3444

LAWS OF MARYLAND

Ch. 741

(II) NOT DETRIMENTAL TO THE PUBLIC INTEREST OR
TO THE BANKING INSTITUTION;

(2)  THE APPROVAL IMPOSES THE SAME CONDITIONS THAT
FEDERAL LAW REQUIRES OR PERMITS AS TO A BANK SERVICE CORPORATION
OWNED EXCLUSIVELY BY NATIONAL BANKING ASSOCIATIONS; AND

(3)  THE TRANSACTION COMPLIES WITH THE RULES,
REGULATIONS, AND CONDITIONS THAT THE BANK COMMISSIONER ADOPTS.

(D) THIS SECTION DOES NOT APPLY TO ANY BANK SERVICE
CORPORATION ORGANIZED BEFORE JULY 1, 1984.

5-406.

THE BANK COMMISSIONER HAS THE SAME AUTHORITY TO EXAMINE THE
BUSINESS OF A BANK SERVICE CORPORATION THAT THE BANK COMMISSIONER
HAS AS TO A BANKING INSTITUTION.

5-407.

A BANKING INSTITUTION MAY NOT PERMIT ANY BANK SERVICES TO BE
PERFORMED FOR IT, WHETHER BY CONTRACT OR OTHERWISE, UNLESS THE
BANKING INSTITUTION AND THE PERSON PERFORMING THE BANK SERVICES
GIVE THE BANK COMMISSIONER SATISFACTORY ASSURANCES THAT THE
PERFORMANCE OF THE BANK SERVICES WILL BE SUBJECT TO REGULATION
AND EXAMINATION BY THE BANK COMMISSIONER TO THE SAME EXTENT AS IF
THE BANKING INSTITUTION ITSELF WERE PERFORMING THE BANK SERVICES.

[12-101.

(a)  In this subtitle the following words have the meanings
indicated.

(b)  "Bank" means a State banking institution or national
banking association.

(c)  (1) "Bank services" means any clerical, bookkeeping,
accounting, statistical, or similar services performed for a
bank.

(2) "Bank services" includes:

(i) Sorting and posting checks or deposits;

(ii) Computing and posting interest and other
credits or charges; and

(iii) Preparing and mailing checks, statements,
notices, or similar items.

(d)  "Bank service corporation" means a corporation that is
organized to provide bank services to two or more banks.]