5-13B-89
Section 5-13B-89 Representative office of foreign banks - Necessity of licensure. (a) No foreign bank shall establish or maintain an Alabama representative office unless such foreign bank is licensed by the superintendent to maintain such an Alabama representative office. (b) Nothing in subsection (a) shall be deemed to prohibit a foreign bank which maintains a federal agency or federal branch in this state from establishing or maintaining one or more Alabama representative offices. (Acts 1995, No. 95-115, p. 134, §37.)...
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5-13B-92
Section 5-13B-92 Representative office - Permissible activities. (a) A foreign bank which is licensed to establish and maintain an Alabama representative office may, subject to such regulations as the superintendent may prescribe, engage in the following activities: (1) Solicitation for loans and in connection therewith the 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, solicitation of investors to purchase loans from the foreign bank, and the search for such investors to contract with the foreign bank for servicing of such loans; (2) The solicitation of new business; (3) The conduct of research; and (4) Back office administrative functions as may be more specifically defined in regulations issued by the superintendent. Any other activity which the foreign bank seeks to conduct at such office shall be subject to the prior...
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5-13B-96
Section 5-13B-96 Appointment of superintendent as agent for service of process. (a) A foreign bank which is licensed to establish and maintain an Alabama state branch, Alabama state agency, or Alabama representative office shall file with the superintendent an instrument irrevocably appointing the superintendent and his or her successors in office to be such foreign bank's agent, representative, and attorney to receive service of any lawful process in any judicial or administrative proceeding against the foreign bank or any of its successors which arises out of the foreign bank's activities in this state after such appointment has been filed, with the same force and validity as if served directly on the foreign bank or its successor, as the case may be. Such appointment shall be in such form and contain such information as the superintendent may require by regulation or order. (b) Any foreign bank which establishes an Alabama state branch, Alabama state agency, or Alabama...
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5-13B-82
Section 5-13B-82 Application to establish and maintain a branch or agency - Contents. (a) A foreign bank, in order to procure a license under this article to establish and maintain an Alabama state branch or Alabama state agency shall submit an application to the superintendent. Such application shall contain: (1) The same information as required by the Board of Governors of the Federal Reserve System for an application to establish a branch or agency, as the case may be, in the United States; and (2) Such additional information as the superintendent may require by regulation or order. (b) In addition to the information required to be included in an application for a license to establish and maintain an Alabama state branch or Alabama state agency listed in subsection (a), the superintendent may as he or she deems necessary or appropriate require a foreign bank to include as part of such an application an instrument irrevocably appointing the superintendent and his or her successors in...
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5-13B-91
Section 5-13B-91 Representative office - Factors for approval of application. (a) A foreign bank making an application for a license to establish and maintain an Alabama representative office shall deliver to the superintendent two, or more as the superintendent may require by regulation, duplicate originals of the foreign bank's application. (b) The superintendent shall issue a license to a foreign bank to establish and maintain an Alabama representative office if he or she finds that: (1) The foreign bank is of good character and sound financial standing; (2) The management of the foreign banks and the proposed management of the Alabama representative office are adequate; and (3) The convenience and needs of persons to be served by the proposed Alabama representative office will be promoted. (c) If the superintendent determines to issue a license to a foreign bank to establish and maintain an Alabama representative office, he or she shall, when all fees have been paid as required...
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5-13B-112
Section 5-13B-112 Voluntary closure of branch, agency, or representative office - Application. (a) No foreign bank which is licensed to establish and maintain an Alabama state branch, Alabama state agency, or Alabama representative office shall close such office without filing an application with, and obtaining the prior approval of, the superintendent. An application by a foreign bank under this section shall be in such form and include such information as the superintendent shall establish by regulation or order. (b) If the superintendent finds, with respect to an application by a foreign bank under this section, that the closing of such office will not be substantially detrimental to the public convenience and advantage, the superintendent shall approve such application. If the superintendent finds otherwise, he or she shall deny the application. (c) Whenever an application by a foreign bank under this section has been approved and all conditions precedent to such closing have been...
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5-13B-101
Section 5-13B-101 Relocation of office; written notice necessary. (a) No foreign bank which is licensed to establish and maintain an Alabama state branch, Alabama state agency, or Alabama representative office shall relocate any such office unless the foreign bank provides prior written notice to the superintendent and the superintendent shall have approved such relocation. (b) Written notice provided by a foreign bank under this section shall be in such form and contain such information as the superintendent shall require by regulation or order. (Acts 1995, No. 95-115, p. 134, §49.)...
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5-13B-104
Section 5-13B-104 Reports. (a) Each foreign bank which is licensed to establish and maintain an Alabama state branch, Alabama state agency, or Alabama representative office shall file with the superintendent such reports as and when the superintendent may require by regulation or order. (b) Each report filed with the superintendent under this article or under any regulation or order issued under this article shall be in such form and contain such information, shall be signed in such manner, and shall be verified in such manner, as the superintendent may require by regulation or order. (Acts 1995, No. 95-115, p. 134, §52.)...
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5-13B-100
Section 5-13B-100 Change of control of foreign bank. A foreign bank which is licensed to establish and maintain an Alabama state branch, Alabama state agency, or Alabama representative office shall file with the superintendent a notice, in such form and containing such information as the superintendent may prescribe, no later than 14 calendar days after such foreign bank becomes aware of any acquisition of control of such foreign bank or merges with another foreign bank. (Acts 1995, No. 95-115, p. 134, §48.)...
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5-13B-90
Section 5-13B-90 Representative office - Application. (a) The application for a license to establish and maintain an Alabama representative office shall be in writing under oath and shall be in such form and contain such information as the superintendent may require by regulation or order. The application shall be accompanied by a reasonable fee as the superintendent may establish by regulation. (b) The superintendent shall require a foreign bank to include as part of its application to establish and maintain an Alabama representative office an instrument irrevocably appointing the superintendent and his or her successors in office to be such foreign bank's agent, representative, and attorney to receive service of any lawful process in any proceeding against such foreign bank or any of its successors which arises out of a transaction with its Alabama representative office, with the same force and validity as if served on the foreign bank or its successor, as the case may be. Such...
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