972

LAWS OF MARYLAND

Ch. 281

(1)   "Director" means the Director of the Department
of Assessments and Taxation.

(2)  (i) "Financial institution" means all commercial
banks, safe deposit and trust companies, and financial
corporations as defined in § 2(9) of this article.

(ii) "Financial institution" includes
international banking facilities but does not include domestic or
foreign finance corporations which make loans exclusively to
farmers for agricultural purposes or any corporation licensed
under the Small Business Investment Act of 1958, (15 U.S.C. 661
et seq.).

(3)   "Foreign person" means:

(i) An individual who is not a resident of the
United States;

(ii) A foreign corporation, a foreign
partnership or a foreign trust, as defined in the tax laws of the
United States;

(iii) A foreign branch of a domestic
corporation (including the taxpayer);

(iv) A foreign government or an international
organization or an agency of either;

(v) An international banking facility; or

(vi) A foreign corporation or partnership that
has established an office within an approved foreign trade zone
for activities to be conducted within the approved foreign trade
zone.

(vii) As used in this paragraph, the terms
"foreign" and "domestic" have the same meanings as in the
Internal Revenue Code.

(4)   "Approved foreign trade zone" means an area
designated as such in accordance with Sections 466 through 469 of
Article 23 of this Code and the Foreign Trade Zones Act (19
U.S.C. 81a, et seq.).

(5)   "International banking facility" means a
financial institution that:

(i) 1. Makes, arranges for, places, or services
any loan to a foreign person for use either outside of the United
States or in an approved foreign trade zone in the United States;
or