1. (a) This section applies to a commercial bank that:

   1. (1) Is not in the business of accepting deposits or retaining funds in a deposit account as defined in § 5-509 of this article; and
   2. (2) Is not controlled by or under common control with a banking institution or a national banking association with its principal office located in this State.
2. (b) A commercial bank subject to this section shall operate in compliance with all requirements and standards for the exercise of fiduciary powers that are applicable under 12 C.F.R. Part 9 to a trust department of a State-chartered trust company that is in the business of accepting deposits or retaining funds in a deposit account as defined in § 5-509 of this article.

Added by Acts 1993, c. 487, § 1, eff. June 1, 1993. Amended by Acts 1998, c. 21, § 1, eff. April 14, 1998.