Section 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 banks. 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.