reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-424. Origination of loans at locations other than main office or branch office – Out-of-state banks – Loan and deposit production offices.

A. Subject to rules promulgated by the Banking Board, a bank or out-of-state bank may utilize employees or agents of the bank or out-of-state bank to originate loans or originate deposit accounts, or both, at locations other than the main office or a branch office of such bank or out-of-state bank, provided that the loan decision is made and the loan is funded at the main office or a branch office of the bank or out-of-state bank and provided that no deposits shall be accepted or received at the deposit origination office. A bank or out-of-state bank may establish an office location described in this section by making an application to the State Banking Commissioner on a form prescribed by the Commissioner. An application fee of Five Hundred Dollars ($500.00) shall accompany the application.
B. An office shall be considered to be a loan production office if it is open to the public, and employees or agents of the bank or out-of-state bank:
1. Provide loan applications to customers;
2. Facilitate the return of the loan application to the bank or out-of-state bank;
3. Provide promissory notes and/or disclosures to customers;
4. Receive executed notes from customers; or
5. Arrange for the loan proceeds to be delivered to the customer.
C. An office shall be considered to be a deposit production office if it is open to the public, and employees or agents of the bank or out-of-state bank:
1. Provide deposit applications to customers;
2. Facilitate the return of the deposit application to the bank or out-of-state bank;
3. Provide deposit agreements and/or disclosures to customers;
4. Receive executed deposit agreements from customers; or
5. Arrange for the deposited funds to be delivered to the bank.
D. The Commissioner or the Board may, upon written request of a bank or out-of-state bank, designate or approve of specified activities (including a limited number of those described in subsections B and C of this section) that a bank or out-of-state bank may conduct without the facility being considered a loan production office or deposit production office. For purposes of this section, the word “agent” shall include independent contractors, or any other “institution affiliated party” as that term is defined in 12 U.S.C., Section 1813(u).
Added by Laws 1992, c. 295, § 3, eff. July 1, 1992. Amended by Laws 1996, c. 310, § 1, eff. July 1, 1996; Laws 1997, c. 111, § 53, eff. July 1, 1997; Laws 2000, c. 205, § 17, emerg. eff. May 17, 2000; Laws 2003, c. 180, § 3, eff. Nov. 1, 2003; Laws 2005, c. 48, § 13, eff. Nov. 1, 2005.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-425. Fiduciary relationships.

Unless a state or national bank shall have expressly agreed in writing to assume special or fiduciary duties or obligations, no such duties or obligations will be imposed on the bank with respect to a depositor of the bank or a borrower, guarantor or surety, and no special or fiduciary relationship shall be deemed to exist.
Added by Laws 1994, c. 157, § 8, emerg. eff. May 6, 1994.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-426. Agency relationships between subsidiary banks.

A. Any bank subsidiary of a bank holding company may receive deposits, renew time deposits, close loans, service loans, and receive payments on loans and other obligations as an agent for any other bank owned or controlled by the same bank holding company.
B. Despite any other provision of law, a bank acting as an agent in accordance with subsection A of this section for an affiliate shall not be considered a branch of the affiliate.
C. An agency relationship between subsidiary banks pursuant to subsection A of this section shall be on terms that are consistent with safe and sound banking practice and all applicable regulations of any appropriate bank regulatory agency.
Added by Laws 1996, c. 310, § 4, eff. July 1, 1996.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-427. Bank or trust institution serving as trustee of certain bond issues - Representative trust office.

Any bank or trust institution serving as a trustee of a bond issue of a public body in Oklahoma shall have and maintain a representative trust office within this state and shall have a trust officer in such office.
Added by Laws 1998, c. 145, § 2, eff. Nov. 1, 1998.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-503. Trust companies - Branch offices.

Nothing contained in this Code shall authorize trust companies, covered by or eligible for insurance coverage by the Federal Deposit Insurance Corporation, to establish branch offices within this state. As used in this section, "branch office" includes, but is not limited to, any additional agency, office or other facility located within this state at which business is conducted. Provided, however, this section shall not be effective as to any such "branch office" in existence at the time and date of the enactment hereof, nor shall it be so construed as to prohibit the establishment of agents or agencies for the sole purpose of conducting the business of title insurance or abstracting.
Added by Laws 1977, c. 46, § 1, emerg. eff. May 11, 1977.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-511. Industrial loan company - Industrial bank - Definition.

As used in this act, an “industrial loan company” or “industrial bank” means a company that is chartered by another state to make consumer loans or commercial loans or to accept deposits insured by the Federal Deposit Insurance Corporation but not to accept demand deposits and that is not subject to the Bank Holding Company Act of 1987 or to supervision by the Federal Reserve System.
Added by Laws 2006, c. 235, § 2, emerg. eff. June 6, 2006.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-512. Out-of-state companies or banks - Reciprocity requirement - Certificate for establishment or relocation of branch.

