§ 1420 Scope.
This subchapter deals with conditions under which foreign banks may operate representative offices in this State.
§ 1421 License required.
No person, copartnership, association, corporation or other entity shall establish or maintain a representative office in this State on behalf of one or more foreign banks unless the foreign bank to be represented has obtained a license from the Commissioner.
§ 1422 Application for license; fee; findings required for issuance.
(a) The application for a license shall contain information and be accompanied by a reasonable fee as determined by the Commissioner.
(b) The Commissioner shall issue a license to a foreign bank to establish and maintain a representative office if the Commissioner finds:
(1) The foreign bank and the proposed management of the representative office are each of good character and sound financial standing;
(2) The management of the foreign bank and the proposed management of the representative office are adequate; and
(3) The convenience and needs of persons to be served by the proposed representative office will be promoted.
§ 1423 License provisions.
Any foreign bank holding a license pursuant to this subchapter may establish and maintain a representative office at the location stated therein and may engage thereat in representational functions on behalf of the foreign bank, but may not conduct a banking business. A license issued pursuant to this subchapter shall remain in effect until surrendered or revoked.
§ 1424 Records; reports; fee.
(a) Each foreign bank which is licensed to establish and maintain a representative office shall make, keep and preserve at such office or at such other place as determined by the Commissioner, such books, accounts and other records relating to the business of such office as the Commissioner may require.
(b) Each foreign bank which is licensed to establish and maintain a representative office shall file such reports, accompanied by a reasonable fee, as required and determined by the Commissioner.
§ 1425 Revocation of license.
If the Commissioner finds:
(1) The licensee or its representative has violated any provision of this subchapter or any law, rule or regulation of this State; or
(2) Any fact or condition exists which, if it had existed at the time of the original application for such license, would have resulted in the Commissioner refusing to issue such license; then, after notice to the foreign bank and a reasonable opportunity to be heard, the Commissioner may revoke such license.
§ 1426 Applicability of other laws.
Every foreign bank holding a license pursuant to this subchapter shall be deemed and held to be subject to this title and any other law or laws of this State making provision for the regulation of banks and trust companies where the same are not inconsistent with the express provisions of this subchapter including, without limitation, § 131 and § 132 of this title and subchapter I of this chapter for the regulation of foreign banks operating foreign bank branches, foreign bank limited purpose branches and foreign bank agencies in this State.