[§412:13-101]  Application to existing
foreign banks.  (a)  The licenses of foreign banks to open and maintain
agency offices and representative offices in this State which were granted
before and which are in effect on June 1, 1997, are not invalidated by the
enactment of this article nor by any change made in the requirements for
licensing of foreign bank offices, nor by the repeal of the laws under which
they were licensed.



(b)  The provisions of this article shall apply
to all agency and representative offices of foreign banks which were licensed
under previous laws of this State and which are in operation on June 1,
1997, except as provided in this section.



(c)  With the enactment of this article,
non-depository agency offices of foreign banks which were licensed under
previous laws of this State and are in operation on June 1, 1997, shall
have all of the powers and authority of a Hawaii state agency under this
article, except that the non-depository agency office shall not accept any
deposits pursuant to section 412:13‑208, and as long as deposits are not
accepted, the non-depository agency office shall not be required to comply with
section 412:13-213.  Notwithstanding the foregoing provision, nothing shall
prohibit the foreign bank operating a non-depository agency office from filing
an application under section 412:13-205 to amend its license. [L 1996, c 155,
pt of §2]