Section 5-405 - Bank service corporation(a) Except as provided in this section, or otherwise expressly provided by State law, a banking institution may not have a bank service corporation.(b) If the Commissioner approves, a banking institution may have a bank service corporation.(c) On application of the banking institution, a bank service corporation shall be approved if: (1) The Commissioner determines that approval is:(i) Reasonably required to protect the welfare of the general economy of the State and of the banking institution; and(ii) Not detrimental to the public interest or to the banking institution;(2) The approval imposes the same conditions that federal law requires or permits as to a bank service corporation owned exclusively by national banking associations; and(3) The transaction complies with the rules, regulations, and conditions that the Commissioner adopts.(d) This section does not apply to any bank service corporation organized before July 1, 1984.