(a) (1) In this section the following words have the meanings indicated. (2) (i) 'Financial institution' means: 1. a credit company; 2. except as provided in subparagraph (ii)1 of this paragraph, a finance company; 3. an international banking facility; 4. a loan company; 5. a mortgage company; 6. a safe-deposit company; and 7. a savings and loan association. (ii) 'Financial institution' does not include: 1. a finance company that makes loans only to farmers for agricultural purposes; 2. a company licensed under the federal Small Business Investment Act of 1958; 3. a corporation that elects to be taxed as a small business corporation under Subchapter S of the Internal Revenue Code; 4. an entity that is a real estate mortgage investment conduit as defined in the Internal Revenue Code; 5. a limited liability company; or 6. a commercial bank, savings bank, trust company, or company that substantially competes with national banks in the State. (3) 'Financial institution holding company' means a financial institution whose only activities are: (i) the maintenance and management of intangible investments; and (ii) the collection and distribution of income from intangible investments. means a financial institution whose only activities are: (i) the maintenance and management of intangible investments; and (ii) the collection and distribution of income from intangible investments. (b) Notwithstanding § 10-402 of this subtitle, interest received by a financial institution holding company from one of its subsidiary corporations that is a financial institution shall be allocated to this State only to the extent that the interest is derived from the trade or business of the subsidiary corporation within this State.
Maryland Legal Code