(1) Except as otherwise specifically provided in this article or in regulations or orders adopted by the commissioner, and notwithstanding any other law or regulation of the State of Mississippi to the contrary, operations of a foreign bank at a Mississippi state branch or Mississippi state agency shall be conducted with the same rights, privileges and powers as a Mississippi state bank at the same location and shall be subject to all the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply under the laws of the State of Mississippi to a Mississippi state bank doing business at the same location; provided, however, that fiduciary activities shall only be conducted from a branch office.

(2) Among other exceptions to the provisions of subsection (1) that may be required or authorized by the commissioner pursuant to the provisions of this article:

(a) A Mississippi state branch that was not grandfathered as an “insured branch” within the meaning of Section 6(c)(2) of the federal International Banking Act (12 USCS 3104(c)(2)) may not accept, from citizens or residents of the United States, deposits (other than credit balances that are incidental to or arise out of its exercise of other lawful banking powers) of less than One Hundred Thousand Dollars ($100,000.00), except to the extent that such deposits are determined by the Federal Deposit Insurance Corporation not to constitute “domestic retail deposit activities requiring deposit insurance protection” within the meaning of Section 6 of the federal International Banking Act (12 USCS 3104);

(b) A Mississippi state agency may not accept any deposits from citizens or residents of the United States (other than credit balances that are incidental to or arise out of its exercise of other lawful banking powers), but it may accept deposits from persons who are neither citizens nor residents of the United States;

(c) A Mississippi state branch or Mississippi state agency shall not be required to maintain federal or state deposit insurance under any law, regulation, or order of the State of Mississippi that requires Mississippi state banks and other depository institutions to maintain such deposit insurance, and the commissioner may, by regulation or order, exclude or exempt uninsured Mississippi state branches and/or Mississippi agencies from, or otherwise modify the applicability to uninsured Mississippi state branches and/or Mississippi agencies of, any law or regulation of the State of Mississippi that is generally applicable to insured Mississippi state banks, or that would otherwise be applicable to an insured Mississippi state bank doing business at the same location, as the commissioner may deem necessary or desirable, taking into account applicable limitations on the retail deposit-taking powers and privileges of Mississippi state branches and Mississippi agencies;

(d) Any limitation or restriction based on the capital stock and surplus of a Mississippi state bank shall be deemed to refer, as applied to a Mississippi state branch or Mississippi state agency, to the dollar equivalent of the capital stock and surplus of the foreign bank, and if the foreign bank has more than one Mississippi state branch or Mississippi state agency in this State, the business transacted by all such state branches and Mississippi state agencies shall be aggregated in determining compliance with the limitation; and

(e) The commissioner is expressly authorized to adopt such additional or modify the applicability of any existing standards, conditions or requirements, by regulation or order, as he or she may deem necessary to ensure the safety and soundness and the protection of creditors of the operations of branches and agencies of foreign banks in the State of Mississippi.