§ 9–802
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 9-802 (2026)
Title 9. Savings and Loan Associations
Subtitle 8. Foreign Associations
§ 9–802LinkCopy Citation
(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.