reglab/housing_qa huggingface dataset:
6 OK Stat § 6-1719 (2021)
2021 Oklahoma Statutes|Title 6. Banks and Trust Companies|§6-1719. Approval of establishment or acquisition of office by out-of-state institution.

|A. No trust office of an out-of-state trust institution may be acquired or established in this state pursuant to Sections 15 through 20 of this act unless: |1. The out-of-state trust institution shall have confirmed in writing to the Commissioner that for as long as it maintains a trust office in this state, it will comply with all applicable laws of this state;2. The notificant shall have provided satisfactory evidence to the Commissioner of compliance with:a.any applicable requirements of state foreign corporation qualification laws, andb.the applicable requirements of its home state regulator for acquiring or establishing and maintaining such office; and3. The Commissioner, acting within sixty (60) days after receiving notice under Section 18 of this act, shall have certified to the home state regulator that the requirements of Sections 15 through 20 of this act have been met and the notice has been approved or, if applicable, that any conditions imposed by the Commissioner pursuant to subsection B of this section have been satisfied.B. The out-of-state trust institution may commence business at the trust office on the sixty-first day after the date the Commissioner receives the notice unless the Commissioner specifies an earlier or later date. However, with respect to an out-of-state trust institution that is not a depository institution and for which the Commissioner shall have conditioned such approval on the satisfaction by the notificant of any requirement applicable to a state trust company, such institution shall have satisfied such conditions and provided to the Commissioner satisfactory evidence thereof.C. The sixty-day period of review may be extended by the Commissioner on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the out-of-state trust institution may establish the office only on prior written approval by the Commissioner.D. The Commissioner may deny approval of the office if the Commissioner finds that the notificant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office is contrary to the public interest. In acting on the notice, the Commissioner shall consider the views of the appropriate bank supervisory agencies.Added by Laws 1998, c. 104, § 19, eff. Nov. 1, 1998.
6 OK Stat § 6-1720 (2021)
2021 Oklahoma Statutes|Title 6. Banks and Trust Companies|§6-1720. Establishment of additional offices by out-of-state institutions.

|An out-of-state trust institution that maintains a trust office in this state pursuant to Sections 15 through 20 of this act may establish or acquire additional trust offices or representative trust offices in this state to the same extent that a state trust institution may establish or acquire additional offices in this state pursuant to the procedures for establishing or acquiring such offices set forth in Section 13 of this act. |Added by Laws 1998, c. 104, § 20, eff. Nov. 1, 1998.
6 OK Stat § 6-1721 (2021)
2021 Oklahoma Statutes|Title 6. Banks and Trust Companies|§6-1721. Out-of-state institutions prohibited from acting as fiduciaries - Engaging in trust business at representative trust office permitted.

|A. An out-of-state trust institution may not act as a fiduciary, but may otherwise engage in a trust business, at a representative trust office as permitted by this section and Section 22 of this act. |B. Subject to the requirements contained in this section and Section 22 of this act, an out-of-state trust institution may establish and maintain representative trust offices anywhere in this state.Added by Laws 1998, c. 104, § 21, eff. Nov. 1, 1998.
6 OK Stat § 6-1722 (2021)
2021 Oklahoma Statutes|Title 6. Banks and Trust Companies|§6-1722. Establishment or acquisition of representative trust offices.

|A. An out-of-state trust institution may establish or acquire and maintain a representative trust office in this state. An out-of-state trust institution desiring to establish or acquire and maintain a representative trust office shall file a notice on a form prescribed by the Commissioner which shall set forth the name of the out-of-state trust institution, the location of the proposed office, and satisfactory evidence that the notificant is a trust institution. The out-of-state trust institution shall also furnish a copy of the resolution adopted by the board authorizing the representative trust office, and pay a fee equal to that for bank loan production offices. |B. The notificant may commence business at the representative office on the thirty-first day after the date the Commissioner receives the notice, unless the Commissioner specifies an earlier or later date.C. The thirty-day period of review may be extended by the Commissioner on a determination that the written notice raises issues that require additional information or additional time for an analysis. If the period of review is extended, the out-of-state trust institution may establish the representative trust office only on prior written approval by the Commissioner.D. The Commissioner may deny approval of the representative office if the Commissioner finds that the notificant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interests. In acting on the notice, the Commissioner shall consider the views of the appropriate bank supervisory agencies.Added by Laws 1998, c. 104, § 22, eff. Nov. 1, 1998. Amended by Laws 2003, c. 180, § 9, eff. Nov. 1, 2003.
6 OK Stat § 6-1724 (2021)
2021 Oklahoma Statutes|Title 6. Banks and Trust Companies|§6-1724. Enforcement actions.

