Maryland § 5-504
Full text of Maryland Maryland Code § 5-504, with citation guidance and answers to common questions.
§ 5-504.
(a) Notwithstanding any other provision of the laws or regulations of this State and subject to subsection (b) of this section, a banking institution may engage in any additional activity, service, or other practice in which, under federal law, national banking associations may engage subject to the same conditions that federal law requires or allows as to national banking associations.
(b) (1) A banking institution shall provide the Commissioner with written notice at least 45 calendar days before engaging in any activity, service, or other practice authorized under subsection (a) of this section.
(2) The notice required under paragraph (1) of this subsection shall include a description of the proposed activity, service, or other practice, including:
(i) The specific authority for the activity, service, or other practice; and
(ii) Any condition that federal law requires or allows as to national banking associations.
(3) The banking institution may begin to perform the activity, service, or other practice on the first business day after the 45th calendar day from the date the Commissioner receives the notice under paragraph (1) of this subsection unless the Commissioner:
(i) Specifies a different date; or
(ii) Prohibits the activity, service, or other practice.
(c) The Commissioner may extend the 45–day period under subsection (b)(3) of this section if the Commissioner determines that the banking institution’s notice requires additional information or additional time for analysis.
(d) The Commissioner may prohibit a banking institution from performing the activity, service, or other practice described in the notice provided under subsection (b) of this section if the Commissioner determines that performing the activity, service, or other practice would:
(1) Adversely affect the safety and soundness of the banking institution;
(2) Be detrimental to the welfare of the general economy of this State; or
(3) Be detrimental to the public interest or to banking institutions.
Frequently Asked Questions About Maryland § 5-504
What does Maryland Code § 5-504 cover?
Section 5-504 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 § 5-504?
A common citation format is "Maryland Code § 5-504" (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 § 5-504 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.