A. An out-of-state industrial loan company or industrial bank shall not be permitted to establish a de novo branch in this state, nor to acquire a branch bank or savings association branch in this state, unless, on a reciprocal basis, the state where the main office of the out-of-state industrial loan company or industrial bank is located would permit a bank chartered under the laws of this state with a main office located in this state to establish a de novo industrial loan company or industrial bank branch in that other state without having engaged in an interstate merger transaction with an industrial loan company or industrial bank having its main office in that other state.
B. No industrial loan company or industrial bank shall be permitted to establish and operate a branch, or relocate a branch, except upon a certificate issued by the State Banking Commissioner.
C. The State Banking Board shall adopt and promulgate rules necessary to effectuate the provisions of this act. The Board may, by rule, establish a procedure whereby the Commissioner may grant approval and issue the certificate to establish or acquire and operate or relocate a branch or other banking office permitted by this section without a hearing before the Board. The procedure shall include criteria set by the Board to be applied by the Commissioner in the consideration of the application.
Added by Laws 2006, c. 235, § 3, emerg. eff. June 6, 2006. Amended by Laws 2007, c. 80, § 3, eff. Jan. 1, 2008.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-513. Severability.

The provisions of this act are severable and if any part or provision shall be held void, the decision of the court so holding shall not affect or impair any of the remaining parts or provisions of this act.
Added by Laws 2006, c. 235, § 4, emerg. eff. June 6, 2006.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-601. Business days and hours.

A. 1. The days and hours within which a state bank or national bank, credit union, savings association or trust company may be open for business may be set by its board of directors.
2. Any plan so adopted by any such organization may be changed by it from time to time in its discretion.
B. 1. Any act authorized, required or permitted to be performed at or by any such bank, association or credit union on a business day when such bank, association or credit union is so closed may be performed on the next succeeding business day, and no liability or loss of rights of any kind shall result from such delay. If the organization chooses to close on a weekday which is not a legal holiday, the bank shall still have responsibility for paying or returning checks by its midnight deadline. For purposes of this section, legal holidays and Saturday and Sunday shall not be considered "business days".
2. In no case shall such bank, credit union, or savings association be closed for more than three (3) consecutive days, except as permitted under Section 603 of this title. Notice of a change in hours or days of operation should be furnished to customers to the extent practicable.
Added by Laws 1965, c. 161, § 601. Amended by Laws 1986, c. 316, § 5, emerg. eff. June 24, 1986; Laws 1993, c. 183, § 11, eff. July 1, 1993; Laws 1995, c. 36, § 13, eff. July 1, 1995; Laws 1997, c. 111, § 58, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-602.1. Detached facilities, branch offices, deposit production offices and loan production offices - Business days and hours.

If a bank, credit union, or savings association has one or more detached facilities or branch offices or deposit production offices or loan production offices, those facilities, branches, or loan production offices may be open at times and on days which are different from the hours and days the main office is open, as specified in the organization's plan. Notice of a change in hours or days of operation should be furnished to customers to the extent practicable.
Added by Laws 1997, c. 111, § 59, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-702. Liability of fiduciaries owning stock.

Persons holding stock as executors, administrators, guardians or trustees shall not be personally subject to any liabilities as stockholders; but the estates and funds in their hands shall be liable in like manner and to the same extent as the testator, intestate, ward, or person interested in such trust funds would be, if living and competent to act and hold the stock in his own name.
Added by Laws 1965, c. 161, § 702.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-703. Liability of preferred shareholders.

The holders of preferred stock shall not be held individually responsible as such holders for any debts, contracts, or engagements of the bank or trust company and shall not be liable for assessments to restore impairment in the capital of such corporation as now provided by law with reference to holders of common stock.
Added by Laws 1965, c. 161, § 703.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-705. Transfer of shares - Law governing.

Except as otherwise provided for in the Oklahoma General Corporation Act, the transfer of stock and the certificates of stock which represent the stock or uncertificated stock shall be governed by the Uniform Commercial Code - Investment Securities. To the extent that any provision of the Oklahoma General Corporation Act is inconsistent with any provision of the Uniform Commercial Code - Investment Securities, the provisions of the Uniform Commercial Code - Investment Securities shall be controlling.
Added by Laws 1965, c. 161, § 705. Amended by Laws 1997, c. 111, § 60, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-706. Stock as personalty - Transfer on books - Shareholders indebted to bank or trust company - Lending on stock prohibited - Purchase of treasury stock.

