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MD HB1049

Bill

Official Source

Status

Introduced

2/9/2026

Primary Sponsor

Brian Crosby

Click for details

Origin

House of Delegates

2026 Regular Session

AI Summary

  • Allows a surviving credit union's board to approve a merger without requiring a member vote, while merging credit unions (those being absorbed) must still obtain member approval by majority vote
  • Maintains the existing requirement that consolidations (where two or more credit unions form a new entity) require member votes from all participating credit unions
  • Requires all credit union boards involved in a merger or consolidation to adopt a resolution declaring the transaction advisable
  • Permits the Commissioner to waive member voting requirements or substitute alternative methods for determining member approval upon board request
  • Takes effect October 1, 2026

Legislative Description

Credit Unions - Mergers and Consolidations - Alteration of Voting Requirement

Financial Institutions

Last Action

Favorable Report by Economic Matters

3/16/2026

Committee Referrals

Economic Matters2/9/2026

Full Bill Text

No bill text available