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Maryland Code, Financial Institutions § 9-802

Current as of January 01, 2025 | Updated by Findlaw Staff

(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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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 9-802 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-9-802/

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