In this subtitle, “foreign association” means any savings and loan association other than: A savings and loan association incorporated under the laws of this State; or A savings and loan association incorporated under the laws of the United States that has its principal office in this State.

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: Have an office for business in this State except for an office that was open for business in this State before June 1, 1955; Have an electronic terminal in this State; or Be admitted to do business in this State. The prohibitions under subsection (a) of this section may not apply to any foreign association that: 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: Was not federally insured on or before May 18, 1985; Was a “major association”, as defined under Title 10 of this article, on or before May 19, 1985; and Is not federally insured on or before April 1, 1986; and Operates the association as a federal association in this State; Makes an acquisition in accordance with the provisions of Subtitle 10 of this title; or Was operating an office for business in this State on July 1, 1987, in accordance with applicable State or federal law.

Subject to § 9-309 of this title and the approval of the Division Director, a foreign association or any savings and loan association that maintains its principal office outside this State may relocate an existing office in this State if: The office was open on or before March 1, 1955; and The relocation is within: The same county; and A one-mile radius of the office to be relocated. Any aggrieved foreign association or savings and loan association that applies to relocate its office under subsection (a) of this section may appeal a final order of the Division Director to the Circuit Court for Baltimore City.

For the purposes of this article and the Corporations and Associations Article, in addition to the activities listed in §§ 7–103 and 7–104 of the Corporations and Associations Article, the following activities of a foreign association do not constitute doing business or having tax situs in this State: Making or investing in loans on property in this State; Purchasing, acquiring, holding, selling, assigning, transferring, collecting, or enforcing by foreclosure or otherwise any whole or partial interest in any obligation secured by a mortgage or similar instrument, covering property in this State; or Employing an attorney, surveyor, or appraiser in connection with any activity permitted by this section or the servicing and collection of any investment in this State through a corporation that is authorized to do business in this State. Nothing in this section exempts a foreign corporation from the licensing requirements of Title 11, Subtitle 5 of this article.

Except for a foreign association incorporated under the laws of the United States, the Division Director may examine the Maryland offices of any foreign association as provided in Subtitle 5 of this title.