A. Transfer of shares. The shares of stock of a bank or trust company shall be deemed personal property and shall be transferred on the books of the bank or trust company, in such manner as the bylaws may prescribe but no stock shall be transferred on the books of any bank or trust company where the registered holder thereof is indebted to the bank or trust company for any matured and unpaid obligations. The shares of stock of a stockholder indebted to the bank or trust company, as provided herein, may be transferred or any claims of the bank or trust company, as herein defined, may be waived at any time by written consent of the bank or trust company, executed by an officer other than the borrowing stockholder.
B. Lending on stock prohibited. It shall be unlawful for any bank or trust company to loan its funds to any stockholder, on its stock or its holding company stock as collateral security; provided, that any bank or trust company may hold its stock to secure the indebtedness previously in good faith contracted.
C. Purchase of treasury stock. With the approval of the Commissioner and subject to the conditions as the Commissioner may prescribe, a bank may purchase its own stock as treasury stock.
Added by Laws 1965, c. 161, § 706. Amended by Laws 1977, c. 208, § 7, emerg. eff. June 14, 1977; Laws 1997, c. 111, § 61, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-707. Issuance of preferred stock - Classes - Procedure - Reduction of common stock and issuance of preferred stock - One meeting - Preferred stock as capital.

A. Issuance of preferred stock - Classes - Procedure. Subject to the provisions of subsection C of Section 303.1 of this title relating to newly organized banks, any bank or trust company now or hereafter organized may, with the approval of the Commissioner, and by majority vote of the outstanding voting stock at a meeting held after thirty (30) days' notice, given by restricted delivery, pursuant to action taken by its board of directors, issue, from time to time, preferred stock of one or more classes, in such amounts and with such par values as shall be approved by the Commissioner, and may amend its certificate of incorporation accordingly. A copy of the minutes of such directors' and shareholders' meetings, certified to by the proper officers and under the corporate seal of the bank or trust company and accompanied by the written approval of the Commissioner and amended certificate of incorporation, may be immediately filed in the office of the Secretary of State, and when so filed shall be deemed and treated as an amendment to the certificate of incorporation of such bank or trust company.
B. Reduction of common stock and issuance of preferred stock - One meeting. Should the shareholders of any bank or trust company, with the approval of the Commissioner, determine to authorize the issuance of preferred stock, reduce its common stock and amend its certificate of incorporation to accomplish such issuance and reduction as authorized by this Code, the shareholders may at one meeting, called by one action of its board of directors, by one notice being given, and by one vote, authorize the issuance of such preferred stock and the reduction of its common stock and amend its certificate of incorporation.
C. Preferred stock as capital. For the purposes of this Code, the term "capital" or "capital stock" shall include the amount of outstanding preferred stock issued and unimpaired by a bank or trust company.
Added by Laws 1965, c. 161, § 707. Amended by Laws 1977, c. 208, § 8, emerg. eff. June 14, 1977; Laws 1983, c. 73, § 10, emerg. eff. April 29, 1983; Laws 1997, c. 111, § 62, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-708. Common stock dividend on retirement of preferred stock.

The certificate of incorporation, or as the same may be amended, of any such bank or trust company may provide that upon retirement of any preferred stock of such bank or trust company issued pursuant to the provisions of this Code, the board of directors may, without further action of its stockholders, and without further action of the Commissioner, declare and pay a common stock dividend by the issuance of shares or fractional shares of common stock equal in aggregate par value to the aggregate par value of the preferred stock so retired.
Added by Laws 1965, c. 161, § 708. Amended by Laws 1997, c. 111, § 63, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-709. Rights of preferred shareholders - Dividends - Voting and conversion rights.

A. Dividends. Notwithstanding any other provision of law, whether related to restrictions upon payment of dividends upon capital stock or otherwise, the holders of preferred stock shall be entitled to receive cumulative dividends only if provided for in the bank or trust company’s certificate of incorporation or amendment thereto.
B. Dividends on common stock may not be paid until dividends on preferred stock have been paid - Retirement. No dividends shall be declared or paid on common stock until the cumulative dividends on the preferred stock shall have been paid in full. If the bank or trust company is placed in voluntary or involuntary liquidation, no dividends shall be paid to the holders of common stock until the holders of preferred stock shall have been paid in full the par value or the retirement price (whichever is greater) of such stock plus any authorized accumulated dividends.
C. Voting rights - Conversion - Retirement. Preferred stock shall have such voting and conversion rights and such control of management, and shall be subject to retirement at such price and in such manner and upon such conditions, as may be provided in the certificate of incorporation or any amendment thereto, with the approval of the Board.
Added by Laws 1965, c. 161, § 709. Amended by Laws 1984, c. 133, § 6, eff. Oct. 1, 1984; Laws 1997, c. 111, § 64, eff. July 1, 1997; Laws 2009, c. 3, § 3, eff. July 1, 2009.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-711.1. Transferred employees - Purchase of former residence by bank.

