In this subtitle the following words have the meanings indicated. “Affiliated corporation” means any corporation, whether incorporated under the laws of this State or of any other jurisdiction, of which 25 percent or more of the outstanding voting shares are owned of record or beneficially by: A foreign bank; or Persons who own of record or beneficially 25 percent or more of the outstanding voting shares of a foreign bank. “Bank holding company” means a corporation that owns of record or beneficially 25 percent or more of the outstanding voting shares of: A state banking institution that has its principal banking office in this State; or A national banking association that has its principal banking office in this State. “Foreign bank” means any bank or trust company other than: A state banking institution that has its principal banking office in this State; and A national banking association that has its principal banking office in this State. “Foreign banking corporation” means: A foreign bank; or Any corporation that: Is controlled by a foreign bank; Controls a foreign bank; or Is controlled by persons who control a foreign bank or foreign bank holding company.

Except as provided in subsection (b) of this section, a foreign banking corporation may not have an office in this State for any purpose unless: The foreign banking corporation obtains from the Commissioner a permit for the office; or The office is authorized under: The Riegle–Neal Interstate Banking and Branching Efficiency Act of 1994 or other federal law; or Title 5, Subtitle 9 or Subtitle 10 of this article. A foreign banking corporation that maintains another license issued by the Commissioner is exempt from obtaining a permit under this section.

To apply for a permit for an office, a foreign banking corporation shall submit to the Commissioner an application on the form that the Commissioner requires. The application shall state: The location of each proposed office; A specific description of the proposed operations; and The services to be performed for the public.

On application for a permit, the Commissioner shall issue the permit, if the Commissioner determines that the establishment and operations of the proposed office will not violate any law of this State that applies to banks and banking.

A permit expires on the third anniversary of its effective date, unless the permit is renewed for a 3–year term as provided in this section. Before its permit expires, the foreign banking corporation may renew the permit for additional 3–year terms if the foreign banking corporation: At least 30 days before its permit expires submits to the Commissioner a renewal application on the form that the Commissioner requires; and Meets the requirements for issuance of a permit under § 12–209 of this subtitle. The Commissioner shall renew the permit of each foreign banking corporation that meets the requirements of this section.

The Commissioner shall set the application and renewal fees in amounts that reasonably relate to the cost of processing the applications.