Section 12-210 - Term and renewal of permit.
§ 12-210. Term and renewal of permit.
(a) Term.- A permit expires on the third anniversary of its effective date, unless the permit is renewed for a 3-year term as provided in this section.
(b) Application for renewal.- Before its permit expires, the foreign banking corporation may renew the permit for additional 3-year terms if the foreign banking corporation:
(1) At least 30 days before its permit expires submits to the Commissioner a renewal application on the form that the Commissioner requires; and
(2) Meets the requirements for issuance of a permit under § 12-209 of this subtitle.
(c) Issuance of renewal.- The Commissioner shall renew the permit of each foreign banking corporation that meets the requirements of this section.
[An. Code 1957, art. 11, § 32; 1980, ch. 33, § 2; 1996, ch. 326, § 2; 2008, ch. 293.]