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CHAPTER 523
(Senate Bill 114)
AN ACT concerning
Financial Institutions - Bank Charter Modernization and Other Banking
Law Reforms
FOR the purpose of consolidating certain laws relating to real estate appraisal
policies; repealing the requirement that commercial banks file a list of
stockholders with the Commissioner of Financial Regulation; allowing banking
institution directors to serve staggered terms; repealing the requirement that a
copy of a trust company's common trust plan be filed with the Commissioner;
repealing certain obsolete requirements relating to bills payable that limit the
borrowing authority and flexibility of State-chartered banks in comparison to
national banks; altering requirements regarding the filing of a copy of a bank's
Community Reinvestment Act statement with the Commissioner; altering
provisions relating to the amount of real property and furnishings that a
banking institution may buy and hold, relative to paid-in capital and surplus;
expanding the scope of the provisions of law relating to authorized additional
banking activities and bank-related services to allow the Commissioner greater
power and flexibility to approve, for State-chartered banks, any activities that
are allowed for national banks; and generally relating to modifications of State
laws relating to bank charters and the powers, duties, and responsibilities of
bank regulators and officials.
BY repealing
Article - Financial Institutions
Section 3-313, 3-405, 3-406, 3-603, 4-505, and 4-506
Annotated Code of Maryland
(1998 Replacement Volume and 1998 Supplement)
BY adding to
Article - Financial Institutions
Section 1-208, 3-405, and 4-505
Annotated Code of Maryland
(1998 Replacement Volume and 1998 Supplement)
BY repealing and reenacting, with amendments,
Article - Financial Institutions
Section 2-110, 3-508, 5-206.1, 5-503, and 5-504
Annotated Code of Maryland
(1998 Replacement Volume and 1998 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
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