PARRIS N. GLENDENING, Governor                                 Ch. 127

8-211.

The Department shall:

(1) administer the laws that relate to the financial institution franchise tax,
consistent with this subtitle and with Title 10 of this article;

(2) adopt reasonable regulations to administer the provisions of laws that
relate to the financial institution franchise tax, including regulations that establish,
without regard to the methods required under Title 10 of this article, methods for
allocation of net earnings [based on gross volume of transactions] CONSISTENT WITH §
8-206 OF THIS SUBTITLE;

(3) design the returns and other forms that, on completion, provide the
information required for the administration of the financial institution franchise tax law;

(4) collect the financial institution franchise tax revenue, including penalties
and interest; and

(5) certify that revenue to the Comptroller.

SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:

Article - Tax - General

8-101.

(c) (1) "Financial institution" means:

(i) [a commercial bank;

(ii)] a credit company;

[(iii)] (II) except as provided in paragraph (2)(i) of this subsection, a
finance company;

[(iv)] (III) an international banking facility;

[(v)](IV) a loan company;

[(vi)] (V) a mortgage company;

[(vii)] (VI) a safe-deposit company; AND

[(viii) a savings bank;

(ix)] (VII) a savings and loan association [;

(x) a trust company; and

(xi) a company that substantially competes with national banks in the
State].

(2) "Financial institution" does not include:

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