reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1713. Establishment of additional offices in this state.

A. A state trust institution may establish or acquire and maintain trust offices or representative trust offices anywhere in this state. A state trust institution desiring to establish or acquire and maintain such an office shall file a written notice with the Commissioner setting forth the name of the state trust institution, the location of the proposed additional office and whether the additional office will be a trust office or a representative trust office. The state trust institution shall also furnish a copy of the resolution adopted by the board authorizing the additional office and pay a fee equal to that for bank branch offices if the office is to be a trust office or the fee equal to that for bank loan production offices if the office is to be a representative trust office.
B. The notificant may commence business at the additional 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 state trust institution may establish the additional office only upon prior written approval by the Commissioner.
D. The Commissioner may deny approval of the additional 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 interest.
Added by Laws 1998, c. 104, § 13, eff. Nov. 1, 1998. Amended by Laws 2003, c. 180, § 6, eff. Nov. 1, 2003.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1714. Establishment of additional offices outside of this state.

A. A state bank, a state trust company, or a savings association chartered under the laws of this state may establish and maintain a new trust office or a representative trust office or acquire and maintain an office in a state other than this state. Such a trust institution desiring to establish or acquire and maintain an office in another state under this section shall file a notice on a form prescribed by the Commissioner. The notice shall set forth the name of the trust institution, the location of the proposed office, whether the office will be a trust office or a representative trust office, and whether the laws of the jurisdiction where the office will be located permit the office to be maintained by the trust institution. The trust institution shall also furnish a copy of the resolution adopted by the board authorizing the out-of-state office, and pay a fee equal to that for bank branch offices if the office is to be a trust office or the fee equal to that for bank loan production offices if the office is to be a representative trust office.
B. The notificant may commence business at the additional 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 trust institution may establish the additional office only on prior written approval by the Commissioner.
D. The Commissioner may deny approval of the additional 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 interest. In acting on the notice, the Commissioner shall consider the views of the appropriate bank supervisory agencies.
Added by Laws 1998, c. 104, § 14, eff. Nov. 1, 1998. Amended by Laws 2003, c. 180, § 7, eff. Nov. 1, 2003.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1715. Out-of-state trust institutions permitted to engage in trust business.

An out-of-state trust institution may act as a fiduciary in this state or engage in a trust business at an office in this state only if it maintains:
1. A trust office in this state as permitted by this section through Section 20 of this act; or
2. A branch in this state.
Added by Laws 1998, c. 104, § 15, eff. Nov. 1, 1998.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1716. Establishment of new trust offices by out-of-state institutions permitted.

An out-of-state trust institution which does not operate a trust office in this state and which meets the requirements of Sections 15 through 20 of this act may establish and maintain a new trust office in this state.
Added by Laws 1998, c. 104, § 16, eff. Nov. 1, 1998.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1717. Acquisition of trust offices by out-of-state trust institutions permitted.

An out-of-state trust institution which does not operate a trust office in this state and which meets the requirements of Sections 15 through 20 of this act may acquire and maintain a trust office in this state.
Added by Laws 1998, c. 104, § 17, eff. Nov. 1, 1998.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1718. Notice of intent to establish or acquire trust office by out-of-state trust institution.

An out-of-state trust institution desiring to establish and maintain a new trust office or acquire and maintain a trust office in this state pursuant to Sections 1715 through 1720 of this title shall provide, or cause its home state regulator to provide, written notice of the proposed transaction to the Commissioner on or after the date on which the out-of-state trust institution applies to the home state regulator for approval to establish and maintain or acquire the trust office. The filing of such notice shall be preceded or accompanied by a copy of the resolution adopted by the board authorizing the additional office and a fee equal to that for bank branch offices.
Added by Laws 1998, c. 104, § 18, eff. Nov. 1, 1998. Amended by Laws 2003, c. 180, § 8, eff. Nov. 1, 2003.
2023 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, and
b.
the applicable requirements of its home state regulator for acquiring or establishing and maintaining such office; and
3. 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.
2023 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.
2023 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.
2023 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.
2023 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, or
b.
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; and
3. 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.
2023 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; or
3. The closing or disposition of any office in this state.
Added by Laws 1998, c. 104, § 25, eff. Nov. 1, 1998.
2023 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; and
3. 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.
2023 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.
2023 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.
2023 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; and
3. 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.
2023 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; or
4. 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.
2023 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.
2023 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; or
2. 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.
2023 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; or
2. 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; and
5. 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.
2023 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; and
2. "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.
2023 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.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2001. Definitions.

