Maryland § 9-802

§ 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:

        (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.