Ch. 302 1997 LAWS OF MARYLAND

WHEREAS, The federal government currently is engaged in evaluating and
modernizing the laws that apply to banks and savings institutions and, in particular, in
modernizing the commercial bank charter; and

WHEREAS, Forthcoming federal law changes may require certain financial
institutions to convert to bank charters; and

WHEREAS, The State is committed to the dual banking system and to offering
State charters for commercial bonds banks and for savings banks; and

WHEREAS, The State has not comprehensively reviewed or modernized its laws
relating to the chartering of commercial banks and savings banks since 1980; and

WHEREAS, The citizens of the State will benefit from State-chartered commercial
banks and savings banks that are competitive with federally-chartered financial
institutions by having greater access to financial services; now, therefore,

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:

(a) There is a Task Force to Study Bank Charter Modernization.

(b) The Task Force shall consist of the following members:

(1) Three members of the Senate Finance Committee, appointed by the
President of the Senate of Maryland;

(2) (1) Three members of the House Commerce and Government Matters
Committee, appointed by the Speaker of the House of Delegates;

(3) (2) The Commissioner of Financial Regulation and two
representatives of the Office of the Commissioner of Financial Regulation, appointed by
the Commissioner of Financial Regulation;

(4) (3) Two representatives from State-chartered commercial banks,
appointed by the Governor;

(4) One representative from a stock federal savings bank, appointed
by the Governor;

(6) (5) One representative from a mutual federal savings bank, appointed
by the Governor;

(7) (6) One representative from a State-chartered credit union, appointed
by the Governor; and

(8) (7) Three representatives who are affiliated with recognized consumer
groups or agencies in the State, appointed by the Governor; and

(8) (9) (8) Two members of the general public, appointed by the

Governor.

(c) The Commissioner of Financial Regulation shall be the Chairman of the Task
Force.

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