1. (a) An out-of-state bank that proposes to establish a branch in this State:

   1. (1) Shall qualify under § 7-203 of the Corporations and Associations Article to do business in the State as a foreign corporation; and
   2. (2) Within 15 days of filing a branch application with the appropriate bank supervisory agency, shall provide the Commissioner with a copy of the branch application.
2. (b) An out-of-state bank that does not have a branch in this State on September 29, 1995, may not establish a branch in this State before June 1, 1997, unless the laws of that bank's home state would permit a banking institution to establish a branch in that state under substantially similar conditions as those imposed by this subtitle.
3. (c) An out-of-state bank that has a branch in this State may establish additional branches in this State to the same extent as a banking institution or to the extent otherwise permitted by federal law.

Added by Acts 1995, c. 213, § 2, eff. Sept. 29, 1995. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996.