New Hampshire § 384-F-16 - Section 384-F:16 Authority to Act as Agent.

§ 384-F-16. Section 384-F:16 Authority to Act as Agent.

I. A New Hampshire state branch or New Hampshire state agency of a foreign bank licensed under this chapter may receive deposits, renew time deposits, close loans, service loans, and receive payments on loans and other obligations as an agent for any depository institution affiliate of such foreign bank, including branch, agency, and other offices of the same foreign bank located in other states, generally in accordance with the same terms, conditions, procedures, and requirements that are applicable under the laws and rules of this state to such agency activities that may be conducted by New Hampshire state banks. II. Notwithstanding any other provision of the laws or rules of this state, a New Hampshire state branch or New Hampshire state agency of a foreign bank acting in this state as an agent in accordance with the provisions of this section shall not be considered to be a branch of some other depository institution affiliate; provided, however, that no New Hampshire state branch or New Hampshire state agency shall be authorized by this section to act as agent for a branch or agency of an affiliated foreign bank other than the foreign bank which has been licensed to transact business in this state pursuant to this chapter. III. A New Hampshire state branch or New Hampshire state agency of a foreign bank licensed under this chapter may not: (a) Conduct any activity as an agent under this section which such office is prohibited from conducting as a principal under any applicable federal or state law, including but not limited to the acceptance of impermissible deposits; or (b) As a principal, have an agent conduct any activity under this section which such office is prohibited from conducting under any applicable federal or state law, including but not limited to, the acceptance of impermissible deposits. IV. An agency relationship between a New Hampshire state branch or New Hampshire state agency of a foreign bank licensed under this chapter and a depository institution affiliate or other affiliate of such foreign bank shall in any event be on terms that are consistent with safe and sound banking practices and all applicable rules and orders of the commissioner.