§ 1-405. Foreign banking corporations

   (a) "Foreign banking corporations" defined. -- "Foreign banking corporation" has the meaning stated in § 12-201(e) of this article.

(b) Permit or authorization required. -- A foreign banking corporation may not have an automated teller machine in this State for any purpose unless:

   (1) The foreign banking corporation obtains from the Commissioner a permit for the automated teller machine; or

   (2) The automated teller machine is authorized under:

      (i) The Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 or other federal law; or

      (ii) Title 5, Subtitle 9 or Subtitle 10 of this article.

(c) Obtaining permits. -- The process for obtaining a permit for the automated teller machine is as stated in § 12-208 and 12-209 of this article.

HISTORY: 1999, ch. 34, § 7; ch. 603; 2000, ch. 61, § 1.