When a foreign bank needs a Hawaii license

(a) No foreign bank shall transact business in this State except at a Hawaii state branch or Hawaii state agency which it is licensed to establish and maintain pursuant to, and at which it conducts the activities as are permitted by this article. (b) Subsection (a) shall not be deemed to prohibit: (1) Any foreign bank that establishes and maintains a federal agency or federal branch in this State from transacting at the federal agency or federal branch any business it may be authorized to transact under applicable federal laws and regulations; (2) Any foreign bank that does not maintain a Hawaii state branch or Hawaii state agency from making in this State loans secured by liens on real or personal property located in this State or enforcing the loans in this State; or (3) Any foreign bank organized under the laws of a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, the deposits of which are insured by the Federal Deposit Insurance Corporation, from establishing and operating an interstate branch in this State in its capacity as a "state bank" as defined in the Federal Deposit Insurance Act, pursuant to the authorities contained in that Act and in the laws of this State. (c) For purposes of subsection (a), no foreign bank shall be deemed to be transacting business in this State merely because a subsidiary or affiliate transacts business in this State, including business that any depository institution subsidiary or affiliate may lawfully conduct in this State, as an agent for the foreign bank in accordance with and to the extent authorized by the laws of this State and applicable rules or orders of the commissioner.