Maryland § 5-405
Full text of Maryland Maryland Code § 5-405, with citation guidance and answers to common questions.
§ 5-405.
(a) Except as provided in this section, or otherwise expressly provided by State law, a banking institution may not have a bank service corporation.
(b) If the Commissioner approves, a banking institution may have a bank service corporation.
(c) On application of the banking institution, a bank service corporation shall be approved if:
(1) The Commissioner determines that approval is:
(i) Reasonably required to protect the welfare of the general economy of the State and of the banking institution; and
(ii) Not detrimental to the public interest or to the banking institution;
(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
(3) The transaction complies with the rules, regulations, and conditions that the Commissioner adopts.
(d) This section does not apply to any bank service corporation organized before July 1, 1984.
Frequently Asked Questions About Maryland § 5-405
What does Maryland Code § 5-405 cover?
Section 5-405 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 § 5-405?
A common citation format is "Maryland Code § 5-405" (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 § 5-405 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.