1. (a) A representative office established in this state by a foreign bank corporation shall maintain the following records in English or accompanied by an English translation:

   1. (1) copies of all reports sent to the foreign bank corporation by the representative office;
   2. (2) copies of all policies pertaining to the solicitation, origination, and accounting of loans between the representative office and other offices of the foreign bank corporation;
   3. (3) a description of all activities in which the representative office is engaged and its target market;
   4. (4) assets, liabilities, and income and expense journals for the representative office;
   5. (5) the organizational chart of the representative office, including officer titles, functions, and reporting lines;
   6. (6) marketing, business plans, and budgets for the representative office;
   7. (7) copies of all lease agreements on rented office space and fixed assets in this state, including details of the sharing arrangement covering the office space if the office space is shared with another unit of the foreign bank corporation;
   8. (8) a copy of the most recent audited annual report of the foreign bank corporation, in English;
   9. (9) copies of all insurance policies covering fraud and fixed assets that relate to the representative office;
   10. (10) a list of other operations and affiliates of the foreign bank corporation in the United States;

   11. (11) for all extensions of credit solicited or handled by the representative office:

       1. (A) copies of the credit approval from the domestic agency, branch facility, or foreign bank corporation, which may authorize the representative office to sign and execute the loan contract and related documentation. The approval may be in the form of a facsimile transmission or telex from the applicable foreign bank corporation office;
       2. (B) complete copies of all loan agreements and all subsequent revisions and amendments; and
       3. (C) complete copies of credit and collateral documentation, including borrowing base calculations and reports; and
   12. (12) such other records the banking commissioner may require to be maintained.
2. (b) A representative office affiliated with a foreign bank agency in this state may maintain records at the office of the foreign bank agency.

Source Note:The provisions of this §3.45 adopted to be effective September 13, 1996, 21 TexReg 8453.