2016 Mississippi Code
Title 81 - Banks and Financial Institutions
Chapter 25 - The Mississippi International Banking Act
Article 1 - General
§ 81-25-3. Definitions

For purposes of this chapter:

(a) "Bank" or "insured depository institution" means any bank the deposits of which are insured by the Federal Deposit Insurance Corporation, as provided in Section 2(c) of the Bank Holding Company Act (12 USCS 1841(c) or Section 3(a)(1) of the Federal Deposit Insurance Act (12 USCS 1813(a)(1)), other than a branch of a foreign bank. The term "bank" as used in this chapter shall not in any event include a foreign bank or a branch or agency of a foreign bank.

(b) "Foreign bank" means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, that engages directly in the business of banking, and the deposits of which are not insured by the Federal Deposit Insurance Corporation or any successor thereto. The term includes foreign commercial banks, foreign merchant banks and other foreign institutions that engage in banking activities usual in connection with the business of banking in the countries where such foreign institutions are organized or operating.

(c) "Out-of-state bank" means a bank, the home state of which is a state other than the State of Mississippi.

(d) "Out-of-state foreign bank" means a foreign bank, the home state of which is a state other than the State of Mississippi.

(e) "Mississippi state bank" means a bank organized under the laws of the State of Mississippi.

(f) "Mississippi national bank" means a national banking association having its headquarters within the State of Mississippi.

(g) "Mississippi bank" means a Mississippi state bank or a Mississippi national bank.

(h) "Bank holding company," "subsidiary," and "affiliate" have the same meaning as set forth in Section 2 of the Bank Holding Company Act (12 USCS 1841), and the term "control" shall be construed consistently with the provisions of Section 2(a)(2) of the Bank Holding Company Act (12 USCS 1841(a)(2)).

(i) "Out-of-state bank holding company" means a bank holding company, the home state of which is a state other than the State of Mississippi.

(j) "State" has the same meaning as is set forth in Section 3(a)(3) of the Federal Deposit Insurance Act (12 USCS 1813(a)(3)).

(k) "Home state" has the same meaning in reference to national banks, state banks, and bank holding companies as is set forth in Section 44(f)(4) of the Federal Deposit Insurance Act (12 USCS 1831(u)), and the same meaning in reference to foreign banks as is set forth in Section 5(c) of the federal International Banking Act (12 USCS 3103(c)).

(l) "Foreign person" means a natural or juridical person who is a citizen or national of one or more countries (including any colonies, dependencies, or possessions of such countries) other than the United States.

(m) "Direct office" means a branch, agency office or representative office of a foreign bank.

(n) "Branch," when used in reference to an office of a foreign bank, means any office or place of business of a foreign bank at which deposits are received, as provided in Section 1(b)(3) of the federal International Banking Act (12 USCS 3101(3)), and when used in reference to an office of a bank as defined in this section, shall have the same meaning as is set forth in Section 3(o) of the Federal Deposit Insurance Act (12 USCS 1813(o)).

(o) "Interstate branch" means a branch of a bank or a branch of a foreign bank, as the context may require, which is (or is to be) established after September 29, 1994, pursuant to the authority contained in the Interstate Banking and Branching Efficiency Act, outside the home state of the bank or foreign bank. The term shall not include any branch of a corporation organized pursuant to 12 USCS 611, for the purpose of engaging in banking outside of the United States.

(p) "Agency," when used in reference to an office of a foreign bank, means any office or place of business of a foreign bank located in any state of the United States at which:

(i) Credit balances may be maintained incidental to or arising out of the exercise of banking powers,

(ii) Checks may be paid,

(iii) Money may be lent, and

(iv) Deposits are not accepted from citizens or residents of the United States, as provided in Section 1(b)(1) of the federal International Banking Act (12 USCS 3101(1)).

(q) "Federal branch" means a branch of a foreign bank that is licensed by the Comptroller of the Currency pursuant to the provisions of Section 4 of the federal International Banking Act (12 USCS 3102).

(r) "Federal agency" means an agency of a foreign bank that is licensed by the Comptroller of the Currency pursuant to the provisions of Section 4 of the federal International Banking Act (12 USCS 3102).

(s) "Mississippi state branch," when used in reference to an office of a foreign bank, means a branch of a foreign bank that is located in the State of Mississippi and licensed pursuant to the provisions of Article 5 of this chapter.

(t) "Mississippi state agency," when used in reference to an office of a foreign bank, means an agency of a foreign bank that is located in the State of Mississippi and licensed pursuant to the provisions of Article 5 of this chapter.

(u) "Representative office" means any office of a foreign bank which is located in any state and which is not a federal branch or agency, state branch or agency, or subsidiary of a foreign bank, as provided in Section 1(b)(15) of the federal International Banking Act (12 USCS 3101(15)), and the term "Mississippi representative office" means any such office that is located in the State of Mississippi.

(v) The term "United States," when used in a geographical sense, means the several states, the District of Columbia, Puerto Rico, Guam, American Samoa, the American Virgin Islands, the Trust Territory of the Pacific Islands, and any other territory of the United States; and, when used in a political sense, means the federal government of the United States.

(w) "Bank Holding Company Act" means the federal Bank Holding Company Act of 1956, as amended (12 USCS 1841 et seq).

(x) "Federal Deposit Insurance Act" means the Federal Deposit Insurance Act, as amended (12 USCS 1813 et seq).

(y) "Federal International Banking Act" means the federal International Banking Act of 1978, as amended (12 USCS 3101 et seq).

(z) "Interstate Banking and Branching Efficiency Act" means the federal Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law No. 103-328, 108 Stat. 2338-2381 (September 29, 1994)(codified at various sections of Title 12, United States Code Service).

(aa) "Commissioner" means the Mississippi Commissioner of Banking and Consumer Finance then in office and, where appropriate, all of his or her successors and predecessors in office.

(bb) "Bank supervisory agency" means:

(i) The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and any successor to these agencies;

(ii) Any agency of another state with primary responsibility for chartering and supervising banks; and

(iii) Any agency of a country (including any colonies, dependencies, possessions, or political subdivisions thereof) other than the United States.