§1315. Representative offices
1. Notification required. A foreign bank may establish a representative office in this State with 30 days' prior notice to the superintendent. A foreign bank may not establish a representative office in this State without the prior approval of the Board of Governors of the Federal Reserve System pursuant to Section 10 of the federal International Banking Act of 1978.
[PL 1997, c. 182, Pt. B, §3 (NEW).]
2. Permitted activities. Foreign banks may conduct the following activities through representative offices:
A. Solicitation for loans and in connection with those loans the assembly of credit information, making of property inspections and appraisals, securing of title information, preparation of applications for loans including making recommendations with respect to action on those applications, solicitation of investors to purchase loans from the foreign bank and the search for investors to contract with the foreign bank for servicing of those loans; [PL 1997, c. 182, Pt. B, §3 (NEW).]
B. The solicitation of new business; [PL 1997, c. 182, Pt. B, §3 (NEW).]
C. The conduct of research; [PL 1997, c. 182, Pt. B, §3 (NEW).]
D. Back office administrative functions; and [PL 1997, c. 182, Pt. B, §3 (NEW).]
E. Any other activity that may be permitted by the superintendent by rule or order. [PL 1997, c. 182, Pt. B, §3 (NEW).]
[PL 1997, c. 182, Pt. B, §3 (NEW).]
SECTION HISTORY
PL 1997, c. 182, §B3 (NEW).
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
