HARRY HUGHES, Governor                             3123

In subsection (a) of this section, the approval
of the Division Director is retained even though
the application to relocate an office under §
9-309 of this title also requires the Division
Director's approval since retention here may give
the Director greater discretion as to approval.

"Division Director" and "savings and loan
association" are defined in § 9-101 of this
title.

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

9-804. ACTIVITIES NOT CONSIDERED DOING BUSINESS.

FOR THE PURPOSES OF THIS ARTICLE AND THE CORPORATIONS
AND ASSOCIATIONS ARTICLE, IN ADDITION TO THE ACTIVITIES
LISTED IN CA §§ 7-103 AND 7-104, THE FOLLOWING ACTIVITIES OF
A FOREIGN ASSOCIATION DO NOT CONSTITUTE DOING BUSINESS OR
HAVING TAX SITUS IN THIS STATE:

(1)  MAKING OR INVESTING IN LOANS ON PROPERTY IN
THIS STATE;

(2)  PURCHASING, ACQUIRING, HOLDING, SELLING,
ASSIGNING, TRANSFERRING, COLLECTING, OR ENFORCING BY
FORECLOSURE OR OTHERWISE ANY WHOLE OR PARTIAL INTEREST IN
ANY OBLIGATION SECURED BY A MORTGAGE OR SIMILAR INSTRUMENT,
COVERING PROPERTY IN THIS STATE; OR

(3)  EMPLOYING AN ATTORNEY, SURVEYOR, OR
APPRAISER IN CONNECTION WITH ANY ACTIVITY PERMITTED BY THIS
SECTION OR THE SERVICING AND COLLECTION OF ANY INVESTMENT IN
THIS STATE THROUGH A CORPORATION THAT IS AUTHORIZED TO DO
BUSINESS IN THIS STATE.

COMMITTEE COMMENT: This section replaces .. the first
sentence of former Art. 23, § 156. This
provision makes clear that a foreign association
is no longer restricted from investing money in
this State. This change is viewed as being in
the best economic interests of the State.

GENERAL COMMITTEE COMMENT:

Former Art. 23, § 161B(b), which provided that a
foreign association that is admitted to do business in this
State is subject to this title and the Corporations and
Associations Article, is deleted in light of the prohibition
that a foreign association may not be admitted to do
business.

SUBTITLE 9. MISCELLANEOUS.

9-901. INSURANCE REQUIRED.