As a legitimate part of a program for the development and efficient utilization of bank personnel, a state bank may, subject to board approval, purchase the residence of an employee who has been transferred or required by his or her employment with the bank to move to another area. The bank should arrange for early divestment of title to such property.
Added by Laws 1997, c. 111, § 67, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-712. Liability of directors, officers, and other persons - Overdrafts.

A. Liability for violation of bank and trust laws. Any director, officer or other person who shall knowingly participate in any violation of the laws of this state, relative to banks and banking and trust companies, shall be liable for all damages which the corporation, its stockholders, depositors, creditors or owners of trust funds shall sustain in consequence of such violation; and upon proper showing that any director or directors knowingly assented to, participated in, acquiesced in after failure to make due inquiry, or caused a loan to be made in excess of the amounts prescribed in Article VIII of this Code such director or directors shall be individually liable for the amount of such loan and shall be required to eliminate the same from the assets of the bank upon the request of the Commissioner.
B. Liability for overdrafts. Any bank officer or employee who shall knowingly, willfully and fraudulently, for the purpose of defrauding the bank, pay out of the funds of said bank upon the check, order or draft of any individual, firm, corporation or association, which has not on deposit with such bank a sum equal to such check, order or draft, shall be personally liable to such a bank for the amount so paid and such liability shall be covered by his official bond.
C. After August 9, 1989, no claim or action seeking to recover money damages shall be brought by the Federal Deposit Insurance Corporation, Resolution Trust Corporation or other federal banking regulatory agency against any director or officer, including any former director or officer, of any insured financial depository institution as defined in the Financial Institutions Reform, Recovery and Enforcement Act of 1989 unless such claim or action arises out of the gross negligence, or willful or intentional misconduct of such officer or director during his term of office with such insured financial institution.
Added by Laws 1965, c. 161, § 712. Amended by Laws 1977, c. 208, § 11, emerg. eff. June 14, 1977; Laws 1988, c. 166, § 7, emerg. eff. May 24, 1988; Laws 1992, c. 295, § 28, eff. July 1, 1992.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-712.1. Indemnification for defending suits - Directors' personal liability eliminated or limited.

A. The bylaws of a bank or trust company, as adopted or amended by the stockholders, may provide that it shall indemnify every officer, director, and employee, heirs, executors and administrators of the officer, director or employee, against judgments resulting from and the expenses reasonably incurred by the officer, director or employee in connection with any action to which the officer, director or employee may be made a party by reason of such person being an officer, director or employee of the bank or trust company, including any action based upon any alleged act or omission on the part of such person as an officer, director or employee of the bank or trust company, except in relation to matters as to which such person shall be finally adjudged in such action to be liable for the negligence or misconduct. In the event of a settlement out of court, indemnification shall be provided only in connection with such matters covered by the settlement as to which the bank or trust company is advised by its counsel that the person to be indemnified was not liable for such negligence or misconduct. The foregoing rights of indemnification shall not be exclusive of other rights to which such officers, directors and employees may be entitled.
B. The bylaws or a resolution of a bank or bank holding company, as adopted or amended by the stockholders, may include a provision eliminating or limiting the personal liability of a director to the bank or its holding company, or to the stockholders of either for monetary damages for breach of fiduciary duty as a director but not for:
1. Any breach of the director's duty of loyalty to the bank or its holding company, or to the stockholders of either;
2. Acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;
3. Payment of any unlawful dividend or for any unlawful stock purchase or redemption; or
4. Any transaction from which the director derived an improper personal benefit.
Added by Laws 1997, c. 111, § 68, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-713. Fidelity bonds and other insurance.

A. Directors must require fidelity bonds. The directors of a bank or trust company shall require good and sufficient fidelity bonds on all active officers and employees, whether or not they draw salary or compensation, which bonds shall provide for indemnity to such bank or trust company on account of any losses sustained by it as the result of any dishonest, fraudulent or criminal conduct by them acting independently or in collusion or combination with any person or persons. Such bonds may be in individual, schedule or blanket form, and the premiums therefor shall be paid by the corporation.
B. Other insurance. The said directors shall also require suitable insurance protection to the bank or trust company against burglary, robbery, theft and other insurable hazard to which the bank or trust company may be exposed in the operations of its business on the premises or elsewhere.
C. Annual review of bonds and insurance by board of directors - Insurance - Bonds and insurance subject to approval of Commissioner and to regulations of board. The directors of every bank and trust company shall be responsible for prescribing at least once in each calendar year the amount or penal sum of the bonds and policies specified in this section and the sureties or underwriters thereon, after giving due and careful consideration to all known elements and factors constituting such risk or hazard. Such action shall be recorded in the minutes of the board of directors and thereafter be reported to the Commissioner and be subject to his approval. Evidence of any and all such bonds shall be filed with the Commissioner as soon as procured.
Added by Laws 1965, c. 161, § 713. Amended by Laws 2003, c. 180, § 4, eff. Nov. 1, 2003.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-715. Applicability of Oklahoma General Corporation Act.

