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Current as of January 01, 2025 | Updated by Findlaw Staff
(a) An out-of-state bank that proposes to establish a branch in this State:
(1) Shall qualify under § 7-203 of the Corporations and Associations Article to do business in the State as a foreign corporation; and
(2) Within 15 days of filing a branch application with the appropriate bank supervisory agency, shall provide the Commissioner with a copy of the branch application.
(b) An out-of-state bank that does not have a branch in this State on September 29, 1995, may not establish a branch in this State before June 1, 1997, unless the laws of that bank's home state would permit a banking institution to establish a branch in that state under substantially similar conditions as those imposed by this subtitle.
(c) An out-of-state bank that has a branch in this State may establish additional branches in this State to the same extent as a banking institution or to the extent otherwise permitted by federal law.
Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 5-1014 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-5-1014/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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