Section 1-405 - Foreign banking corporations.
§ 1-405. Foreign banking corporations.
(a) Definition.- "Foreign banking corporation" has the meaning stated in § 12-201 (e) of this article.
(b) Permit or authorization required.- A foreign banking corporation may not have an automated teller machine in this State for any purpose unless:
(1) The foreign banking corporation obtains from the Commissioner a permit for the automated teller machine; or
(2) The automated teller machine is authorized under:
(i) The Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 or other federal law; or
(ii) Title 5, Subtitle 9 or Subtitle 10 of this article.
(c) Obtaining permits.- The process for obtaining a permit for the automated teller machine is as stated in §§ 12-208 and 12-209 of this article.
[1999, ch. 34, § 7; ch. 603; 2000, ch. 61, § 1.]