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Registration of Trust or Fiduciary Powers - Financial Regulation

Last reviewed/updated: August 1, 2024

Registration of Trust Powers

A bank, trust company, or savings bank that does not meet the definition in Md. Code Ann., Estates & Trusts § 1-101(v), is subject to Md. Code Ann., Estates & Trusts §14.5-710(b) and must file (register) with the Commissioner of Financial Regulation prior to exercising trust or fiduciary powers in the State of Maryland. The registration must include:

  • The corporate name of the bank, trust company, or savings bank;
  • The address and telephone number of a contact person for the bank, trust company, or savings bank;
  • A resident agent (the resident agent must reside in Maryland); and
  • Additional information considered necessary by the Commissioner for the protection of the public.

In general, registration is not required for federal or out-of-state depository institutions with a branch or an office in the State of Maryland. Note that a foreign bank office permit may be required (Md. Code Ann., Fin. Inst. §12-207).

Generally, a trust company is a Maryland bank or trust company or a federal or out-of-state trust institution with a branch or office in the State of Maryland that accepts deposits. Under Maryland law (Md. Code Ann., Estates & Trusts §14.5-710(a)), this registration does not apply to:

  • An individual
  • A trust company as defined in Md. Code Ann., Estates & Trusts §1-101
  • A 501(c)(3) corporation; or
  • A national bank or federal savings bank that has the power to exercise trust or fiduciary powers under federal law

Reciprocity – An out-of-state bank or trust company may exercise trust or fiduciary powers in the State of Maryland only if the laws of the state where it is chartered will permit a Maryland state-chartered bank or trust company to exercise trust or fiduciary powers in that state under the same circumstances. An applicant out-of-state bank or trust company is required to obtain written confirmation of reciprocity from the appropriate state chartering authority.

See below for the registration form. More information for depository institutions is available on the Banks, Credit Unions and Trust Companies page.

Contact


Application Form


Laws, Rules, and Regulations

Banking institutions and credit unions are expected to be knowledgeable about and in compliance with Maryland banking laws, and any other applicable State and Federal laws, rules, and regulations. Maryland laws, rules, and regulations can be found by accessing the Annotated Code of Maryland and Rules and Code of Maryland Regulations (COMAR). Certain relevant Maryland laws, rules, and/or regulations include (NOTE: this is not a comprehensive list):