ALTERED OR AMENDE D PURPOSE MUST REMAI N~~
215		-	~~CONSISTENT WITH THIS SECTION~~.
	194	+	FOR BUSINESSES IN LO W– TO MODERATE –INCOME TRACTS IN MARYLAND THE 1
	195	+	STATE. 2
216	196
217		-	(I) (H) AT THE DIRECTION OF T HE COMMISSIONER , AND IN ADDITION TO
218		-	ANY CUSTOMARY AND AP PROPRIATE AUDITS OF THE FUND FUND, THE PRIVATE
219		-	VENTURE FUND GOVERNING BODY OF TH E FUND SHALL BE REQUIRED TO ENGAG E
220		-	OBTAIN THE SERVICES OF AN INDEPENDENT THIRD PARTY DESIGNATED BY THE
221		-	COMMISSIONER ON AN AN NUAL BASIS TO EVALUA TE WHETHER ALL THE
222		-	INVESTMENTS MEET THE CRITERIA ES TABLISHED BY MADE TO THE FUND COMPLY
223		-	WITH THIS SECTION.
	197	+	(2) WITH THE APPROVAL OF THE COMMISSIONER , THE PURPOSE OF 3
	198	+	THE FUND MAY BE ALTERED I N A MANNER THAT IS C ONSISTENT WITH THE I NTENT 4
	199	+	AND REQUIREMENTS OF THIS SECTION. 5
224	200
225		-	(J) (1) EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS SUBSECTION ,
226		-	DIVISION II OF THE STATE FINANCE AND PROCUREMENT ARTICLE DOES NOT
227		-	APPLY TO A SERVICE T HAT THE COMMISSIONER OBTAINS UNDER THIS SECTION .
	201	+	(D) (1) (I) THE COMMISSIONER SHALL ES TABLISH A GOVERNANCE 6
	202	+	STRUCTURE FOR THE FUND. 7
228	203
229		-	(2) THE COMMISSIONER IS SUBJE CT TO TITLE 12, SUBTITLE 4 OF
230		-	THE STATE FINANCE AND PROCUREMENT ARTICLE FOR SERVICES CONTRACTED
231		-	UNDER SUBSE CTION (C) OR (K) OF THIS SECTION.
	204	+	(II) THE COMMISSIONER MAY COLL ABORATE WITH INVESTO RS 8
	205	+	IN THE FUND WHEN ESTABLISHING THE G OVERNANCE STRUCTURE . 9
232	206
233		-	(K) ~~(I) (1) TO THE EXTENT IF~~ THE COMMISSIONER ~~DETERMIN ES THAT~~
234		-	~~SEPARATE PRIVATE VEN TURE FUNDS ARE NECES SARY TO ACCOMPLISH T HE Ch. 432 2023 LAWS~~ OF ~~MARYLAND~~
	207	+	(2) THE COMMISSIONER , OR THE COMMISSIONER ’S DESIGNEE , 10
	208	+	SHALL SERVE ON THE G OVERNING BODY OF THE FUND. 11
235	209
236		-	– 6 –
237		-	PURPOSE OF THE PRIVATE VENTURE FUND FUND, THE COMMISSIONER MAY EXPEND
238		-	FUNDS USE MONEY FROM THE FUND TO CHARTER AND ORGANIZE ESTABLISH
239		-	ADDITIONAL PRIVATE V ENTURE FUNDS.
	210	+	(C) (E) (1) THE COMMISSIONER MAY EXPEND USE UP TO $250,000 12
	211	+	FROM THE BANKING INSTITUTION AND CREDIT UNION REGULATION FUND 13
	212	+	ESTABLISHED UNDER § 2–118 OF THIS SUBTITLE TO COVER THE EXPENSES 14
	213	+	ASSOCIATED WITH CHARTERING AND ORGANIZING THE PRIVA TE VENTURE FUND 15
	214	+	ESTABLISHING THE FUND, INCLUDING ACCOUNTING , ADVISORY, THIRD–PARTY 16
	215	+	SERVICE PROVIDER , MARKETING, AND OTHER NE CESSARY EXPENSES . 17
240	216
241		-	(2) ANY AN ADDITIONAL PRIVATE V ENTURE FUNDS CHARTERED AND
242		-	ORGANIZED UNDER FUND ESTABLISHED IN ACCORDANCE WITH THIS SUBSECTION
243		-	ARE SUBJECT TO THE REQUIREMENTS AND LIMITATIONS OF THI S SECTION ON THE
244		-	MARYLAND COMMUNITY INVESTMENT VENTURE FUND UNDER SUBSECTION (B) OF
245		-	THIS SECTION , INCLUDING THE AGGREGATE EXPENSE AN D INVESTMENT
246		-	LIMITATIONS STATED I N SUBSECTIONS (C) THROUGH (F) OF THIS SECTION SHALL
247		-	COMPLY WITH THE REQU IREMENTS OF SUBSECTIONS (B) THROUGH (F) OF THIS
248		-	SECTION.
