[§412:13-208]  Powers of branch and agency. 
(a)  Except as otherwise specifically provided in this article or in rules or
orders adopted by the commissioner, and notwithstanding any other law or rule
of this State to the contrary, operations of a foreign bank at a Hawaii state
branch or Hawaii state agency shall be conducted with the same rights,
privileges, and powers as a Hawaii state bank at the location and shall be
subject to all the same duties, restrictions, penalties, liabilities,
conditions, and limitations that would apply under the laws of this State to a
Hawaii state bank doing business at the same location.



(b)  Among other exceptions to subsection (a)
that may be required or authorized by the commissioner pursuant to this part:



(1)  A Hawaii state branch shall not accept, from
individuals who are citizens or residents of the United States, deposits (other
than credit balances that are incidental to or arise out of its exercise of
other lawful banking powers) of less than $100,000, except to the extent that
the deposits are determined by the Federal Deposit Insurance Corporation not to
constitute "domestic retail deposit activities requiring deposit insurance
protection" within the meaning of section 6 of the federal International Banking
Act (12 U.S.C. 3104); provided that, a Hawaii state branch of a bank organized
under the laws of any territory of the United States, Puerto Rico, Guam,
American Samoa or the Virgin Islands, the deposits of which are insured by the
Federal Deposit Insurance Corporation, shall not be subject to the foregoing
limitation on domestic retail deposit taking;



(2)  A Hawaii state agency shall not accept any
deposits except:



(A)  Deposits of a foreign nation, its
political subdivisions, agencies, or instrumentalities; and



(B)  Deposits of persons who reside, are
domiciled and maintain their principal place of business in a foreign nation,
and are not citizens of the United States;



(3)  A Hawaii state branch or Hawaii state agency
shall not be required to maintain federal deposit insurance under any law,
rule, or order of this State that requires Hawaii state banks and other
depository institutions to maintain federal deposit insurance, and the
commissioner, by rule or order, may exclude or exempt uninsured Hawaii state branches
and Hawaii state agencies from, or otherwise modify the applicability to
uninsured Hawaii state branches and Hawaii state agencies of, any law or rule
of this State that is generally applicable to insured Hawaii state banks, or
that would otherwise be applicable to an insured Hawaii state bank doing
business at the same location, as the commissioner may deem necessary or
desirable, taking into account applicable limitations on the retail
deposit-taking powers and privileges of Hawaii state branches and Hawaii state
agencies;



(4)  A foreign bank which is licensed to establish and
maintain a Hawaii state branch or Hawaii state agency shall not engage in
fiduciary activities at its Hawaii office;



(5)  Any limitation or restriction based on the
capital stock and surplus of a Hawaii state bank shall be deemed to refer, as
applied to a Hawaii state branch or Hawaii state agency, to the dollar
equivalent of the capital stock and surplus of the foreign bank, and if the
foreign bank has more than one Hawaii state branch or Hawaii state agency in
this State, the business transacted by all the Hawaii state branches and Hawaii
state agencies shall be aggregated in determining compliance with the
limitation; and



(6)  The commissioner may adopt any additional or modify
the applicability of any existing standards, conditions, or requirements, by
rule or order, as the commissioner may deem necessary to ensure the safety and
soundness and the protection of creditors of the operations of branches and
agencies of foreign banks in this State. [L 1996, c 155, pt of §2]