The provisions of the Oklahoma General Corporation Act, shall, insofar as the same are not inconsistent herewith, govern corporations operating under the provisions of this Code.
Added by Laws 1965, c. 161, § 715. Amended by Laws 1986, c. 292, § 144, eff. Nov. 1, 1986.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-801. Reserves.

A. Member banks of Federal Reserve System. Every state bank that is a member of the Federal Reserve System shall maintain such reserves against deposits as may be required by the Federal Reserve Act, as amended, or by the Board of Governors of the Federal Reserve System.
B. Banks not members of Federal Reserve System. Every bank which is not a member of the Federal Reserve System shall maintain such reserves against deposits as may be required by the Depository Institutions Deregulation and Monetary Control Act of 1980, as amended and as prescribed by the Board of Governors of the Federal Reserve System.
C. Power of Board to change reserve requirement - State nonmember banks. Whenever the Board shall determine that the maintenance of sound banking practices or the prevention of injurious credit expansion or contraction makes such action advisable, the Board may change from time to time the requirements as to reserves against demand or time deposits, or both, of banks which are not members of the Federal Reserve System. Such change shall not be operative or effective until reasonable notice thereof has been given to all state banks which are not members of the Federal Reserve System. Provided, that in no event shall the reserve requirement be less than that required of a national bank.
Added by Laws 1965, c. 161, § 801. Amended by Laws 1967, c. 281, § 1; Laws 1968, c. 93, § 7; Laws 1971, c. 352, § 9; Laws 1975, c. 109, § 13, emerg. eff. May 7, 1975; Laws 1982, c. 60, § 2, operative Oct. 1, 1982; Laws 1997, c. 111, § 70, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-803. Real estate loans.

Any bank may make, arrange, purchase, sell in whole or in part real estate loans or extension of credit secured by liens on interests in real estate, subject to such terms, conditions and limitations as may be prescribed by the Commission or by order, rule or regulation.
Added by Laws 1965, c. 161, § 803. Amended by Laws 1967, c. 62, § 1, emerg. eff. April 17, 1967; Laws 1968, c. 93, § 20, emerg. eff. April 1, 1968; Laws 1968, c. 407, § 3; Laws 1970, c. 321, § 8; Laws 1971, c. 352, § 10; Laws 1975, c. 84, § 1; Laws 1977, c. 208, § 12, emerg. eff. June 14, 1977; Laws 1978, c. 150, § 1; Laws 1979, c. 173, § 5; Laws 1982, c. 60, § 3, operative Oct. 1, 1982; Laws 1983, c. 73, § 12, emerg. eff. April 29, 1983.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-805. Prohibition on bank employing funds in trade or commerce - Sale of personal property - Leasing of personal property - Acquisition of leased personal property.

A. Bank prohibited from employing its funds in trade or commerce - Exception.
1. Except as permitted in other sections of this Code, a state bank shall not invest its funds in trade or commerce by buying, selling, or otherwise dealing in goods, except as necessary to avoid or minimize a loss on a loan or investment previously made in good faith and shall not invest any of its funds in the stock of any other bank, nor make any loans or discounts on the security of the shares of its own capital stock, nor be the purchaser or holder of any such shares, unless such securities or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith.
2. Except as permitted in other sections of this Code, a trust company shall not invest any of its funds in the stock of any other trust company.
3. Unless written approval for a longer period is granted by the Commissioner, stock or other personal property so purchased or acquired shall within one (1) year from the time of its purchase or acquisition be sold or disposed of at public or private sale, and after the expiration of one (1) year any such stock or other personal property shall not be considered as part of the assets of any bank.
B. Sale of personal property acquired under subsection A. A bank may sell any personal property which may come into its possession as collateral security for any debt or obligation due it, in the manner prescribed by the Uniform Commercial Code, Section 1-101 et seq. of Title 12A of the Oklahoma Statutes, and other pertinent statutes.
C. Leasing of personal property - Limitation on term and amount.
1. A bank may become the owner and lessor of personal property upon the specific request of and for the use of a customer. Except upon the written approval of the Commissioner, the term of the lease shall in no event exceed ten (10) years and all such leases shall provide for the payment of regularly scheduled periodic payments, the total of which shall at least equal the cost to the bank of the personal property so leased.
2. The total investment by a bank for benefit of any person, copartnership, association or corporation, combined with all other obligations of such person to the bank, shall at no time exceed thirty percent (30%) of the bank's capital.
D. Acquisition of leased personal property. When a bank has completed a leasing arrangement in conformity with subsection C of this section, the bank may then purchase the personal property to be leased.
Added by Laws 1965, c. 161, § 805. Amended by Laws 1986, c. 316, § 6, emerg. eff. June 24, 1986; Laws 1987, c. 135, § 9, emerg. eff. June 3, 1987; Laws 1997, c. 111, § 72, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-807. Sale and purchase of loans.