	217	+	(D) (2) TO ENCOURAGE PRIVATE INVESTMENT, THE COMMISSIONER MAY 18
	218	+	PROVIDE THE AN INITIAL EQUITY CAPIT AL INVESTMENT IN THE PRIVATE VENTURE 19
	219	+	FUND FUND IN AN AMOUNT UP TO $2,500,000 FROM THE BANKING INSTITUTION 20
	220	+	AND CREDIT UNION REGULATION FUND. 21
249	221
250		-	5–101.
	222	+	(E) (F) (1) THROUGH JUNE 30, 2028, THE COMMISSIONER MAY MATC H 22
	223	+	ANY AN INVESTMENT MADE IN T HE PRIVATE VENTURE FUND FUND BY A BANKING 23
	224	+	INSTITUTION OR CREDI T UNION UP TO THE AM OUNT OF THE ASSESSME NT CREDIT 24
	225	+	EARNED BY THAT THE BANKING INSTITUTION OR CREDIT UNION UNDER IN 25
	226	+	ACCORDANCE WITH § 5–203(C) § 5–203(D) OR § 6–712(C)(4) OF THIS ARTICLE. 26
251	227
252		-	(a) In this title the following words have the meanings indicated.
	228	+	(F) (2) THE COMMISSIONER MAY NOT MAKE ANY FURTHER 27
	229	+	INVESTMENTS AN INVESTMENT IN THE PRIVATE VENTURE FUND FUND AFTER JUNE 28
	230	+	30, 2028. 29
253	231
254		-	(b) “CAMELS” means the composite rating adopted by the federal Financial
255		-	Institutions Examination Council to evaluate the adequacy of capital, quality of assets,
256		-	capability of management, quality and level of earnings, adequacy of liquidity, and
257		-	sensitivity to market risk.
	232	+	(G) ANY AND ALL ALL INVESTMENT RETURNS O R RETURN OF CAPITAL 30
	233	+	FROM THE PRIVATE VENTURE FUND FUND WITH RESPECT TO ANY AN INVESTMENT 31
	234	+	AUTHORIZED BY THE COMMISSIONER SHALL BE THE PROPERTY OF CREDITED TO 32
	235	+	THE BANKING INSTITUTION AND CREDIT UNION REGULATION FUND. 33
	236	+	6 HOUSE BILL 548
258	237
259		-	5–203.
260	238
261		-	(a) (1) IN THIS SECTION , UNLESS THE CONTEXT C LEARLY REQUIRES
262		-	OTHERWISE, THE FOLLOWING WORDS HAVE THE MEANINGS IN DICATED.
	239	+	(H) (1) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION , THE 1
	240	+	COMMISSIONER MAY NEGO TIATE APPROPRIATE GO VERNANCE STRUCTURES FOR 2
	241	+	THE PRIVATE VENTURE FUND WITH OTHER INVE STORS. 3
263	242
264		-	(2) ~~“BRANCH” MEANS~~ A ~~DEPOSIT –TAKING OFFICE~~ OF ~~A B ANKING~~
265		-	~~INSTITUTION IN MARYLAND OTHER THAN~~ THE ~~MAIN OFFICE AS DEFINED BY~~ THE
266		-	~~FEDERAL DEPOSIT INSURANCE CORPORATION~~ .
	243	+	(2) THE COMMISSIONER OR A REP RESENTATIVE OF THE 4
	244	+	COMMISSIONER SHALL AL WAYS SERVE ON THE BODY GOVERNING THE P RIVATE 5
	245	+	VENTURE FUND . 6
267	246
268		-	(3) ~~“DE NOVO BRANCH ” HAS~~ THE ~~MEANING STAT ED IN § 5–1001~~ OF
269		-	~~THIS TITLE WITH RESPECT TO A BA NKING INSTITUTION~~ .
