{"data":{"id":"us-md/md.-code-financial-institutions-5-405","jurisdiction":"us-md","citation":"Md. Code, Financial Institutions § 5–405","heading":"","body":"(a) Except as provided in this section, or otherwise expressly provided by State law, a banking institution may not have a bank service corporation.\n(b) If the Commissioner approves, a banking institution may have a bank service corporation.\n(c) On application of the banking institution, a bank service corporation shall be approved if:\n(1) The Commissioner determines that approval is:\n(i) Reasonably required to protect the welfare of the general economy of the State and of the banking institution; and\n(ii) Not detrimental to the public interest or to the banking institution;\n(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\n(3) The transaction complies with the rules, regulations, and conditions that the Commissioner adopts.\n(d) This section does not apply to any bank service corporation organized before July 1, 1984.","path":["Article - Financial Institutions"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi\u0026section=5-405","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:58:27Z","sha256":"8a8b048fc8c0f44233cc3ce253aa032fde121df6e93a7dd131ab1336f45b7b75","source_id":"us-md","stale":false,"prev":"us-md/md.-code-financial-institutions-5-404","next":"us-md/md.-code-financial-institutions-5-406"},"notice":"GroundRules: Original legal text. Not legal advice."}