Subject to its legal loan limits, a bank may sell or purchase obligations which satisfy the Banking Code for loans and may sell and acquire such loans in full or in part.
Added by Laws 1965, c. 161, § 807. Amended by Laws 1982, c. 223, § 12; Laws 1997, c. 111, § 74, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-808. Banks prohibited from making political contributions - Penalties.

A. Prohibition against political expenditures. It is unlawful for any bank to make a contribution or expenditure in connection with any election to any political office, or in connection with any primary election or political convention or caucus held to select candidates for any political office, or for any candidate, political committee, or for any other person to accept or receive any contribution prohibited by this section (Section 808A).
B. Penalties. Every bank which makes any contribution or expenditure in violation of this section (Section 808A) shall be fined not more than Five Thousand Dollars ($5,000.00); and every officer or director of any bank who consents to any such contribution or expenditure by the bank, and any person who accepts or receives any such contribution, shall be fined not more than One Thousand Dollars ($1,000.00) or imprisoned not more than one (1) year, or both; and if the violation was willful shall be fined not more than Ten Thousand Dollars ($10,000.00) or imprisoned not more than two (2) years, or both.
Added by Laws 1965, c. 161, § 808. Amended by Laws 1997, c. 133, § 123, eff. July 1, 1999; Laws 1999, 1st Ex.Sess., c. 5, § 54, eff. July 1, 1999.
NOTE: Laws 1998, 1st Ex.Sess., c. 2, § 23 amended the effective date of Laws 1997, c. 133, § 123 from July 1, 1998, to July 1, 1999.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-809. Prohibited acts - Penalties - Injunctions.

A. Except as provided in Section 411 of this title, no bank, banker or bank official shall give preference to any depositor, borrower, or creditor by pledging the assets of the bank as collateral security. No bank, banker or bank official shall sell or transfer any of the assets of any insolvent bank in consideration of any deposit in such bank. Any officer, director or employee of any bank who violates any provision of this section shall be guilty of a felony and upon conviction thereof shall be punished by a fine of not less than One Hundred Dollars ($100.00), nor more than One Thousand Dollars ($1,000.00), or by imprisonment in the State Penitentiary for not less than one (1) year, nor more than five (5) years, or by both such fine and imprisonment.
B. No attachment, injunction, execution or other recordation which constitutes a lien under the laws of this state upon the property of a bank created, organized or existing under or by virtue of the laws of this state, shall be issued against such a bank or its property before final judgment in any suit, action or proceeding in any federal, state, county or municipal court. As used in this subsection, “final judgment” shall mean a judgment on the merits from which no appeal can be taken or the time in which to file an appeal has elapsed and not merely a judgment rendered.
C. The Board shall have the authority, pursuant to Section 203 of this title, to order or seek injunction over any person, as defined in Section 103 of this title, to cease and desist violating any of the provisions of this section.
Added by Laws 1965, c. 161, § 809. Amended by Laws 1968, c. 93, § 9, emerg. eff. April 1, 1968; Laws 1993, c. 183, § 12, eff. July 1, 1993; Laws 1997, c. 133, § 124, eff. July 1, 1999; Laws 1999, 1st Ex.Sess., c. 5, § 55, eff. July 1, 1999.
NOTE: Laws 1997, c. 111, § 75 repealed by Laws 1999, 1st Ex.Sess., c. 5, § 452, eff. July 1, 1999.
NOTE: Laws 1998, 1st Ex.Sess., c. 2, § 23 amended the effective date of Laws 1997, c. 133, § 124 from July 1, 1998, to July 1, 1999.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-903.1. Deposit accounts for minors.

