338                                            LAWS OF MARYLAND                                      Ch. 108

Article - Financial Institutions

Section 9-802

Annotated Code of Maryland

(1980 Volume and 1985 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Financial Institutions

9-802.

[A]  (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)  IN FURTHERANCE OF AN AGREEMENT WITH THE STATE OF
MARYLAND DEPOSIT INSURANCE FUND CORPORATION ON OR BEFORE JANUARY
1, 1987, BECOMES A SUCCESSOR IN INTEREST TO AN ASSOCIATION THAT:

(I)  WAS NOT FEDERALLY INSURED ON OR BEFORE MAY
18, 1985;

(II)  WAS A "MAJOR ASSOCIATION", AS DEFINED
UNDER TITLE 10 OF THIS ARTICLE, ON OR BEFORE MAY 19, 1985; AND

(III)  IS NOT FEDERALLY INSURED ON OR BEFORE
APRIL 1, 1986; AND

(2)  OPERATES THE ASSOCIATION AS A FEDERAL ASSOCIATION
IN THIS STATE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act is
hereby declared to be an emergency measure and necessary for the
immediate preservation of the public health and safety and having
been passed by a yea and nay vote supported by three-fifths of
all the members elected to each of the two Houses of the General
Assembly, the same shall take effect from the date of its
passage.

Approved April 8, 1986.