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Statutes Text

Article - Financial Institutions


    (a)    Notwithstanding any other provision of the laws or regulations of this State, if the Commissioner approves, banking institutions may engage in any additional activity, service, or other practice in which, under federal law, national banking associations may engage.

    (b)    The Commissioner may grant an approval under this section only if:

        (1)    The Commissioner determines that approval is:

            (i)    Reasonably required to protect the welfare of the general economy of this State and of banking institutions; or

            (ii)    Not detrimental to the public interest or to banking institutions; and

        (2)    The approval imposes the same conditions that federal law requires or permits as to national banking associations.