# Financial Institutions (GFI)

## Title 9. Savings and Loan Associations

### Subtitle 8. Foreign Associations

#### Section 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.

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Md. Code Ann., Fin. Inst. (as displayed at mgaleg.maryland.gov, October 16, 2026)