An out-of-state bank that proposes to establish a branch in this State: Shall qualify under § 7-203 of the Corporations and Associations Article to do business in the State as a foreign corporation; and 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. 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. 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.