§551.15.  State administrative office; authorization; permitted activities

A.  With the authorization of the commissioner of financial institutions, a foreign bank may, subject to approval from the Federal Reserve Board, establish a state administrative office in this state subject to the provisions of this Chapter and applicable federal law.

B.  An administrative office may engage only in the following activities:

(1)  Administration of personnel and operations.

(2)  Engage in data processing or recordkeeping activities.

Acts 2004, No. 420, §1.