Section 5-1014 - Out-of-state banks.
§ 5-1014. Out-of-state banks.
(a) Qualification as foreign corporation; copy of branch application.- An out-of-state bank that proposes to establish a branch in this State:
(1) Shall qualify under § 7-203 of the Corporations and Associations Article to do business in the State as a foreign corporation; and
(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.
(b) Banks with no branches prior to September 29, 1995.- 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.
(c) Additional branches.- 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.
[1995, ch. 213, § 2; 1996, ch. 326, § 2.]