§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.