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LAWS OF MARYLAND

Ch. 710

CHAPTER 710

(House Bill 1583)

AN ACT concerning

Commercial Banks - Minimum Capital Requirements

FOR the purpose of altering the minimum capital requirements for
a certified commercial bank if the institution is not in the
business of accepting deposits or retaining funds in a
deposit account.

BY repealing and reenacting, with amendments,

Article - Financial Institutions
Section 3-209(a)(2)
Annotated Code of Maryland
(1980 Volume and 1983 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

3-209.

(a) (2) A commercial bank shall have required capital
stock that equals at least:

(i) $75,000 $750,000, if it is in a municipal
area with not more than 50,000 inhabitants; [and]

(ii) $1.5 million, if it is in a municipal area
with more than 50,000 inhabitants; AND

(III) THE LOWEST MINIMUM AMOUNTS OF CAPITAL
REQUIRED UNDER THIS SECTION, NOTWITHSTANDING THE MUNICIPAL AREA
IN WHICH THE COMMERCIAL BANK IS LOCATED AND IF IT IS NOT IN THE
BUSINESS OF ACCEPTING DEPOSITS OR RETAINING FUNDS IN A DEPOSIT
ACCOUNT AS DEFINED IN § 5-509 OF THIS ARTICLE.

(III) NOTWITHSTANDING THE MUNICIPAL AREA IN
WHICH THE COMMERCIAL BANK IS LOCATED, THE LOWEST MINIMUM AMOUNT
OF CAPITAL REQUIRED UNDER THIS SUBSECTION, IF THE BANK IS NOT IN
THE BUSINESS OF ACCEPTING DEPOSITS OR RETAINING FUNDS IN A
DEPOSIT ACCOUNT AS DEFINED IN § 5-509 OF THIS ARTICLE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1984.

Approved May 29, 1984.