Md. Code, Financial Institutions § 5-1003
This is the official text of Md. Code, Financial Institutions § 5-1003, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
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§5–1003.
Official statutory text
(a) A banking institution or an out–of–state bank may establish a branch in this State by:
(1) Subject to subsection (b) of this section, opening a de novo branch;
(2) Purchasing an existing branch from a bank or an insured depository institution; or
(3) Converting former headquarters or retaining former branches following:
(i) The purchase of all or substantially all of the assets of a bank or an insured depository institution; or
(ii) A merger or a consolidation with a bank or an insured depository institution.
(b) An out–of–state bank may establish a de novo branch in this State under subsection (a)(1) of this section only if the home state of the out–of–state bank allows a banking institution to open a de novo branch in its state.
(c) A banking institution or an out–of–state bank may not establish or maintain a branch in this State on the premises or property of an affiliate if the affiliate engages in commercial activities.
(1) Subject to subsection (b) of this section, opening a de novo branch;
(2) Purchasing an existing branch from a bank or an insured depository institution; or
(3) Converting former headquarters or retaining former branches following:
(i) The purchase of all or substantially all of the assets of a bank or an insured depository institution; or
(ii) A merger or a consolidation with a bank or an insured depository institution.
(b) An out–of–state bank may establish a de novo branch in this State under subsection (a)(1) of this section only if the home state of the out–of–state bank allows a banking institution to open a de novo branch in its state.
(c) A banking institution or an out–of–state bank may not establish or maintain a branch in this State on the premises or property of an affiliate if the affiliate engages in commercial activities.
Status: in_force · Read it on the official government site
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