	247	+	(3) (I) THE PURPOSE OF THE PR IVATE VENTURE FUND M AY NOT BE 7
	248	+	ALTERED OR AMENDED W ITHOUT THE CONSENT O F THE COMMISSIONER . 8
270	249
271		-	(4) “DEPOSIT GROWTH CAP ” MEANS THE YEAR –OVER–YEAR
272		-	PERCENTAGE CHANGE OF DOMESTIC OFFICE DEPO SITS AS REPORTED ON
273		-	DECEMBER 31 EACH YEAR BY THE FEDERAL DEPOSIT INSURANCE CORPORATION
274		-	IN THE FEDERAL DEPOSIT INSURANCE CORPORATION QUARTERLY BANK PROFILE .
	250	+	(II) ANY ALTERED OR AMENDE D PURPOSE MUST REMAI N 9
	251	+	CONSISTENT WITH THIS SECTION. 10
275	252
276		-	(5) “DEPOSITS” MEANS DEPOSITS ORIGI NATED AND HOUSED AT A
277		-	BRANCH LOCATED IN A LOW– TO MODERATE –INCOME TRACT AS REPO RTED BY A
278		-	BANKING INSTITUTION TO THE FEDERAL DEPOSIT INSURANCE CORPORATION
279		-	EACH YEAR AS OF JUNE 30.
280		-	WES MOORE, Governor Ch. 432
	253	+	(I) (H) AT THE DIRECTION OF T HE COMMISSIONER , AND IN ADDITION TO 11
	254	+	ANY CUSTOMARY AND AP PROPRIATE AUDITS OF THE FUND FUND, THE PRIVATE 12
	255	+	VENTURE FUND GOVERNING BODY OF TH E FUND SHALL BE REQUIRED TO ENGAG E 13
	256	+	OBTAIN THE SERVICES OF AN INDEPENDENT THIRD PARTY DESIGNATED BY THE 14
	257	+	COMMISSIONER ON AN AN NUAL BASIS TO EVALUA TE WHETHER ALL THE 15
	258	+	INVESTMENTS MEET THE CRITERIA ES TABLISHED BY MADE TO THE FUND COMPLY 16
	259	+	WITH THIS SECTION. 17
281	260
282		-	– 7 –
283		-	(6) “LOW– TO MODERATE –INCOME TRACT ” MEANS A CENSUS TRACT
284		-	DELINEATED BY THE U.S. BUREAU OF THE CENSUS IN THE MOST RE CENT
285		-	DECENNIAL CENSUS AS PUBLISHED BY THE FEDERAL FINANCIAL INSTITUTIONS
286		-	EXAMINATION COUNCIL THAT CORRESPO NDS TO LOW – TO MODERATE –INCOME
287		-	LEVEL CLASSIFICATION S AS DEFINED BY THE REGULATION OF THE FEDERAL
288		-	RESERVE BOARD IMPLEMENTING TH E FEDERAL COMMUNITY REINVESTMENT ACT,
289		-	12 C.F.R. 228.12.
	261	+	(J) (1) EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS SUBSECTION , 18
	262	+	DIVISION II OF THE STATE FINANCE AND PROCUREMENT ARTICLE DOES NOT 19
	263	+	APPLY TO A SERVICE T HAT THE COMMISSIONER OBTAINS UNDER THIS SECTION . 20
290	264
291		-	(B) The Commissioner ~~shall impose annual as sessments on each banking~~
292		-	~~institution as provided in this section, to cover~~ the ~~expense of regulating banking~~
293		-	~~institutions~~.