As used in this chapter:
1. "Credit union" means a cooperative nonprofit society incorporated for the purpose of promoting thrift among its members, and creating a source of credit for them at legitimate rates of interest for provident or productive purposes; and
2. "Paid-in and unimpaired capital and surplus" means, the balance of all paid-in share accounts and other deposits, less any loss for which no reserve has been established or which has not been charged against undivided earnings, plus the credit balance (or less the debit balance) of undivided earnings, after all losses have been provided for and net earnings or net losses have been added thereto or deducted therefrom. Reserves shall not be considered as a part of surplus.
Added by Laws 1941, p. 11, § 1. Amended by Laws 1965, c. 496, § 1, emerg. eff. July 19, 1965; Laws 1995, c. 151, § 1, emerg. eff. May 2, 1995.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2001.1. Oklahoma State Credit Union Board - Creation.

A. There is hereby created the Oklahoma State Credit Union Board, which shall consist of five (5) members appointed by the Governor. The State Bank Commissioner shall be one of the members, and he shall preside as Chairman of the State Credit Union Board. One of the other four members shall be a member of a credit union organized under the laws of this state, and each of the other three members shall be the officer in charge of operations or a director of a credit union organized under the laws of this state; provided, however, one of those three may be from a federal credit union. Said four members shall be selected by the Governor, with advice and consent of the Senate, from a list of not less than five (5) names for each member to be appointed submitted by the Oklahoma Credit Union League. The members appointed by the Governor shall serve for terms of four (4), three (3), two (2) and one (1) year, respectively. Upon the expiration of the terms of the four members previously appointed by the Governor pursuant to the provisions of this section, their successors shall be appointed for terms of four (4) years. If a member of the Oklahoma State Credit Union Board ceases to hold the qualifications required for the appointment of such member, then the remaining members shall immediately declare the office of such member vacant and such member shall cease to be a member of the Oklahoma State Credit Union Board. Any vacancy in the membership of the State Credit Union Board, caused by other than the expiration of a term, shall be filled only for the balance of the term of the member in whose position the vacancy occurs. Appointment made to fill a vacancy shall be made by the Governor, with advice and consent of the Senate, from a list of not less than five (5) names submitted by the Oklahoma Credit Union League. Except as otherwise provided in this section, members shall serve until their terms expire or until their successors are appointed and qualified.
B. Each member of the State Credit Union Board shall be entitled to be reimbursed for necessary travel expenses pursuant to the State Travel Reimbursement Act.
C. The State Banking Department shall provide such clerical, technical and legal assistance as the State Credit Union Board may require.
Added by Laws 1974, c. 267, § 9. Amended by Laws 1988, c. 66, § 1, emerg. eff. March 25, 1988; Laws 1992, c. 90, § 1, eff. July 1, 1992; Laws 1993, c. 183, § 25, eff. July 1, 1993.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2001.3. Meetings of Board - Quorum.

The State Credit Union Board may meet as often as necessary to carry out its duties, but it shall not fail to meet at least once in any calendar year. The Bank Commissioner may call additional meetings of the State Credit Union Board upon at least twenty-four (24) hours' notice and shall do so upon request of two members. A majority of the State Credit Union Board shall constitute a quorum and action taken by a majority of those present at any meeting at which a quorum is present shall be the action of the State Credit Union Board.
Added by Laws 1974, c. 267, § 11. Amended by Laws 1992, c. 90, § 3, eff. July 1, 1992.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2001.4. Civil liability of State Credit Union Board members.

No member of the State Credit Union Board shall be liable in any civil action for damages for any act done or omitted in good faith in performing the functions of his office.
Added by Laws 1983, c. 32, § 1, emerg. eff. April 20, 1983.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2002. Necessity of certificate - Application for certificate - Organization certificate and bylaws.

