§ 3-315. Reporting requirements
West's Annotated Code of MarylandFinancial Institutions
MD Code, Financial Institutions, § 3-315
§ 3-315. Reporting requirements
(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:
(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.
Credits
Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996.
Formerly Art. 11, § 108G.
MD Code, Financial Institutions, § 3-315, MD FIN INST § 3-315
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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