3122

LAWS OF MARYLAND

Ch. 856

(3) BE ADMITTED TO DO BUSINESS IN THIS STATE.

COMMITTEE COMMENT: This section replaces the second
through fifth sentences and part of the sixth
sentence of former Art. 23, § 156.

A general prohibition against a foreign
association doing any business in this State is
substituted for the former provision that
permitted a foreign association to do business
under certain circumstances. This substantive
change is viewed as being in the best economic
interests of the State.

Item (1) of this section is added for clarity
although it is inherent in item (3) of this
section.

"Savings and loan association" is defined in §
9-101 of this title.

"Foreign association" is defined in § 9-801 of
this subtitle.

As to the definition of "electronic terminal" see
§ 9-310 of this title.

9-803. RELOCATION OF PERMITTED OFFICE.

(A)  RELOCATION.

SUBJECT TO § 9-309 OF THIS TITLE AND THE APPROVAL OF
THE DIVISION DIRECTOR, A FOREIGN ASSOCIATION OR ANY SAVINGS
AND LOAN ASSOCIATION THAT MAINTAINS ITS PRINCIPAL OFFICE
OUTSIDE THIS STATE MAY RELOCATE AN EXISTING OFFICE IN THIS
STATE IF:

(1)  THE OFFICE WAS OPEN ON OR BEFORE MARCH 1,
1955; AND

(2)  THE RELOCATION IS WITHIN:

(I)  THE SAME COUNTY; AND

(II)  A ONE MILE RADIUS OF THE OFFICE TO BE
RELOCATED.

(B)  APPEAL.

ANY AGGRIEVED FOREIGN ASSOCIATION OR SAVINGS AND LOAN
ASSOCIATION THAT APPLIES TO RELOCATE ITS OFFICE UNDER
SUBSECTION (A) OF THIS SECTION MAY APPEAL A FINAL ORDER OF
THE DIVISION DIRECTOR UNDER TITLE 8, SUBTITLE 4 OF THIS
ARTICLE.

COMMITTEE COMMENT: This section replaces part of the
sixth sentence of former Art. 23, § 156.