	265	+	(2) THE COMMISSIONER IS SUBJE CT TO TITLE 12, SUBTITLE 4 OF 21
	266	+	THE STATE FINANCE AND PROCUREMENT ARTICLE FOR SERVICES CONTRACTED 22
	267	+	UNDER SUBSE CTION (C) OR (K) OF THIS SECTION. 23
294	268
295		-	[(b)] (C) (1) Except as provided in paragraph (2) of this subsection, the
296		-	Commissioner shall assess each banking institution the sum of:
	269	+	(K) (I) (1) TO THE EXTENT IF THE COMMISSIONER DETERMIN ES THAT 24
	270	+	SEPARATE PRIVATE VEN TURE FUNDS ARE NECES SARY TO ACCOMPLISH T HE 25
	271	+	PURPOSE OF THE PRIVATE VENTURE FUND FUND, THE COMMISSIONER MAY EXPEND 26
	272	+	FUNDS USE MONEY FROM THE FUND TO CHARTER AND ORGANIZE ESTABLISH 27
	273	+	ADDITIONAL PRIVATE V ENTURE FUNDS. 28
297	274
298		-	(i) $8,000; plus
	275	+	(2) ANY AN ADDITIONAL PRIVATE V ENTURE FUNDS CHARTERED AND 29
	276	+	ORGANIZED UNDER FUND ESTABLISHED IN ACCORDANCE WITH THIS SUBSECTION 30
	277	+	ARE SUBJECT TO THE REQUIREMENTS AND LIMITATIONS OF THI S SECTION ON THE 31
	278	+	MARYLAND COMMUNITY INVESTMENT VENTURE FUND UNDER SUBSECTION (B) OF 32
	279	+	THIS SECTION , INCLUDING THE AGGREGATE EXPENSE AN D INVESTMENT 33
	280	+	LIMITATIONS STATED I N SUBSECTIONS (C) THROUGH (F) OF THIS SECTION SHALL 34
	281	+	COMPLY WITH THE REQU IREMENTS OF SUBSECTIONS (B) THROUGH (F) OF THIS 35
	282	+	SECTION. 36 HOUSE BILL 548 7
299	283
300		-	(ii) 1. 12 cents for each $1,000 of the assets of the institution over
301		-	$50,000,000, but not more than $250,000,000;
302	284
303		-	2. 10 cents for each $1,000 of assets over $250,000,000, but
304		-	not more than $500,000,000;
305	285
306		-	3. 9 cents for each $1,000 of assets over $500,000,000, but not
307		-	more than $1,000,000,000;
	286	+	5–101. 1
308	287
309		-	4. 8 cents for each $1,000 of assets over $1,000,000,000, but
310		-	not more than $10,000,000,000; and
	288	+	(a) In this title the following words have the meanings indicated. 2
311	289
312		-	5. 7 cents for each $1,000 of assets over $10,000,000,000.
	290	+	(b) “CAMELS” means the composite rating adopted by the federal Financial 3
	291	+	Institutions Examination Council to evaluate the adequacy of capital, quality of assets, 4
	292	+	capability of management, quality and level of earnings, adequacy of liquidity, and 5
	293	+	sensitivity to market risk. 6
313	294
314		-	(2) If a banking institution is not in the business of accepting deposits or
315		-	retaining funds in a deposit account as defined in § 5–509 of this title, the Commissioner
316		-	shall assess the banking institution the sum of:
	295	+	5–203. 7
317	296
318		-	(i) $5,000; plus
	297	+	(a) (1) IN THIS SECTION , UNLESS THE CONTEXT C LEARLY REQUIRES 8
	298	+	OTHERWISE, THE FOLLOWING WORDS HAVE THE ME ANINGS INDICATED . 9
319	299
320		-	(ii) 1. 0.3 cents for each $1,000 of managed assets held in a
321		-	fiduciary capacity up to $5,000,000,000;
	300	+	(2) “BRANCH” MEANS A DEPOSIT –TAKING OFFICE OF A B ANKING 10
	301	+	INSTITUTION IN MARYLAND OTHER THAN THE MAIN OFFICE AS DEFINED BY THE 11
	302	+	FEDERAL DEPOSIT INSURANCE CORPORATION . 12
322	303
323		-	~~2. 0.2 cents for each $1,000~~ of ~~managed assets held in a~~
324		-	~~fiduciary capacity over $5,000,000,000, but not more than $20,000,000,000;~~
	304	+	(3) “DE NOVO BRANCH ” HAS THE MEANING STAT ED IN § 5–1001 OF 13
	305	+	THIS TITLE WITH RESPECT TO A BA NKING INSTITUTION . 14
325	306
326		-	3. 0.1 cent for each $1,000 of managed assets held in a
327		-	fiduciary capacity over $20,000,000,000 up to $27,500,000,000;
328		-	Ch. 432 2023 LAWS OF MARYLAND
	307	+	(4) “DEPOSIT GROWTH CAP ” MEANS THE YEAR –OVER–YEAR 15
	308	+	PERCENTAGE CHANGE OF DOMESTIC OFFICE DEPO SITS AS REPORTED ON 16
	309	+	DECEMBER 31 EACH YEAR BY THE FEDERAL DEPOSIT INSURANCE CORPORATION 17
	310	+	IN THE FEDERAL DEPOSIT INSURANCE CORPORATION QUARTERLY BANK PROFILE . 18
329	311
330		-	– 8 –
331		-	4. 0.2 cents for each $1,000 of nonmanaged and custodial
332		-	assets held in a fiduciary capacity up to $5,000,000,000; and
	312	+	(5) “DEPOSITS” MEANS DEPOSITS ORIGI NATED AND HOUSED AT A 19
	313	+	BRANCH LOCATED IN A LOW– TO MODERATE –INCOME TRACT AS REPO RTED BY A 20
	314	+	BANKING INSTITUTION TO THE FEDERAL DEPOSIT INSURANCE CORPORATION 21
	315	+	EACH YEAR AS OF JUNE 30. 22
333	316
334		-	5. 0.1 cent for each $1,000 of nonmanaged and custodial
335		-	assets held in a fiduciary capacity over $5,000,000,000 up to $20,000,000,000.
