81-25-101 - Intention.
§ 81-25-101. Intention.
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:
(a) To authorize banking activities and operations, under Mississippi licenses issued by the commissioner, of branch and agency offices 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 Mississippi-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; and
(b) 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.
Sources: Laws, 1996, ch. 441, § 24, eff from and after May 1, 1997.