Ch. 639

LAWS. OF MARYLAND

12-701.

A FINANCIAL INSTITUTION MAY APPLY TO THE BANK COMMISSIONER
TO BE SUPERVISED AND EXAMINED BY THE BANK COMMISSIONER TO THE
SAME EXTENT THAT A BANKING INSTITUTION IS SUPERVISED AND EXAMINED
UNDER TITLE 5, SUBTITLE 2 OF THIS ARTICLE, OTHER THAN § 5-203,
IF:

(1)  THE FINANCIAL INSTITUTION IS A NONSTOCK
CORPORATION UNDER TITLE 5, SUBTITLE 2 OF THE CORPORATIONS AND
ASSOCIATIONS ARTICLE WHICH IS RECOGNIZED BY THE INTERNAL REVENUE
SERVICE AS EXEMPT FROM TAX UNDER § 501(C)(3) OF THE INTERNAL
REVENUE CODE OF 1954, AS AMENDED;

(2)  A MAJORITY AND ALL CONTROLLING MEMBERS OF THE
FINANCIAL INSTITUTION ARE PERSONS DESIGNATED AND APPROVED BY ANY
BANKING INSTITUTIONS OR NATIONAL BANKING ASSOCIATIONS; AND

(3)  THE FINANCIAL INSTITUTION IS ENGAGED SOLELY IN
THE EXTENSION OF CREDIT, MAKING OF LOANS AND ARRANGING OF
FINANCING FOR SOCIALLY OR ECONOMICALLY DISADVANTAGED BUSINESSES
FOR THE PURPOSE OF:

(I)  ENCOURAGING AND SUPPORTING THE BUSINESS AND
COMMERCIAL DEVELOPMENT OF SUCH BUSINESSES; AND

(II)  PARTICIPATING IN AND SUPPORTING SPECIAL
STATE, FEDERAL, LOCAL OR PRIVATE INDUSTRY PROGRAMS INTENDED TO
MAKE AVAILABLE, OFFER, ENCOURAGE, GUARANTEE, OR OTHERWISE
FACILITATE LOAN AND OTHER FINANCING PROGRAMS FOR SOCIALLY OR
ECONOMICALLY DISADVANTAGED BUSINESSES.

12-702.

TO QUALIFY FOR SUPERVISION AND EXAMINATION, THE APPLICANT
SHALL SATISFY THE BANK COMMISSIONER THAT THE APPLICANT:

(1)  IS TRUSTWORTHY AND REPUTABLE;

(2)  HAS A GOOD BUSINESS REPUTATION; AND

(3)  HAS SUFFICIENT BUSINESS EXPERIENCE, MORAL
CHARACTER, FINANCIAL RESPONSIBILITY, AND GENUINE FITNESS TO:

(I) COMMAND THE CONFIDENCE OF THE PUBLIC; AND

(It) WARRANT THE BELIEF THAT THE BUSINESS WILL
BE OPERATED LAWFULLY, HONESTLY, FAIRLY AND EFFICIENTLY.

12-703.

(A)(1) TO APPLY FOR SUPERVISION AND EXAMINATION UNDER THIS
SUBTITLE, AN APPLICANT SHALL SIGN AND SUBMIT TO THE BANK

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