§ 5-504
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§5–504.
(a)Notwithstanding any other provision of the laws or regulations of this State and subject to subsection
(b)of this section, a banking institution may engage in any additional activity, service, or other practice in which, under federal law, national banking associations may engage subject to the same conditions that federal law requires or allows as to national banking associations.
(1)A banking institution shall provide the Commissioner with written notice at least 45 calendar days before engaging in any activity, service, or other practice authorized under subsection
(a)of this section.
(2)The notice required under paragraph
(1)of this subsection shall include a description of the proposed activity, service, or other practice, including:
(i)The specific authority for the activity, service, or other practice; and
(ii)Any condition that federal law requires or allows as to national banking associations.
(3)The banking institution may begin to perform the activity, service, or other practice on the first business day after the 45th calendar day from the date the Commissioner receives the notice under paragraph
(1)of this subsection unless the Commissioner:
(i)Specifies a different date; or
(ii)Prohibits the activity, service, or other practice.
(c)The Commissioner may extend the 45–day period under subsection (b)(3) of this section if the Commissioner determines that the banking institution’s notice requires additional information or additional time for analysis.
(d)The Commissioner may prohibit a banking institution from performing the activity, service, or other practice described in the notice provided under subsection
(b)of this section if the Commissioner determines that performing the activity, service, or other practice would:
(1)Adversely affect the safety and soundness of the banking institution;
(2)Be detrimental to the welfare of the general economy of this State; or
(3)Be detrimental to the public interest or to banking institutions.