Maryland Code, FINANCIAL INSTITUTIONS 3-315
Terms Used In Maryland Code, FINANCIAL INSTITUTIONS 3-315
(b) This section does not apply if:
(1) The loan applicant or borrower has been the owner of record of the stock for at least 1 year; or
(2) The stock is stock of a newly organized but not yet opened commercial bank.
(c) A report required by this section shall describe the loan transaction and contain whatever information is available to inform the Commissioner of the effect of the loan on the power to direct or cause direction of the management or policy of the commercial bank whose stock is involved.
(d) The chief executive officer of a commercial bank may not knowingly:
(1) Fail to make promptly a report required by this section; or
(2) Make a report under this section that contains any statement that the officer knows to be false.