[ARTICLE13.]  THE HAWAII INTERNATIONAL BANKING ACT

 

PART I. GENERAL

 

[§412:13-100]  Title and purpose.  (a) This article shall be known and may be cited as the Hawaii InternationalBanking Act.

(b)  This article is intended generally toprovide for state regulation of the participation by foreign banks in thefinancial markets of this State.

(c)  Consistent with the federal InternationalBanking Act, the Bank Holding Company Act, the Federal Deposit Insurance Act,and the Interstate Banking and Branching Efficiency Act, this article isintended specifically:

(1)  To authorize banking activities and operations,under state licenses issued by the commissioner, of direct branch and agencyoffices in this State of foreign banks, generally under terms and conditionsnot less favorable than the terms and conditions under which the activities andoperations may be conducted by federal branch or agency offices of foreignbanks in the United States, and to set forth a statutory framework for thelicensing, regulation, and supervision of the State-licensed offices of foreignbanks by the commissioner to assure the safe and sound operation of the officesthat are licensed under the laws of this State;

(2)  To authorize representative offices in this Stateof foreign banks, and to set forth statutory provisions governing the licensingand supervision of the representative offices by the commissioner; and

(3)  To ensure that the banking laws and rules of thisState otherwise apply to foreign banks in a manner consistent with the laws andpolicies of the United States governing the operations in this country offoreign banks. [L 1996, c 155, pt of §2]