(a) A credit union shall maintain an allowance for loan and lease loss account in accordance with generally accepted accounting principles. (b) The balance of the allowance for loan and lease loss account shall include coverage for: (1) Individually classified loans; and (2) The historical reserve needs of the credit union.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.