1.  The application for a license to establish and maintain a state representative office must be made in writing under oath and be in such form and contain such information as the Commissioner may require. The application must be accompanied by a fee of not more than $400. A fee of not more than $200 must be paid annually to renew the license.

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2.  The Commissioner shall require a foreign bank to include as part of its application to establish and maintain a state representative office an instrument irrevocably appointing the Commissioner and the Commissioner’s successors in office to be the foreign bank’s agent to receive service of any lawful process in any proceeding against the foreign bank or any of its successors which arises out of a transaction with its state representative office, with the same force and validity as if served on the foreign bank or its successor, as the case may be. The appointment must be in such form and contain such information as the Commissioner may require.

3.  The Commissioner shall adopt regulations establishing the amount of the fees required pursuant to this section.

4.  The Commissioner shall consider an application to be withdrawn if the Commissioner has not received all information and fees required to complete the application within 12 months after the date the application is first submitted to the Commissioner or within such later period as the Commissioner determines in accordance with any existing policies of joint regulatory partners. If an application is deemed to be withdrawn pursuant to this subsection or if the applicant otherwise withdraws the application, the Commissioner may not issue a license to the applicant unless the applicant submits a new application and pays any required fees.