§ 9-802

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§9–802.

(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:

(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.