81-25-1 - Short title; intention.
§ 81-25-1. Short title; intention.
(1) This chapter shall be known and may be cited as the "Mississippi International Banking Act."
(2) This chapter is intended generally to provide for state regulation of the participation by foreign banks in the financial markets of the State of Mississippi.
(3) 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 chapter is intended specifically:
(a) To authorize direct offices of foreign banks in the State of Mississippi in the form of branches, agency offices and representative offices;
(b) To authorize branch and agency banking activities and operations, under Mississippi licenses issued by the commissioner, in the State of Mississippi of foreign banks, generally under terms and conditions not less favorable than the terms and conditions under which such 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 such state-licensed offices of foreign banks by the Commissioner to assure the safe and sound operation of such offices that are licensed under the laws of the State of Mississippi;
(c) To authorize representative offices in the State of Mississippi of foreign banks, and to set forth statutory provisions governing the licensing and supervision of such offices by the commissioner; and
(d) To ensure that the banking laws and regulations of the State of Mississippi otherwise apply to foreign banks, and to Mississippi and out-of-state banks and bank holding companies that are owned or controlled by foreign banks, in a manner consistent with the laws and policies of the United States governing the operations in this country of foreign banks.
Sources: Laws, 1996, ch. 441, § 18, eff from and after May 1, 1997.