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§ 9-802. Restrictions relating to foreign associations or savings and loan associations

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 9. Savings and Loan Associations
Subtitle 8. Foreign Associations (Refs & Annos)
MD Code, Financial Institutions, § 9-802
§ 9-802. Restrictions relating to foreign associations or savings and loan associations
Currentness
In general
(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.
Foreign associations exempt from restrictions
(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.

Credits

Added by Acts 1980, c. 856, § 2, eff. July 1, 1980. Amended by Acts 1986, c. 108; Acts 1986, c. 282, § 1, eff. June 1, 1986; Acts 1987, c. 544, § 1, eff. July 1, 1987.
Formerly Art. 23, § 156.
MD Code, Financial Institutions, § 9-802, MD FIN INST § 9-802
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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