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Adopted Regulations
Adoption of Amendments to Supervisory Policy G 8 (Registration of Domestic Representative Offices)

(Statutory Authority: Banking Law, §§ 14[1], 132, 258)

Section 8.1 General is amended to read as follows:

Any banking institution seeking to establish or maintain a representative office in this State shall submit the information called for by section 8.3 of this Supervisory Policy to the Superintendent of Banks, [Two Rector Street, New York, NY 10006] at the New York City Office of the Banking Department at the address set forth in section 1.1 of Supervisory Policy G-1.

Subsection (a) of Section 8.4 Permissible Activities is amended to add new paragraphs (1) and (2) and the remainder of the paragraphs are renumbered to read as follows:

  1. The activities that may be conducted by a representative office of a banking institution in this State on behalf of such banking institution shall be limited to the following:

  1. approval of loans;

  2. execution of loan documents;

  3. solicitation of loans and, in connection therewith, assembly of credit information, making of property inspections and appraisals, securing of title information, preparation of applications for loans (including making recommendations with respect to action thereon);

  4. solicitation of purchasers of loans from the banking institution;

  5. solicitation of parties to contract with the banking institution for the servicing of its loans;

  6. solicitation of other banking business on behalf of the banking institution;

  7. conduct of research;

  8. acting as a liaison with customers of the banking institution; and

  9. other similar activities.

Subsection (b) of Section 8.4 is amended to read as follows:

  1. A representative office of a banking institution may not [approve loans, execute loan documents,] disburse funds, transmit funds, accept loan repayments, or accept or contract for deposits or deposit-type liabilities on behalf of the banking institution.

Department of Financial Services


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