(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) 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) Have an electronic terminal in this State; or (3) Be admitted to do business in this State. (b) The prohibitions under subsection (a) of this section may not apply to any foreign association that: (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. Was not federally insured on or before May 18, 1985; 2. Was a "major association", as defined under Title 10 of this article, on or before May 19, 1985; and 3. Is not federally insured on or before April 1, 1986; and (ii) Operates the association as a federal association in this State; (2) Makes an acquisition in accordance with the provisions of Subtitle 10 of this title; or (3) Was operating an office for business in this State on July 1, 1987, in accordance with applicable State or federal law.
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