Ch. 487                                     1993 LAWS OF MARYLAND

Approved May 27, 1993.

CHAPTER 487
(Senate Bill 912)

AN ACT concerning

. Commercial Banks - Requirements Fiduciary Standards

FOR the purpose of establishing certain standards for the operation of certain
commercial banks; altering and establishing certain requirements for certain
commercial banks; providing for the application of this Act; providing for the
effective date of this Act; and generally relating to the imposition of fiduciary
standards on certain commercial banks.

BY adding to

Article - Financial Institutions

Section 3-103                      :

Annotated Code of Maryland

(1992 Replacement Volume and 1992 Supplement)

BY repealing and reenacting, with amendments,
Article—Financial Institutions
Section 3-209(a)
Annotated Code of Maryland
(1992 Replacement Volume and 1992 Supplement)

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

Article - Financial Institutions

3-103.                                             

(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 APPLICABLE TO A THAT ARE APPLICABLE UNDER 12 C.F.R. § 9

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