|Consistent with the Administrative Procedures Act, after notice and opportunity for a hearing: |1. The Commissioner may determine:a.that an office maintained by an out-of-state trust institution in this state is being operated in violation of any provision of the laws of this state or in an unsafe and unsound manner, orb.that a company is engaged in an unauthorized trust activity.In either event, the Commissioner shall have the authority to take all such enforcement actions as the Commissioner would be empowered to take if the office or the company were a state trust company including, but not limited to, issuing an order temporarily or permanently prohibiting the company from engaging in a trust business in this state;2. The Commissioner may determine by order that an out-of-state trust institution engaging in or proposing to engage in a trust business in this state does not meet the requirements for establishing a representative trust office in this state pursuant to Section 22 of this act, which order shall be effective on the date of issuance or such other date as the Commissioner shall determine; and3. In cases involving extraordinary circumstances requiring immediate action, the Commissioner may take any action permitted by paragraph 1 or 2 of this section without notice or opportunity for hearing, but shall promptly afford a subsequent hearing upon an application to rescind the action taken. The Commissioner shall promptly give notice to the home state regulator of each enforcement action taken against an out-of-state trust institution and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving said enforcement action.Added by Laws 1998, c. 104, § 24, eff. Nov. 1, 1998.
6 OK Stat § 6-1725 (2021)
2021 Oklahoma Statutes|Title 6. Banks and Trust Companies|§6-1725. Notice of change of control, substantial transfer of trust assets or closure.

|Each out-of-state trust institution that maintains an office in this state pursuant to Sections 10 through 25 of this act, or the home state regulator of such trust institution, shall give at least thirty days' prior written notice or, in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law, to the Commissioner of: |1. Any merger, consolidation, or other transaction that would cause a change of control with respect to such out-of-state trust institution or any bank holding company that controls such trust institution, with the result that an application would be required to be filed pursuant to the federal Change in Bank Control Act of 1978, as amended, 12 U.S.C., Section 1817(j), or the federal Bank Holding Company Act of 1956, as amended, 12 U.S.C., Section 1841 et seq., or any successor statutes thereto;2. Any transfer of all or substantially all of the trust accounts or trust assets of the out-of-state trust institution to another person; or3. The closing or disposition of any office in this state.Added by Laws 1998, c. 104, § 25, eff. Nov. 1, 1998.
6 OK Stat § 6-1730 (2021)
2021 Oklahoma Statutes|Title 6. Banks and Trust Companies|§6-1730. Short title - Purpose.

|A. Sections 26 through 35 of this act shall be known and may be cited as the "State Trust Institution Charter Modernization Act". |B. The express purposes of this act are to:1. Provide for the chartering of trust companies and to permit trust companies to act as fiduciaries and otherwise engage in the trust business in this state, provided they are adequately capitalized, competently managed by persons of integrity, and supervised by the Commissioner, all in order to ensure that such trust companies are operated in compliance with law, in a safe and sound manner and in a manner which protects their clients and customers and other consumers in this state;2. Improve service and reduce costs for trust institution clients and customers and other consumers in this state by modernizing state laws to permit the delegation by trust institutions of fiduciary functions but not fiduciary responsibility, authorize clients to designate any trust institution to act for them and to choose an appropriate state's law to govern fiduciary instruments and investments, and protect consumers from excessive fees or undisclosed conflicts of interest of trust institutions and their affiliates; and3. Permit adequately capitalized and professionally managed trust companies serving only family members and their affiliated entities to operate as private trust companies which may not provide services to the general public.Added by Laws 1998, c. 104, § 26, eff. Nov. 1, 1998.
6 OK Stat § 6-1731 (2021)
2021 Oklahoma Statutes|Title 6. Banks and Trust Companies|§6-1731. Definitions.

|The definitions contained in Section 2 of the Multistate Trust Institutions Act shall apply to this act unless the context otherwise requires. |Added by Laws 1998, c. 104, § 27, eff. Nov. 1, 1998.
6 OK Stat § 6-1732 (2021)
2021 Oklahoma Statutes|Title 6. Banks and Trust Companies|§6-1732. Designation of trust institution as fiduciary.

|Any person residing in this state may designate any trust institution to act as a fiduciary on behalf of such person. |Added by Laws 1998, c. 104, § 28, eff. Nov. 1, 1998.
6 OK Stat § 6-1733 (2021)
2021 Oklahoma Statutes|Title 6. Banks and Trust Companies|§6-1733. Written agreements or instruments - Designation of law governing.

|Any trust institution that maintains a trust office or representative trust office in this state and its affected clients may designate this state, a state where affected clients reside, or the state where such trust institution has its principal office, as the state whose laws shall govern any written agreement between such trust institution and its client or any instrument under which the trust institution acts for a client. |Added by Laws 1998, c. 104, § 29, eff. Nov. 1, 1998.
6 OK Stat § 6-1734 (2021)
2021 Oklahoma Statutes|Title 6. Banks and Trust Companies|§6-1734. Fiduciary investment standards - Designation of law governing.

