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Maryland Code, Financial Institutions § 3-103

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) This section applies to a commercial bank that:

(1) Is not in the business of accepting deposits or retaining funds in a deposit account as defined in § 5-509 of this article; and

(2) Is not controlled by or under common control with a banking institution or a national banking association with its principal office located in this State.

(b) A commercial bank subject to this section shall operate in compliance with all requirements and standards for the exercise of fiduciary powers that are applicable under 12 C.F.R. Part 9 to a trust department of a State-chartered trust company that is in the business of accepting deposits or retaining funds in a deposit account as defined in § 5-509 of this article.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 3-103 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-3-103/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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