	317	+	(6) “LOW– TO MODERATE –INCOME TRACT ” MEANS A CENSUS TRACT 23
	318	+	DELINEATED BY THE U.S. BUREAU OF THE CENSUS IN THE MOST RE CENT 24
	319	+	DECENNIAL CENSUS AS PUBLISHED BY THE FEDERAL FINANCIAL INSTITUTIONS 25
	320	+	EXAMINATION COUNCIL THAT CORRESPO NDS TO LOW – TO MODERATE –INCOME 26
	321	+	LEVEL CLASSIFICATION S AS DEFINED BY THE REGULATION OF THE FEDERAL 27
	322	+	RESERVE BOARD IMPLEMENTING TH E FEDERAL COMMUNITY REINVESTMENT ACT, 28
	323	+	12 C.F.R. 228.12. 29
336	324
337		-	(3) The assessments shall be based on assets stated in a banking
338		-	institution’s most recent financial report.
	325	+	(B) The Commissioner shall impose annual assessments on each banking 30
	326	+	institution as provided in this section, to cover the expense of regulating banking 31
	327	+	institutions. 32
	328	+	8 HOUSE BILL 548
339	329
340		-	(D) A WELL–CAPITALIZED BANKING INSTITUTION W ITH A COMPOSITE
341		-	CAMELS RATING OF 1 OR 2 MAY FILE WITH THE COMMISSIONER A REQUES T FOR
342		-	AN ASSESSMENT OFFSET CREDIT OF:
343	330
344		-	(1) 12 CENTS FOR EACH $1,000 OF DEPOSITS IN A DE NOVO BRANCH
345		-	LOCATED IN A LOW – TO MODERATE –INCOME TRACT FOR THE FIRST 5 YEARS AFTER
346		-	THE DATE THE BRANCH OPEN ED; OR
	331	+	[(b)] (C) (1) Except as provided in paragraph (2) of this subsection, the 1
	332	+	Commissioner shall assess each banking institution the sum of: 2
347	333
348		-	(2) 6 CENTS FOR EACH $1,000 OF DEPOSITS IN A BRA NCH LOCATED IN
349		-	A LOW– TO MODERATE –INCOME TRACT NOT TO EXCEED THE DEPOSIT G ROWTH CAP.
	334	+	(i) $8,000; plus 3
350	335
351		-	[(c)] (E) Notwithstanding subsection [(b)] (C) of this section, for a banking
352		-	institution with a composite CAMELS rating of 3, 4, or 5 for its most recent examination,
353		-	the annual assessment imposed under this section shall be increased by an additional 25%.
