1. (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. (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. (2) Have an electronic terminal in this State; or
   3. (3) Be admitted to do business in this State.

2. (b) The prohibitions under subsection (a) of this section may not apply to any foreign association that:

   1. (1)

      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. 1. Was not federally insured on or before May 18, 1985;
         2. 2. Was a “major association”, as defined under Title 10 of this article, on or before May 19, 1985; and
         3. 3. Is not federally insured on or before April 1, 1986; and
      2. (ii) Operates the association as a federal association in this State;
   2. (2) Makes an acquisition in accordance with the provisions of Subtitle 10 of this title; or
   3. (3) Was operating an office for business in this State on July 1, 1987, in accordance with applicable State or federal law.

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.