Md. Code, Financial Institutions § 3-103
This is the official text of Md. Code, Financial Institutions § 3-103, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
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§3–103.
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
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