	336	+	(ii) 1. 12 cents for each $1,000 of the assets of the institution over 4
	337	+	$50,000,000, but not more than $250,000,000; 5
354	338
355		-	~~[(d)] (F) A banking institution shall pay the assessment imposed under this~~
356		-	~~section to the Commissioner on or before the April 15 after it is imposed.~~
	339	+	2. 10 cents for each $1,000 of assets over $250,000,000, but 6
	340	+	not more than $500,000,000; 7
357	341
358		-	(G) THE COMMISSIONER MAY DESI GNATE A SUCCESSOR IN DEX FOR:
	342	+	3. 9 cents for each $1,000 of assets over $500,000,000, but not 8
	343	+	more than $1,000,000,000; 9
359	344
360		-	(1) THE LOW– TO MODERATE –INCOME TRACT IF THE FEDERAL
361		-	FINANCIAL INSTITUTIONS EXAMINATION COUNCIL TRACT INCOME LEVEL DATA IS
362		-	NO LONGER PUBLISHED ; OR
	345	+	4. 8 cents for each $1,000 of assets over $1,000,000,000, but 10
	346	+	not more than $10,000,000,000; and 11
363	347
364		-	(2) THE DEPOSIT GROWTH CA P IF THE FEDERAL DEPOSIT
365		-	INSURANCE CORPORATION REPORT OF DOMESTIC OFFICE DEPO SITS IS NO LONGER
366		-	PUBLISHED.
	348	+	5. 7 cents for each $1,000 of assets over $10,000,000,000. 12
367	349
368		-	6–712.
	350	+	(2) If a banking institution is not in the business of accepting deposits or 13
	351	+	retaining funds in a deposit account as defined in § 5–509 of this title, the Commissioner 14
	352	+	shall assess the banking institution the sum of: 15
369	353
370		-	(a) (1) IN THIS SECTION , UNLESS THE CONTEXT C LEARLY REQUIRES
371		-	OTHERWISE, THE FOLLOWING WORDS HAVE THE MEANINGS IN DICATED.
	354	+	(i) $5,000; plus 16
372	355
373		-	(2) ~~“DE NOVO BRANCH ” MEANS~~ A ~~BRANCH OF A CREDIT UNION THAT~~
374		-	~~WAS ORIGINALLY ESTAB LISHED BY THE CREDIT UNION IN MARYLAND THE STATE. WES MOORE, Governor Ch. 432~~
	356	+	(ii) 1. 0.3 cents for each $1,000 of managed assets held in a 17
	357	+	fiduciary capacity up to $5,000,000,000; 18
375	358
376		-	– 9 –
	359	+	2. 0.2 cents for each $1,000 of managed assets held in a 19
	360	+	fiduciary capacity over $5,000,000,000, but not more than $20,000,000,000; 20
377	361
378		-	(3) “DEPOSIT GROWTH CAP ” MEANS THE YEAR –OVER–YEAR
379		-	PERCENTAGE CHANGE OF TOTAL SHARES AND DEPOSITS REPORTED DECEMBER 31
380		-	EACH YEAR BY FEDERAL LY INSURED CREDIT UN IONS TO THE NATIONAL CREDIT
381		-	UNION ADMINISTRATION AND PU BLISHED IN THE NATIONAL CREDIT UNION
382		-	ADMINISTRATION CALL REPORT AGGREGATE FINANCIAL PERFORMANCE
383		-	REPORTS.
	362	+	3. 0.1 cent for each $1,000 of managed assets held in a 21
	363	+	fiduciary capacity over $20,000,000,000 up to $27,500,000,000; 22
384	364
385		-	(4) “DEPOSITS” MEANS DE POSITS ORIGINATED AN D HOUSED AT A
386		-	CREDIT UNION BRANCH LOCATED IN A LOW – TO MODERATE –INCOME TRACT AS
387		-	REPORTED BY A CREDIT UNION TO THE COMMISSIONER EACH YEA R AS OF JUNE 30.
	365	+	4. 0.2 cents for each $1,000 of nonmanaged and custodial 23
	366	+	assets held in a fiduciary capacity up to $5,000,000,000; and 24
388	367
389		-	(5~~) “LOW– TO MODERATE –INCOME~~ ~~TRACT ” HAS THE MEANING~~
390		-	~~STATED~~ IN § 5~~–203 OF THIS ARTICLE~~.
	368	+	5. 0.1 cent for each $1,000 of nonmanaged and custodial 25
	369	+	assets held in a fiduciary capacity over $5,000,000,000 up to $20,000,000,000. 26
391	370
392		-	(B) This section applies only to a credit union with assets of $300,000 or greater.
	371	+	(3) The assessments shall be based on assets stated in a banking 27
	372	+	institution’s most recent financial report. 28
393	373
394		-	[(b)] (C) (1) The Commissioner shall impose an annual assessment on each
395		-	credit union as provided in this subsection to cover the expense of regulating credit unions.
