§551.9.  Approval or disapproval of application

A.  The commissioner may approve or disapprove an application but may not approve an application unless the requirements of this Part relating to the foreign banks are met.

B.  The commissioner may disapprove an application if he determines that:

(1)  The foreign bank is organized in a country that does not permit banks organized under the laws of this state to undertake activities similar to those described in this Part; or

(2)  Granting an application of a foreign bank would be detrimental to the public interest.

Acts 2004, No. 420, §1.