State representative office: Application and fees for license; appointment of Commissioner as agent for service of process.
1. The application for a license to establish and maintain a state representative office must be made in writing under oath and be in such form and contain such information as the Commissioner may require. The application must be accompanied by a fee in the amount of $200. A fee of $100 must be paid annually to renew the license.
2. The Commissioner shall require a foreign bank to include as part of its application to establish and maintain a state representative office an instrument irrevocably appointing the Commissioner and his successors in office to be the foreign bank’s agent to receive service of any lawful process in any proceeding against the foreign bank or any of its successors which arises out of a transaction with its state representative office, with the same force and validity as if served on the foreign bank or its successor, as the case may be. The appointment must be in such form and contain such information as the Commissioner may require.
Last modified: February 26, 2006