rm of regulation substantially similar to that of a bank chartered in the United States. The annual license fee is US $4,000 and an annual report to the Division of Banking and Insurance is required. EIBF's which are established as exempt companies and are properly licensed by the Division of Banking and Insurance have

contrary. This means, for example, that an IBE may export interest rates on a preemptive basis. (d) Notwithstanding any state laws to the contrary, the Division of Banking shall have exclusive jurisdiction to license and regulate an IBE. This means, for example, that an IBE is not required to be licensed in or regulat