§ 3-605. Owning and leasing personal property

   (a) Scope of section. -- This section does not apply to a leasehold interest in real property.

(b) In general. -- Subject to the rules and regulations of the Commissioner, a commercial bank may become the owner and lessor of personal property if:

   (1) The personal property is acquired on the specific request of and for the use of a customer; and

   (2) The investment of the commercial bank in personal property does not exceed:

      (i) For any one customer, 10 percent of the unimpaired capital and surplus of the commercial bank; and

      (ii) For all of its customers, the total of its unimpaired capital and surplus.

HISTORY: An. Code 1957, art. 11, § 31, 57; 1980, ch. 33, § 2; 1996, ch. 326, § 2.