§ 5-1008. Powers and rights of branches; engaging in business with banks

   (a) Powers and rights of branches -- In another state. -- A banking institution that establishes a branch in another state may exercise at that branch all powers and rights permitted to banks in that state unless the Commissioner determines that the exercise of a power or right would threaten the safety and soundness of the banking institution.

(b) Powers and rights of branches -- Other-state banks. -- An other-state bank that establishes a branch in this State may exercise at the branch all powers and rights permitted to banking institutions in this State notwithstanding any other law of this State to the contrary, unless that bank's home state regulator determines that the exercise of a power or right would threaten the safety and soundness of the other-state bank.

(c) Engaging in business with banks. -- Any person authorized by a law of this State to engage in business with banks located in this State, including the making of deposits, is authorized to engage in the same business with an other-state bank at that other-state bank's branch in this State.

HISTORY: 1995, ch. 213, § 2; 1996, ch. 326, § 2.