|Any trust institution that maintains a trust office or representative trust office in this state and its affected clients may designate this state, a state where affected clients reside, or the state where such trust institution has its principal office, as the state whose laws shall govern with respect to the fiduciary investment standards applicable to any written agreement between such trust institution or its client and any other instrument under which the trust institution acts for a client. |Added by Laws 1998, c. 104, § 30, eff. Nov. 1, 1998.
6 OK Stat § 6-1735 (2021)
2021 Oklahoma Statutes|Title 6. Banks and Trust Companies|§6-1735. Delegation of fiduciary functions.

|A. Any person acting as a trustee or as any other fiduciary under the laws of this state may delegate any investment, management or administrative function if such person exercises reasonable care, judgment and caution in: |1. Selecting the delegate, taking into account the delegate's financial standing and reputation;2. Establishing the scope and other terms of any delegation; and3. Reviewing periodically the delegate's actions in order to monitor overall performance and compliance with the scope and other terms of the delegation.B. Notwithstanding any delegation permitted by subsection A of this section, any person acting as a trustee or in any other fiduciary capacity under the laws of this state shall retain responsibility for the due performance of any delegated fiduciary function.Added by Laws 1998, c. 104, § 31, eff. Nov. 1, 1998.
6 OK Stat § 6-1736 (2021)
2021 Oklahoma Statutes|Title 6. Banks and Trust Companies|§6-1736. Hiring and compensation of affiliates.

|A. Any person acting as a trustee or in any other fiduciary capacity pursuant to Section 31 of this act may hire and compensate, as a delegate, an affiliate of such person if: |1. Authorized by a trust or fiduciary instrument;2. Authorized by court order;3. Authorized in writing by each affected client; or4. The standards set forth in Section 31 of this act are satisfied.B. Fees paid to an affiliate shall be competitive with fees charged by nonaffiliates that provide substantially similar services.Added by Laws 1998, c. 104, § 32, eff. Nov. 1, 1998.
6 OK Stat § 6-1737 (2021)
2021 Oklahoma Statutes|Title 6. Banks and Trust Companies|§6-1737. Compensation arrangements between clients and fiduciaries.

|The compensation arrangement between a client and any person acting as a trustee or as any other fiduciary pursuant to this act shall be at arm's length and any compensation pursuant to such arrangement shall be a reasonable amount with respect to the services rendered. |Added by Laws 1998, c. 104, § 33, eff. Nov. 1, 1998.
6 OK Stat § 6-1738 (2021)
2021 Oklahoma Statutes|Title 6. Banks and Trust Companies|§6-1738. Disclosure of conflicts of interest.

|A. Any company, proposing to act as a trustee or in any other fiduciary capacity pursuant to a written agreement to be entered into with a prospective client after the effective date of this act, which company has any potential or actual conflict of interest which may reasonably be expected to have an impact on the independence or judgment of such trustee or fiduciary, shall deliver a disclosure statement to the prospective client: |1. Not less than forty-eight (48) hours prior to entering into any written or oral trust or fiduciary agreement with such client or prospective client; or2. At the time of entering into any such agreement if the client has a right to terminate the agreement without penalty within three (3) or more business days after entering into the agreement.B. The disclosure statement shall contain appropriate information concerning the actual or potential conflict of interest. If such trustee or other fiduciary proposes to delegate any fiduciary function to an affiliate, the nature of the affiliation and whether the trustee or other fiduciary may directly benefit from the delegation shall be disclosed in the disclosure statement.Added by Laws 1998, c. 104, § 34, eff. Nov. 1, 1998.
6 OK Stat § 6-1739 (2021)
2021 Oklahoma Statutes|Title 6. Banks and Trust Companies|§6-1739. Acquisition of state trust company or trust institution.

