Section 3-605 - Owning and leasing personal property. - Maryland Statutes

§ 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. 
 

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