Maryland § 10-403

§ 10-403.

    (a)    (1)    In this section the following words have the meanings indicated.

        (2)    (i)    “Financial institution” means:

                1.    a credit company;

                2.    except as provided in subparagraph (ii)1 of this paragraph, a finance company;

                3.    an international banking facility;

                4.    a loan company;

                5.    a mortgage company;

                6.    a safe-deposit company; and

                7.    a savings and loan association.

            (ii)    “Financial institution” does not include:

                1.    a finance company that makes loans only to farmers for agricultural purposes;

                2.    a company licensed under the federal Small Business Investment Act of 1958;

                3.    a corporation that elects to be taxed as a small business corporation under Subchapter S of the Internal Revenue Code;

                4.    an entity that is a real estate mortgage investment conduit as defined in the Internal Revenue Code;

                5.    a limited liability company; or

                6.    a commercial bank, savings bank, trust company, or company that substantially competes with national banks in the State.

        (3)    “Financial institution holding company” means a financial institution whose only activities are:

            (i)    the maintenance and management of intangible investments; and

            (ii)    the collection and distribution of income from intangible investments.

    (b)    Notwithstanding § 10-402 of this subtitle, interest received by a financial institution holding company from one of its subsidiary corporations that is a financial institution shall be allocated to this State only to the extent that the interest is derived from the trade or business of the subsidiary corporation within this State.