§ 12-210. Term and renewal of permit

Latest version.

   (a) Term. -- A permit expires on the third anniversary of its effective date, unless the permit is renewed for a 3-year term as provided in this section.

(b) Application for renewal. -- Before its permit expires, the foreign banking corporation may renew the permit for additional 3-year terms if the foreign banking corporation:

   (1) At least 30 days before its permit expires submits to the Commissioner a renewal application on the form that the Commissioner requires; and

   (2) Meets the requirements for issuance of a permit under § 12-209 of this subtitle.

(c) Issuance of renewal. -- The Commissioner shall renew the permit of each foreign banking corporation that meets the requirements of this section.

HISTORY: An. Code 1957, art. 11, § 32; 1980, ch. 33, § 2; 1996, ch. 326, § 2; 2008, ch. 293.

                    
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