(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) (i) In furtherance of an agreement with the State of Maryland Deposit Insurance Fund Corporation entered into on or before January 1, 1987, becomes a successor in interest to an association that:

1. Was not federally insured on or before May 18, 1985;

2. Was a “major association”, as defined under Title 10 of this article, on or before May 19, 1985; and

3. Is not federally insured on or before April 1, 1986; and

(ii) Operates the association as a federal association in this State;

(2) Makes an acquisition in accordance with the provisions of Subtitle 10 of this title; or

(3) Was operating an office for business in this State on July 1, 1987, in accordance with applicable State or federal law.