A. Except as otherwise provided by this section, a bank or credit union lawfully doing business in this state may enter into a deposit account with a minor as the sole and absolute owner of the account and may pay checks and withdrawals and otherwise act with respect to the account on the order of the minor. A payment or delivery of rights to a minor who holds a deposit account evidenced by a receipt or other acquittance signed by the minor discharges the bank or credit union to the extent of the payment made or rights delivered.
B. If the minor is the sole and absolute owner of the deposit account, the disabilities of minority are removed for the limited purposes of enabling:
1. The minor to enter into a depository contract with a bank or credit union; and
2. The bank or credit union to enforce the contract against the minor, including collection of overdrafts and account fees and submission of account history to account reporting agencies and credit reporting bureaus.
C. A parent or legal guardian of a minor may deny the minor's authority to control, transfer, draft on, or make withdrawals from the minor's deposit account by notifying the bank or credit union in writing. On receipt of the notice by the bank or credit union, the minor may not control, transfer, draft on, or make withdrawals from the account during minority except with the joinder of a parent or legal guardian of the minor.
D. If a minor with a deposit account dies, the receipt or other acquittance of the minor's parent or legal guardian discharges the liability of the bank or credit union to the extent of the receipt or other acquittance, except that the aggregate discharges under this subsection may not exceed Three Thousand Dollars ($3,000.00).
E. Subsection A of this section does not authorize a loan to the minor by the bank or credit union, whether on pledge of the minor's savings account or otherwise, or bind the minor to repay a loan made except as provided by subsection B of this section or other law or unless the depository institution has obtained the express consent and joinder of a parent or legal guardian of the minor. This subsection does not apply to an inadvertent extension of credit because of an overdraft from insufficient funds, returned checks or deposits, or other shortages in a depository account resulting from normal banking or credit union operations.
Added by Laws 1997, c. 111, § 78, eff. July 1, 1997. Amended by Laws 2000, c. 77, § 1, emerg. eff. April 14, 2000.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-904. Stockholder, director, officer or employee of bank as notary public - Administration of oaths - Protests - Notary fee.

It shall be lawful for any notary public who is a stockholder, director, officer or employee of a bank to take the acknowledgment of any party to any written instrument executed to or by such bank, or to administer an oath to any other stockholder, director, officer, employee or agent of such bank, or to protest for nonacceptance or nonpayment bills of exchange, drafts, checks, notes and other negotiable instruments which may be owned or held for collection by such bank. It shall be unlawful for any notary public to take the acknowledgment of an instrument executed by or to a bank of which the notary public is a stockholder, director, officer or employee, where such notary is a party to such instrument, either individually or as a representative of such bank, or to protest any negotiable instrument owned or held for collection by such bank where such notary is individually a party to such instrument. Nothing contained in this section shall be construed to prohibit or limit the charging of a notary fee by the notary public who is a stockholder, director, officer, or employee of a bank.
Added by Laws 1965, c. 161, § 904. Amended by Laws 1997, c. 111, § 79, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-905. Adverse claims to deposits - Restraining order or injunction - Indemnity bond.

Notice to any bank or trust company doing business in this state of an adverse claim to a deposit standing on its books to the credit of any person shall not be effectual to cause said bank or trust company to recognize said adverse claimant unless said adverse claimant shall also either procure a restraining order, injunction or other appropriate process against said bank or trust company from a court of competent jurisdiction in a cause therein instituted by him wherein the person to whose credit the deposit stands is made a party and served with summons or shall execute to said bank or trust company, in form and with sureties acceptable to it, a bond, indemnifying said bank or trust company from any and all liability, loss, damage, costs and expenses, for and on account of the payment of such adverse claim or the dishonor of the check or other order of the person to whose credit the deposit stands on the books of said bank or trust company; provided, that this law shall not apply in any instance where the person to whose credit the deposit stands is a fiduciary for such adverse claimant, and the facts constituting such relationship are made to appear by the affidavit of such claimant.
Added by Laws 1970, c. 321, § 12.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-907. Husband and wife deposit for business purpose - Sole proprietorship account.

A deposit made in any bank or credit union by a husband and wife which is primarily for a business purpose may be treated, at the option of the depositors, as a sole proprietorship account, rather than a partnership account unless a formal partnership has been formed.
Added by Laws 1993, c. 183, § 14, eff. July 1, 1993. Amended by Laws 2007, c. 80, § 6, eff. Jan. 1, 2008.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-908. Banks and credit unions authorized to offer savings promotion raffles.

A. As used in this section, the term "savings promotion raffle" means a contest in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or other savings program and each ticket or entry has an equal chance of being drawn, with such contest being subject to regulations that may from time to time be promulgated by the bank's or credit union's primary regulator.
B. Oklahoma banks and credit unions are authorized to offer savings promotion raffles.
Added by Laws 2021, c. 193, § 1, eff. Nov. 1, 2021.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-909. Powers of authorized signer.

