(a) Except as provided in subsection (b) of this section, a foreign banking corporation may not have an office in this State for any purpose unless:
(1) The foreign banking corporation obtains from the Commissioner a permit for the office; or
(2) The office is authorized under:
(i) The Riegle–Neal Interstate Banking and Branching Efficiency Act of 1994 or other federal law; or
(ii) Title 5, Subtitle 9 or Subtitle 10 of this article.
(b) A foreign banking corporation that maintains another license issued by the Commissioner is exempt from obtaining a permit under this section.
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