PART II. DIRECT BRANCH, AGENCY, AND REPRESENTATIVE OFFICES OF

FOREIGN BANKS

 

[412:13-200] Purpose. Consistent with the federal International Banking Act, the Bank Holding Company Act, the Federal Deposit Insurance Act, and the Interstate Banking and Branching Efficiency Act, this part is intended:

(1) To authorize banking activities and operations, under state licenses issued by the commissioner, of direct branch and agency offices in this State of foreign banks, generally under terms and conditions not less favorable than the terms and conditions under which the activities and operations may be conducted by federal branch or agency offices of foreign banks in the United States, and to set forth a statutory framework for the licensing, regulation, and supervision of state-licensed offices of foreign banks by the commissioner to assure the safe and sound operation of the offices that are licensed under the laws of this State; and

(2) To authorize representative offices in this State of foreign banks, and to set forth statutory provisions governing the licensing and supervision of these offices by the commissioner. [L 1996, c 155, pt of 2]

 

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