Existing foreign bank offices keep their licenses

(a) The licenses of foreign banks to open and maintain agency offices and representative offices in this State which were granted before and which are in effect on June 1, 1997, are not invalidated by the enactment of this article nor by any change made in the requirements for licensing of foreign bank offices, nor by the repeal of the laws under which they were licensed. (b) The provisions of this article shall apply to all agency and representative offices of foreign banks which were licensed under previous laws of this State and which are in operation on June 1, 1997, except as provided in this section. (c) With the enactment of this article, non-depository agency offices of foreign banks which were licensed under previous laws of this State and are in operation on June 1, 1997, shall have all of the powers and authority of a Hawaii state agency under this article, except that the non-depository agency office shall not accept any deposits pursuant to section 412:13-208, and as long as deposits are not accepted, the non-depository agency office shall not be required to comply with section 412:13-213. Notwithstanding the foregoing provision, nothing shall prohibit the foreign bank operating a non-depository agency office from filing an application under section 412:13-205 to amend its license.