	374	+	(D) A WELL–CAPITALIZED BANKING INSTITUTION WITH A COMPOSITE 29
	375	+	CAMELS RATING OF 1 OR 2 MAY FILE WITH THE COMMISSIONER A REQUES T FOR 30
	376	+	AN ASSESSMENT OFFSET CREDIT OF: 31 HOUSE BILL 548 9
396	377
397		-	(2) The Commissioner shall assess each credit union the sum of:
398	378
399		-	(i) $1,000; and
400	379
401		-	(ii) 8 cents for each $1,000 of the assets of the credit union over
402		-	$1,000,000.
	380	+	(1) 12 CENTS FOR EACH $1,000 OF DEPOSITS IN A DE NOVO BRANCH 1
	381	+	LOCATED IN A LOW – TO MODERATE –INCOME TRACT FOR THE FIRST 5 YEARS AFTER 2
	382	+	THE DATE THE BRANCH OPEN ED; OR 3
403	383
404		-	(3) ~~The assessment shall be based on assets stated~~ in ~~the credit union’s~~
405		-	~~most recent financial report~~.
	384	+	(2) 6 CENTS FOR EACH $1,000 OF DEPOSITS IN A BRA NCH LOCATED IN 4
	385	+	A LOW– TO MODERATE –INCOME TRACT NOT TO EXCEED THE DEPOSIT G ROWTH CAP. 5
406	386
407		-	(4) A ~~WELL–CAPITALIZED CREDIT U NION WITH A COMPOSIT E~~
408		-	CAMELS RATING OF 1 OR ~~2 MAY FILE WITH THE COMMISSIONER A REQUES T~~ FOR
409		-	AN ASSESSMENT ~~OFFSET CREDIT OF:~~
	387	+	[(c)] (E) Notwithstanding subsection [(b)] (C) of this section, for a banking 6
	388	+	institution with a composite CAMELS rating of 3, 4, or 5 for its most recent examination, 7
	389	+	the annual assessment imposed under this section shall be increased by an additional 25%. 8
410	390
411		-	(I) 12 CENTS FOR EACH $1,000 OF DEPOSITS IN A DE NOVO
412		-	BRANCH LOCATED IN A LOW– TO MODERATE –INCOME TRACT FOR THE FIRST 5 YEARS
413		-	AFTER THE DATE THE D E NOVO BRANCH OPENED ; OR
	391	+	[(d)] (F) A banking institution shall pay the assessment imposed under this 9
	392	+	section to the Commissioner on or before the April 15 after it is imposed. 10
414	393
415		-	(II) 6 CENTS FOR EACH $1,000 OF DEPOSITS IN A BRA NCH
416		-	LOCATED IN A LOW – TO MODERATE –INCOME TRACT NOT TO EXCEED THE DEPOSIT
417		-	GROWTH CAP .
	394	+	(G) THE COMMISSIONER MAY DESI GNATE A SUCCESSOR IN DEX FOR: 11
418	395
419		-	~~[(c)]~~ (D) ~~A credit union shall pay~~ the ~~assessment imposed under this section~~ to
420		-	~~the Commissioner on or before the March 1 after the assessment~~ is ~~imposed.~~
421		-	~~Ch.~~ ~~432~~ ~~2023 LAWS OF MARYLAND~~
	396	+	(1) THE LOW– TO MODERATE –INCOME TRACT IF THE FEDERAL 12
	397	+	FINANCIAL INSTITUTIONS EXAMINATION COUNCIL TRACT INCOME LEVEL DATA IS 13
	398	+	NO LONGER PUBLISHED ; OR 14
422	399
423		-	– 10 –
424		-	(E) THE COMMISSIONER MAY DESI GNATE A SUCCESSOR IN DEX FOR THE
425		-	DEPOSIT GROWTH CAP I F THE NATIONAL CREDIT UNION ADMINISTRATION CALL
426		-	REPORT AGGREGATE FINANCIAL PERFORMANCE REPORTS IS NO LONGER
427		-	PUBLISHED.
	400	+	(2) THE DEPOSIT GROWTH CA P IF THE FEDERAL DEPOSIT 15
	401	+	INSURANCE CORPORATION REPORT OF DOMESTIC OFFICE DEPO SITS IS NO LONGER 16
	402	+	PUBLISHED. 17
428	403
429		-	SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July
430		-	1, 2023.
