State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-232_14

§53‑232.14.  International representative offices.

(a)        An internationalbanking corporation that does not transact a banking business or any part of abanking business in or through an office in this State, but maintains an officein this State for other purposes is considered to have an internationalrepresentative office in this State.

(b)        An internationalrepresentative office located in this State shall register with theCommissioner annually on forms prescribed by the Commissioner.  Theregistration shall be filed before January 31 of each year, shall beaccompanied by a registration fee prescribed by regulation, and shall list thename of the local representative, the street address of the office, and thenature of the business to be transacted in or through the office.

(c)        The Commissionermay review the operations of an international representative office annually orat any greater frequency as is necessary to assure that the office does nottransact a banking business.

(d)        An internationalbanking corporation desiring to convert its existing registered internationalrepresentative office to a licensed international bank branch or licensedinternational bank agency shall submit to the Commissioner the applicationrequired by G.S. 53‑232.8, and is required to meet the minimum criteriafor licensing of an international bank branch or licensed international bankagency under this Article.

(e)        An internationalrepresentative office may act in a liaison capacity with existing and potentialcustomers of an international banking corporation and in undertaking theseactivities may, through its employees or agents, without limitation, solicitloans, assemble credit information, make proprietary inspections andappraisals, complete loan applications and other preliminary paperwork inpreparation for making a loan, but may not solicit or accept deposits.  Nointernational representative office shall conduct any banking business or partof a banking business in this State. (1991, c. 679, s. 1.)