§ 384-F:20 — Representative Office; Permissible Activities

I. A foreign bank which is licensed to establish and maintain a New Hampshire representative office may, subject to such rules as the commissioner may adopt pursuant to RSA 541-A, engage in the following activities:
(a) Solicitation for loans and in connection therewith the assembly of credit information, making of property inspections and appraisals, securing of title information, preparation of applications for loans including making recommendations with respect to action thereon, solicitation of investors to purchase loans from the foreign bank, and the search for such investors to contract with the foreign bank for servicing of such loans;
(b) The solicitation of new business;
(c) The conduct of research; and
(d) Back office administrative functions as may be more specifically defined in rules adopted by the commissioner under RSA 541-A.
Any other activity which the foreign bank seeks to conduct at such office shall be subject to the prior written approval of the commissioner by general rule or upon application in such form as the commissioner shall require by rules adopted pursuant to RSA 541-A or order.
II. Notwithstanding paragraph I, a New Hampshire representative office that is a regional administrative office of the foreign bank, as may be defined more fully by the commissioner in rules and orders, may engage in credit approval activities provided that the foreign bank (i) gives 45 days prior written notice to the commissioner; and (ii) the commissioner does not object within such 45 day period to the conduct of such activities by the New Hampshire representative office. Written notice under this paragraph shall be in such form and contain such information as the commissioner shall require by rule or order.

Legislative History

1997, 236:1, eff. July 1, 1997.