State branch or agency: License required; exemptions from licensing.
1. Except as otherwise provided in subsection 2, a foreign bank shall not transact business in this state except at a state branch or agency for which it has been issued a license pursuant to this chapter.
2. A foreign bank:
(a) Which maintains a federal branch or agency in this state may transact business authorized under federal law or regulation in that branch or agency.
(b) Which does not maintain a state branch or agency may make loans in this state secured by real property in this state.
(c) Organized under the law of a territory of the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands may operate an interstate branch in this state as if it were a state bank.
3. Transaction of business by a subsidiary of a foreign bank does not constitute transaction of business by the parent bank.
Last modified: February 26, 2006