§412:13-100 - Title and purpose.
[ARTICLE 13.] THE HAWAII INTERNATIONAL BANKING ACT
PART I. GENERAL
[§412:13-100] Title and purpose. (a) This article shall be known and may be cited as the Hawaii International Banking Act.
(b) This article is intended generally to provide for state regulation of the participation by foreign banks in the financial markets of this State.
(c) Consistent with the federal International Banking Act, the Bank Holding Company Act, the Federal Deposit Insurance Act, and the Interstate Banking and Branching Efficiency Act, this article is intended specifically:
(1) To authorize banking activities and operations, under state licenses issued by the commissioner, of direct branch and agency offices in this State of foreign banks, generally under terms and conditions not less favorable than the terms and conditions under which the activities and operations may be conducted by federal branch or agency offices of foreign banks in the United States, and to set forth a statutory framework for the licensing, regulation, and supervision of the State-licensed offices of foreign banks by the commissioner to assure the safe and sound operation of the offices that are licensed under the laws of this State;
(2) To authorize representative offices in this State of foreign banks, and to set forth statutory provisions governing the licensing and supervision of the representative offices by the commissioner; and
(3) To ensure that the banking laws and rules of this State otherwise apply to foreign banks in a manner consistent with the laws and policies of the United States governing the operations in this country of foreign banks. [L 1996, c 155, pt of §2]