81-25-125 - Permissible activities. - Mississippi Statutes

§ 81-25-125. Permissible activities.
 

(1)  A foreign bank which is licensed to establish and maintain a Mississippi representative office may, subject to such regulations as the commissioner may prescribe, 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 regulations issued by the commissioner. 
 

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 regulation or upon application in such form as the commissioner shall require by regulation or order. 

(2)  Notwithstanding subsection (1), a Mississippi representative office that is a regional administrative office of the foreign bank, as may be defined more fully by the commissioner in regulations and orders, may engage in credit approval activities if the foreign bank (a) gives forty-five (45) days prior written notice to the commissioner; and (b) the commissioner does not object within such forty-five (45) day period to the conduct of such activities by the Mississippi representative office. Written notice under this subsection shall be in such a form and contain such information as the commissioner shall require by regulation or order. 
 

Sources: Laws,  1996, ch. 441, § 36, eff from and after May 1, 1997.