Maryland legislation · 2026 Regular Session
Maryland SB783: Credit Unions - Mergers and Consolidations - Alteration of Voting Requirement
Status: Signed into law, May 12, 2026
Authorizing a majority of the board of a surviving credit union to approve a proposed merger without the affirmative vote of a majority of the members of the surviving credit union, subject to certain requirements.
What the bill says
An act concerning Credit Unions - Mergers and Consolidations - Alteration of Voting Requirement FOR the purpose of authorizing a majority of the board of a surviving credit union to approve a proposed merger without the affirmative vote of a majority of the members of the surviving credit union, subject to certain requirements; and generally relating to credit union mergers and consolidations…
From the enrolled text, May 19, 2026:
AN ACT concerning Credit Unions - Mergers and Consolidations - Alteration of Voting Requirement FOR the purpose of authorizing a majority of the board of a surviving credit union to approve a proposed merger without the affirmative vote of a majority of the members of the surviving credit union, subject to certain requirements; and generally relating to credit union mergers and consolidations. BY repealing and reenacting, without amendments, Article - Financial Institutions Section 6-803(a) and (b)(1) Annotated Code of Maryland (2020 Replacement Volume and 2025 Supplement) BY repealing and reenacting, with amendments, Article - Financial Institutions Section 6-803(d) through (g) Annotated Code of Maryland (2020 Replacement Volume and 2025 Supplement) SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, That the Laws of Maryland read as follows: Article - Financial Institutions 6-803. (a) (1) In this section the following words have the meanings indicated. (2) "Merging credit union" means a credit union that is absorbed or acquired by another credit union in a merger and ceases to exist after the merger. (3) "New credit union" means a credit union that is created when two or more credit unions consolidate to form a newly created credit union. (4) "Surviving credit union" means a credit union that absorbs or acquires another credit union in a merger and continues to exist …
Sponsors
- Michael Jackson (D, SD-027) · primary sponsor
Latest actions
- : Approved by the Governor - Chapter 507
- : Passed Enrolled
- : Third Reading Passed (42-0)
- : Senate Concurs House Amendments
- : Third Reading Passed (136-0)
- : Second Reading Passed with Amendments
- : Favorable with Amendments {613827/1 Adopted
- : Favorable with Amendments Report by Economic Matters
- : Referred Economic Matters
- : Third Reading Passed (45-0)
Votes
- Third Reading Passed (42-0) (April 10, 2026): 42 yea, 0 nay, passed
- Third Reading Passed (136-0) (April 10, 2026): 136 yea, 0 nay, passed
- Third Reading Passed (45-0) (March 12, 2026): 45 yea, 0 nay, passed
Common questions
- What is SB783?
- SB783 is a bill in the Maryland Legislature (2026 Regular Session): Credit Unions - Mergers and Consolidations - Alteration of Voting Requirement.
- What does SB783 do?
- In its own words: An act concerning Credit Unions - Mergers and Consolidations - Alteration of Voting Requirement FOR the purpose of authorizing a majority of the board of a surviving credit union to approve a proposed merger without the affirmative vote of a majority of the members of the surviving credit union, subject to certain requirements; and generally relating to credit union mergers and consolidations…
- What is the status of SB783?
- Signed into law as of May 12, 2026. Latest action: Approved by the Governor - Chapter 507 (May 12, 2026).
- Who sponsored SB783?
- Michael Jackson (D, SD-027).
- Where is the official record for SB783?
- On the Maryland Legislature website: https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/sb0783?ys=2026RS
Source: official Maryland record. Tracked by Delilah, AI for legislation across all 50 states and Congress.