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.