	404	+	6–712. 18
431	405
432		-	Approved by the Governor, May 8, 2023.
	406	+	(a) (1) IN THIS SECTION , UNLESS THE CONTEXT C LEARLY REQUIRES 19
	407	+	OTHERWISE, THE FOLLOWING WORDS HAVE THE MEANINGS IN DICATED. 20
	408	+
	409	+	(2) “DE NOVO BRANCH ” MEANS A BRANCH OF A CREDIT UNION THAT 21
	410	+	WAS ORIGINALLY ESTAB LISHED BY THE CREDIT UNION IN MARYLAND THE STATE. 22
	411	+
	412	+	(3) “DEPOSIT GROWTH CAP ” MEANS THE YEAR –OVER–YEAR 23
	413	+	PERCENTAGE CHANGE OF TOTAL SHARES AND DEP OSITS REPORTED DECEMBER 31 24
	414	+	EACH YEAR BY FEDERAL LY INSURED CREDIT UN IONS TO THE NATIONAL CREDIT 25
	415	+	UNION ADMINISTRATION AND PU BLISHED IN THE NATIONAL CREDIT UNION 26
	416	+	ADMINISTRATION CALL REPORT AGGREGATE FINANCIAL PERFORMANCE 27
	417	+	REPORTS. 28
	418	+
	419	+	(4) “DEPOSITS” MEANS DEPOSITS ORIGI NATED AND HOUSED AT A 29
	420	+	CREDIT UNION BRANCH LOCATED IN A LOW – TO MODERATE –INCOME TRACT AS 30
	421	+	REPORTED BY A CREDIT UNION TO THE COMMISSIONER EACH YEA R AS OF JUNE 30. 31
	422	+	10 HOUSE BILL 548
	423	+
	424	+
	425	+	(5) “LOW– TO MODERATE –INCOME TRACT ” HAS THE MEANING 1
	426	+	STATED IN § 5–203 OF THIS ARTICLE. 2
	427	+
	428	+	(B) This section applies only to a credit union with assets of $300,000 or greater. 3
	429	+
	430	+	[(b)] (C) (1) The Commissioner shall impose an annual assessment on each 4
	431	+	credit union as provided in this subsection to cover the expense of regulating credit unions. 5
	432	+
	433	+	(2) The Commissioner shall assess each credit union the sum of: 6
	434	+
	435	+	(i) $1,000; and 7
	436	+
	437	+	(ii) 8 cents for each $1,000 of the assets of the credit union over 8
	438	+	$1,000,000. 9
	439	+
	440	+	(3) The assessment shall be based on assets stated in the credit union’s 10
	441	+	most recent financial report. 11
	442	+
	443	+	(4) A WELL–CAPITALIZED CREDIT U NION WITH A COMPOSIT E 12
	444	+	CAMELS RATING OF 1 OR 2 MAY FILE WITH THE COMMISSIONER A REQUES T FOR 13
	445	+	AN ASSESSMENT OFFSET CREDIT OF: 14
	446	+
	447	+	(I) 12 CENTS FOR EACH $1,000 OF DEPOSITS IN A DE NOVO 15
	448	+	BRANCH LOCATED IN A LOW– TO MODERATE –INCOME TRACT FOR THE FIRST 5 YEARS 16
	449	+	AFTER THE DATE THE D E NOVO BRANCH OPENED ; OR 17
	450	+
	451	+	(II) 6 CENTS FOR EACH $1,000 OF DEPOSITS IN A BRA NCH 18
	452	+	LOCATED IN A LOW – TO MODERATE –INCOME TRACT NOT TO EXCEED THE DEPOSIT 19
	453	+	GROWTH CAP . 20
	454	+
	455	+	[(c)] (D) A credit union shall pay the assessment imposed under this section to 21
	456	+	the Commissioner on or before the March 1 after the assessment is imposed. 22
	457	+
	458	+	(E) THE COMMISSIONER MAY DESI GNATE A SUCCESSOR IN DEX FOR THE 23
	459	+	DEPOSIT GROWTH CAP I F THE NATIONAL CREDIT UNION ADMINISTRATION CALL 24
	460	+	REPORT AGGREGATE FINANCIAL PERFORMANCE REPORTS IS NO LONGER 25
	461	+	PUBLISHED. 26
	462	+
	463	+	SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 27
	464	+	1, 2023. 28
	465	+