Md. Code Regs. 02.02.04.08

Current through Register Vol. 51, No. 12, June 14, 2024

Section 02.02.04.08 - Bank Securities

A. Federal Savings Banks. For purposes of the Maryland Securities Act, Corporations and Associations Article, § 11-601(3), Annotated Code of Maryland, the term "bank" includes a savings bank organized under the laws of the United States.

B. Exclusions. For purposes of the Maryland Securities Act, Corporations and Associations Article, § 11-601(3), Annotated Code of Maryland, the terms "bank", "savings institution", and "trust company" do not include a bank, savings institution, or trust company that:

(1) Has not received its permanent charter or final approval to operate from the governmental agency to which application is made or that regulates the entity;

(2) Has received a conditional approval to operate for the purpose of raising capital or meeting other regulatory requirements;

(3) Has its charter revoked; or

(4) Is on any form of conditional status.

Md. Code Regs. 02.02.04.08