§ 221-a. Doing business without license prohibited. 1. No person,
co-partnership, association, corporation or other entity shall
establish, maintain or use one or more offices in this state as the
representative of one or more foreign banking corporations unless the
foreign banking corporation to be represented has first obtained a
license from the superintendent of financial services. Entities lawfully
registered pursuant to this article on or before September first,
nineteen hundred ninety-two shall be deemed licensed pursuant to this
section until September first, nineteen hundred ninety-four, provided
however that the superintendent may require the submission of any
additional documents or materials relating to the business activities of
the registrant as he or she may deem necessary or appropriate.

2. Upon receipt of a license, the foreign banking corporation may
establish one or more representative offices in this state which shall
be subject to examination whenever in the superintendent's judgment such
examination is necessary or advisable.

3. Such office shall be limited to conducting the following
activities: 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,
solicitation of investors to purchase loans from the bank, the search
for such investors to contract with the bank for the servicing of such
loans; solicitation of new business and conduct of research. Any other
activity which the foreign banking corporation seeks to conduct at such
office, shall be subject to the prior written approval of the
superintendent by general regulation or upon application in such form as
the superintendent may prescribe.