§ 1783 Foreign Bank Representative Offices

• •A foreign bank may have a representative office only if it is licensed.
• •The office can only do representational work; it cannot solicit or accept deposits.
• •The commissioner can set rules about what the office is allowed to do.

A Japanese bank opens a small office in California to talk with customers and promote its services.

The bank can hold meetings and answer questions at that office, but it cannot ask people to open accounts or take any deposits there unless the state commissioner says it’s allowed.