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§ 9-802. General prohibition; exceptions

MD Fin Inst Code § 9-802 (2019) (N/A)
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(a)    Except as provided under subsection (b) of this section, a foreign association or a savings and loan association that maintains its principal office outside this State may not:

(1)    Have an office for business in this State except for an office that was open for business in this State before June 1, 1955;

(2)    Have an electronic terminal in this State; or

(3)    Be admitted to do business in this State.

(b)    The prohibitions under subsection (a) of this section may not apply to any foreign association that:

(1)    (i)    In furtherance of an agreement with the State of Maryland Deposit Insurance Fund Corporation entered into on or before January 1, 1987, becomes a successor in interest to an association that:

1.    Was not federally insured on or before May 18, 1985;

2.    Was a “major association”, as defined under Title 10 of this article, on or before May 19, 1985; and

3.    Is not federally insured on or before April 1, 1986; and

(ii)    Operates the association as a federal association in this State;

(2)    Makes an acquisition in accordance with the provisions of Subtitle 10 of this title; or

(3)    Was operating an office for business in this State on July 1, 1987 in accordance with applicable State or federal law.

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§ 9-801. "Foreign association" defined
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