A. Unless the deposit account agreement states otherwise, an authorized signer on a deposit account shall have the following powers, regardless of whether the account is a consumer or commercial account:
1. Sign checks;
2. Make deposits of checks payable to the account owner into the account;
3. Make cash deposits into the account;
4. Obtain an account balance;
5. View copies of checks he or she has signed; and
6. Obtain deposit slips when making a deposit.
B. If additional authority is not expressly granted in the deposit account agreement, additional powers may be granted in writing by the owner of the account. If the account is an individual account, the owner may execute an additional authorization document. It must be dated and in writing and may be revoked or amended at any time by the account owner. If there are multiple owners, all must execute the additional authorization document. If the account is owned by an entity, the entity must approve the grant of additional powers in the same manner as it appoints authorized signers.
C. A customer may initial next to the additional powers to be granted and line through those that are not being granted, pursuant to subsection D of this section.
D. Form for Additional Powers for Authorized Signer:
I, the undersigned account owner or duly empowered representative of the account owner, hereby grant and approve the following additional powers for authorized signer(s) on account
# _______________________. Bank name ______________________.
____________ Obtain and use a debit card or automated teller machine card
____________ Obtain copies of statements on the account from the bank
____________ Order checks
____________ Obtain copies of checks or other transactions on the account
____________ Authorize or terminate automated clearing house debits to the account
____________ Complete affidavits of forgery
____________ Initiate a change of address for the account
____________ Withdraw cash up to $___________
____________ Dispute a card transaction on the account
____________ Report a lost or stolen card on the account
____________ Use online banking to view transactions on the account
____________ Set up online bill payments
____________ Use the mobile app to access information about the account.
Added by Laws 2021, c. 316, § 1, eff. Nov. 1, 2021.
NOTE: Editorially renumbered from § 908 of this title to avoid a duplication in numbering.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1003. Advertising performance of legal services prohibited.

A. No trust company shall advertise to furnish to the public legal services pertaining to the execution of trusts set forth in Section 1001 of this Code, or to the issuance of securities. No trust company shall advertise to furnish or furnish to the public legal advice or practice or hold itself out as practicing law.
B. Any trust company whose officers or agents solicit legal business shall be subject to a fine not to exceed One Thousand Dollars ($1,000.00).
Added by Laws 1965, c. 161, § 1003.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1005. Banks having trust powers and trust companies not required to give security as trustee, etc.

Banks having trust powers and trust companies of this state having deposited securities with the Commissioner or purchased a bond as provided in Section 1004 of this Code, and authorized to act as assignee, receiver, administrator, executor, guardian, trustee, or in any court appointed fiduciary capacity, shall not be required by any officer or court of this state to give security upon appointment to, or acceptance of, any office of trust which it is by law authorized to execute.
Added by Laws 1965, c. 161, § 1005. Amended by Laws 2002, c. 67, § 17, eff. Nov. 1, 2002
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1006. Separation of books and accounts - Labeling securities - Prohibited operations of banks and trust companies having trust powers.

A. Separation of books and accounts. Every bank having trust powers and every trust company shall establish and maintain in its office a trust department, in which shall be kept separate and apart from its other business separate books and accounts, and shall keep all moneys, funds, investments and property of the department at all times segregated from and unmingled with other funds, moneys, investments and property.
B. Labeling of securities. All bonds, warrants, notes, mortgages, deeds and other securities of every nature shall be so marked, stamped, labeled or otherwise identified and segregated as to indicate the department of which such securities are a part.
C. Prohibited operations of banks and trust companies having trust powers. No bank shall receive in its trust department and no trust company shall receive deposits of current funds subject to check or the deposit of checks, drafts, bills of exchange or other items for collection or exchange purposes. Funds deposited or held in trust by the bank or trust company awaiting investment shall be carried in a separate account and shall not be used by the bank or trust company in the conduct of its business unless it shall first set aside in the trust department United States bonds or other securities approved by the Commissioner. Funds awaiting investment may only be so deposited for a short time, not to exceed one (1) year.
Added by Laws 1965, c. 161, § 1006. Amended by Laws 1985, c. 168, § 6, emerg. eff. June 18, 1985; Laws 1993, c. 183, § 15, eff. July 1, 1993.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1008. Investments - Acceptance as securities by public officials of this state.

A. Securities authorized by Oklahoma Trust Act and Oklahoma Uniform Prudent Investor Act. Banks having trust powers and trust companies shall have the power of investing the moneys placed in their charge through various trust accounts in such loans and securities as are authorized by the Oklahoma Trust Act and the Oklahoma Uniform Prudent Investor Act.
B. Investments in notes, bonds, or debentures secured, insured or guaranteed by United States - Acceptance by public officials. It shall be lawful for banks having trust powers and trust companies subject to the laws of this state, under limitations prescribed by rule by the Commissioner, to invest their funds and trust funds in their custody and possession, eligible for investment, in notes or bonds secured by mortgages or in debentures the payment of which is insured or guaranteed by the United States of America or by any of its departments or agencies, and without regard to the limitation on the appraised value of the real estate securing the notes or obligations and without regard to limitation on the aggregate amount of such notes, bonds or obligations that may be owned or held by any such bank or trust company.
C. Any notes, bonds, mortgages or debentures insured or guaranteed pursuant to subsection B of this section shall be eligible for deposit with any public official of this state whenever deposits of assets of such banks or trust companies shall be required under any law of this state.
Added by Laws 1965, c. 161, § 1008. Amended by Laws 1995, c. 351, § 15, eff. Nov. 1, 1995; Laws 1997, c. 111, § 84, eff. July 1, 1997.