No reason why it shouldn't. This is not DRM, is your own credit, secured on your behalf. It should just be resistant to software based tampering by default. Specially, as I said, "normally installed software". If you can make sure that rooting your device requires a explicit knowledgeable user interaction (say: rebooting, erasing all data, then re-keying your device to your bank account somehow - in person visit?), then I see no reason why you should be prevented from changing the secure operation mode code itself or building your own compatible device.

I mean, you can mod the brakes on your car if you really want to, at your own risk. What is a bit strange is when your media player can affect your brakes without you even noticing. Same principle here, less lives on the line.