Hawaii Revised Statutes 412:13-218 – Representative office; permissible activities

(a) A foreign bank which is licensed to establish and maintain a Hawaii representative office, subject to any rules as the commissioner may prescribe, may engage in the following activities:

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Terms Used In Hawaii Revised Statutes 412:13-218

Bank: means any bank as defined in: section 2(c) of the Bank Holding Company Act (12 U. See Hawaii Revised Statutes 412:13-102
Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 412:1-109
Contract: A legal written agreement that becomes binding when signed.
Foreign bank: means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, that engages directly in the business of banking. See Hawaii Revised Statutes 412:13-102
Hawaii representative office: means a representative office that is located in this State. See Hawaii Revised Statutes 412:13-102

(1) Solicitation for loans and in connection therewith 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 thereon, solicitation of investors to purchase loans from the foreign bank, and the search for investors to contract with the foreign bank for servicing of the loans;

(2) The solicitation of new business;

(3) The conduct of research; and

(4) Back office administrative functions as may be more specifically defined in rules issued by the commissioner.

Any other activity which the foreign bank seeks to conduct at the office shall be subject to the prior written approval of the commissioner by general rule or upon application in a form as the commissioner shall require.

(b) Notwithstanding subsection (a), a Hawaii representative office that is a regional administrative office of the foreign bank, as may be defined more fully by the commissioner in rules and orders, may engage in credit approval activities provided that (1) the foreign bank give forty-five days prior written notice to the commissioner; and (2) the commissioner does not object within the forty-five day period to the conduct of the activities by the Hawaii representative office. Written notice under this subsection shall be in a form and contain any information as the commissioner shall require.

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Hawaii Revised Statutes 412:13-218 – Representative office; permissible activities

Terms Used In Hawaii Revised Statutes 412:13-218

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