Maryland § 3-315
Full text of Maryland Maryland Code § 3-315, with citation guidance and answers to common questions.
§ 3-315.
(a) Except as provided in subsection (b) of this section, the chief executive officer of a commercial bank shall report to the Commissioner as soon as the officer becomes aware that any person has applied for or has received a loan from the commercial bank that is to be secured by 25 percent or more of the voting stock of any commercial bank.
(b) This section does not apply if:
(1) The loan applicant or borrower has been the owner of record of the stock for at least 1 year; or
(2) The stock is stock of a newly organized but not yet opened commercial bank.
(c) A report required by this section shall describe the loan transaction and contain whatever information is available to inform the Commissioner of the effect of the loan on the power to direct or cause direction of the management or policy of the commercial bank whose stock is involved.
(d) The chief executive officer of a commercial bank may not knowingly:
(1) Fail to make promptly a report required by this section; or
(2) Make a report under this section that contains any statement that the officer knows to be false.
Frequently Asked Questions About Maryland § 3-315
What does Maryland Code § 3-315 cover?
Section 3-315 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 3-315?
A common citation format is "Maryland Code § 3-315" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 3-315 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.