|A. Subject to the provisions of this section, a trust institution may purchase assets of a state trust company or trust-related assets of another trust institution, including the right to control accounts established with the trust institution. Except as otherwise expressly provided by this section or any other law, the purchase of all or part of the assets of the trust institution does not make the purchasing trust institution responsible for any liability or obligation of the selling trust institution that the purchasing trust institution does not expressly assume. Except as otherwise provided by this act, this section does not govern or prohibit the purchase by a state trust institution of all or part of the assets of a corporation or other entity that is not a trust institution. |B. If the acquiring institution is a state bank, a state trust company, an out-of-state trust institution which maintains neither a branch nor a trust office in this state, or a savings association chartered under the laws of this state, an application in the form required by the Commissioner shall be filed with the Commissioner for any acquisition of all or substantially all of:1. The assets of a state trust company; or2. The trust assets of another trust institution.C. The Commissioner shall investigate the condition of the purchaser and seller and may require the submission of additional information as considered necessary to make an informed decision. The Commissioner shall approve the purchase if:1. The acquiring trust institution will be solvent and have sufficient capitalization for its business and location;2. The acquiring trust institution has complied with all applicable statutes and rules including without limitation any applicable requirements of Sections 26 through 35 of this act;3. All fiduciary obligations and liabilities of the parties have been properly discharged or otherwise assumed by the acquiring trust institution;4. All conditions imposed by the Commissioner have been satisfied or otherwise resolved; and5. All fees and costs have been paid.D. A purchase requiring an application pursuant to subsection B of this section is effective on the date of approval, unless the purchase agreement provides for, and the Commissioner consents to, a different effective date.E. The acquiring trust institution shall succeed by operation of law to all of the rights, privileges and obligations of the selling trust institution under each account included in the assets acquired.Added by Laws 1998, c. 104, § 35, eff. Nov. 1, 1998.
6 OK Stat § 6-1740 (2021)
2021 Oklahoma Statutes|Title 6. Banks and Trust Companies|§6-1740. Application of act - Exemptions.

|A. A private trust company engaging in the trust business in this state shall comply with each and every provision of this act and Sections 101 through 1417 of the Oklahoma Banking Code applicable to a trust company unless expressly exempted therefrom in writing by the Commissioner pursuant to this section, by rule adopted by the Department or under a predecessor statute. |B. A private trust company or proposed private trust company may request in writing that it be exempted from specified provisions of this act and Sections 101 through 1417 of the Oklahoma Banking Code. The Commissioner may grant the exemption in whole or in part if the Commissioner finds that the private trust company does not and will not transact business with the general public. For purposes of this section:1. "Transact business with the general public" means any sales, solicitations, arrangements, agreements, or transactions to provide trust or other business services, whether for a fee, commission or any other type of remuneration, with any client that is not a family member or a sole proprietorship, partnership, joint venture, association, trust, estate, business trust or other company that is not one hundred percent (100%) owned by one or more family members; and2. "Family member" means any individual who is related within the fourth degree of affinity or consanguinity to an individual or individuals who control a private trust company or which is controlled by one or more trusts or charitable organizations established by such individual or individuals.C. All individuals who control a private trust company or establish trusts or charitable organizations controlling such private trust company must be related within the second degree of affinity or consanguinity.D. At the expense of the private trust company, the Commissioner may examine or investigate the private trust company in connection with an application for exemption. Unless the application presents novel or unusual questions, the Commissioner shall approve the application for exemption or set the application for hearing not later than the sixty-first day after the date the Commissioner considers the application complete and accepted for filing. The Commissioner may require the submission of additional information as considered necessary to an informed decision.E. Any exemption granted under this section may be made subject to conditions or limitations imposed by the Commissioner consistent with this act.F. The Department may adopt rules defining other circumstances that do not constitute transaction of business with the public, specifying the provisions of this act and Sections 101 through 1417 of the Oklahoma Banking Code that are subject to an exemption request, and establishing procedures and requirements for obtaining, maintaining or revoking exempt status.Added by Laws 1998, c. 104, § 36, eff. Nov. 1, 1998. Amended by Laws 2005, c. 48, § 18, eff. Nov. 1, 2005.
6 OK Stat § 6-1755 (2021)
2021 Oklahoma Statutes|Title 6. Banks and Trust Companies|§6-1755. Conversion to public trust company.

|A. A private trust company may terminate its status as a private trust company and commence transacting business with the general public. A private trust company desiring to commence transacting business with the general public shall file a notice on a form prescribed by the Commissioner, which shall set forth the name of the private trust company and an acknowledgement that any exemption granted or otherwise applicable to the private trust company pursuant to Section 36 of this act shall cease to apply on the effective date of such notice. The private trust company shall also furnish a copy of the resolution adopted by the board authorizing the private trust company to commence transacting business with the general public and pay the filing fee, if any, prescribed by the Commissioner. |B. The notificant may commence transacting business with the general public on the thirty-first day after the date the Commissioner receives the notice, unless the Commissioner specifies an earlier or later date.C. The thirty-day period of review may be extended by the Commissioner on determination that the written notice raises issues that require additional information or additional time for analysis. If the period for review is extended, the notificant may commence transacting business with the public only on prior written approval by the Commissioner.D. The Commissioner may deny approval of the notice of the private trust company to commence transacting business with the general public if the Commissioner finds that the notificant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness, that the proposed transacting of business with the general public would be contrary to the public interest or if the Commissioner determines that the notificant will not within a reasonable period be in compliance with any provision of this act from which the notificant had been previously exempted pursuant to Section 36 of this act.Added by Laws 1998, c. 104, § 38, eff. Nov. 1, 1998.