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§ 5-806. Representations to the public

West's Annotated Code of MarylandFinancial InstitutionsEffective: October 1, 2007

West's Annotated Code of Maryland
Financial Institutions
Title 5. Banking Institutions--General Provisions
Subtitle 8. Prohibited Activities; Penalties (Refs & Annos)
Effective: October 1, 2007
MD Code, Financial Institutions, § 5-806
§ 5-806. Representations to the public
Currentness
In general
(a) Except for a bank, trust company, savings bank, or savings and loan association that is authorized to do business in this State, a person may not use any name, title, or other words that represent that the person is authorized to do the business of banking in this State.
Definitions
(b)(1)(i) In this subsection the following terms have the meanings indicated.
(ii) 1. “Bank” means any bank, trust company, savings bank, or savings and loan association that is authorized to do business in this State, and any subsidiary or affiliate of the entity.
2. “Bank” includes any Farm Credit System institution in this State.
(iii) “Name” means the name, trade name, trademark, service mark, logo, or tagline used by a bank to identify itself.
(2) Except with the consent of the bank, a person may not use the name of a bank or any term or design that is similar to the name of a bank in any marketing material provided to another person or in any solicitation of another person in a manner that may cause a reasonable person to be confused, mistaken, or deceived that the marketing material or solicitation:
(i) Originated from the bank;
(ii) Originated from someone affiliated, connected, or associated with the bank;
(iii) Is approved or sponsored by the bank; or
(iv) Is the responsibility of the bank.
Damages recoverable
(c) In addition to any other remedies a bank may have under any other provision of law, a bank that is affected by a violation of subsection (b) of this section may bring an action against the person that committed the violation to recover:
(1) Actual damages sustained as a result of the violation;
(2) Either:
(i) All profits attributable to the violation; or
(ii) $1,000 for each violation; and
(3) Court costs and reasonable attorney's fees.
Fines and penalties
(d) Any person who violates subsection (a) of this section is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $3,000 or imprisonment not exceeding 5 years or both.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 2007, c. 154, § 1, eff. Oct. 1, 2007.
Formerly Art. 11, § 108F.
MD Code, Financial Institutions, § 5-806, MD FIN INST § 5-806
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document