Maryland Financial Institutions Section 5-403

      (a)      Except as provided in this section, or otherwise expressly provided by State law, a banking institution may not have an affiliate.

      (b)      If the Commissioner, after receiving the advice of the Banking Board, approves, a banking institution may have an affiliate that offers to the public a financial, fiduciary, or insurance service.

      (c)      On application of the banking institution, an affiliate shall be approved if:

            (1)      The Commissioner determines that the approval is:

                  (i)      Reasonably required to protect the welfare of the general economy of this State and of the banking institution; and

                  (ii)      Not detrimental to the public interest or to the banking institution;

            (2)      The approval imposes the same conditions that federal law requires or permits as to a national banking association; and

            (3)      The transaction complies with the rules, regulations, and conditions that the Commissioner adopts.