SECTION 663.064. International branches; permissible activities; requirements.
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1(1) 2An international banking corporation that meets the requirements of ss. 12658.26, 13663.04, 14and 15663.05 16may, with the approval of the office, establish one or more branches in this state. The operations of an international branch shall be conducted pursuant to requirements determined by the office as necessary to ensure compliance with the provisions of the financial institutions codes, including requirements for the maintenance of accounts and records separate from those of the international banking corporation of which it is a branch. 83(2) 84An international branch has the same rights and privileges as a federally licensed international branch. The permissible deposits of an international branch must be determined in accordance with rules adopted by the commission. In adopting such rules, the commission shall consider the similar deposit-taking authority of a federally licensed international branch and the need to provide reasonably consistent regulatory requirements for international banking corporations doing business in this state.
153(3) 154An international branch licensed by the office may engage in any activity permissible for an international bank agency, international administrative office, or international representative office.
Bills Cite this Section:
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Cited by Court Cases:
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