Section 9-802 - General prohibition; exceptions. - Maryland Statutes

§ 9-802. General prohibition; exceptions.
 

(a)  General prohibition.- 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)  Exceptions.- 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. 
 

[An. Code 1957, art. 23, § 156; 1980, ch. 856; 1986, chs. 108, 282; 1987, ch. 544.]