(A) No credit union organized under the laws of this state or any other state shall be permitted to engage in business except on certificate issued by the Bank Commissioner upon authority of the State Credit Union Board.
(B) The request to establish a credit union under the laws of this state shall be set forth in application form and filed with the Bank Commissioner. The form of such application shall be prescribed by the State Credit Union Board and furnished by the Bank Commissioner and shall contain such information as the State Credit Union Board may require. Any seven or more residents of this state who desire to form a credit union under the laws of this state shall subscribe before some person, competent to administer oath, an organization certificate in triplicate, which shall specifically state: (1) the name of the credit union; (2) the location of the proposed credit union and the territory in which it will operate; (3) the purpose for which it is formed; (4) the term for which it is to exist, which may be perpetual or limited in term; (5) the number of its directors or trustees and the names and addresses of such of them as shall serve until the election of directors or trustees; (6) the par value of the shares, which shall not exceed One Hundred Dollars ($100.00) each, and the authorized stock which shall not exceed the amount which it is contemplated to be provided for in its certificate of incorporation.
(C) With the application, applicants shall file a proposed certificate of incorporation with the Bank Commissioner prepared in accordance with the provisions of the Oklahoma General Corporation Act.
(D) In addition said applicants shall prepare and adopt bylaws consistent with the provisions of this act and shall certify to the same in triplicate. The bylaws of the credit union may provide for the amendment of the certificate of incorporation of the credit union upon a vote of two-thirds (2/3) of the members of the board of directors and the approval of the State Credit Union Board.
(E) The request of a credit union organized under the laws of a state other than this state to do business in Oklahoma shall be made in accordance with the provisions of Section 6 of this act.
Added by Laws 1941, p. 11, § 2. Amended by Laws 1974, c. 267, § 1; Laws 1985, c. 125, § 1, emerg. eff. June 4, 1985; Laws 1992, c. 90, § 4, eff. July 1, 1992.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2003. Investigation and report by Bank Commissioner - Certificate of approval - Certificate of incorporation.

After receipt of an application such as referred to in Section 2002 of this title, the Bank Commissioner shall cause an appropriate investigation to be made for the purpose of determining whether the application, the certificate of incorporation and the bylaws conform to the provisions of the laws of the State of Oklahoma. If the application, the certificate of incorporation and the bylaws conform to the provisions of this act, and the Bank Commissioner is satisfied that:
(1) the characteristics of the common bond of the field of membership are favorable to the economic viability of the proposed credit union and will not materially and substantially overlap the field of membership of existing credit unions in the territory in which it will operate; and
(2) the reputation, character, financial responsibility and business experience of the initial board of directors and supervisory committee provide assurance that the credit union's affairs will be properly administered,
the Bank Commissioner shall, within forty-five (45) days after receipt of the application, submit a report of his investigation to the State Credit Union Board, together with his recommendation to the State Credit Union Board that the application be approved or disapproved. The State Credit Union Board shall, within sixty (60) days after the receipt of the report and recommendation of the Bank Commissioner, cause a certificate of approval to be issued or cause written notice to applicants of disapproval. Thereafter, the certificate of incorporation with the certificate of approval of the State Credit Union Board attached shall be filed in the office of the Secretary of State and a copy thereof, duly certified to by the Secretary of State, shall be filed with the State Credit Union Board. A copy of the certificate of incorporation and bylaws as approved shall be returned to the incorporators. The Secretary of State shall issue a certificate in the form provided by law for other corporations, and the existence of said credit union as a corporation shall date from the issuance of the certificate of incorporation by the Secretary of State, from which time it shall have and may exercise the powers conferred upon corporations generally, except as limited or modified by the laws of the State of Oklahoma.
Added by Laws 1941, p. 11, § 3. Amended by Laws 1965, c. 496, § 2, emerg. eff. July 19, 1965; Laws 1974, c. 267, § 2; Laws 1992, c. 90, § 5, eff. July 1, 1992.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2004.1. Out-of-state credit union - Requirements to conduct business in state - Revocation of approval - Cancellation of certificate.

(A) A credit union not organized under the laws of this state or of the United States may conduct business as a credit union in this state only with the approval of the State Credit Union Board and upon receiving a certificate from the Secretary of State in compliance with Section 1130 of Title 18 of the Oklahoma Statutes, provided credit unions incorporated under the laws of this state are allowed to conduct business in another state under conditions similar to these provisions. Before granting the approval, the State Credit Union Board must find that the out-of-state credit union:
(1) Is a credit union organized under laws similar to the laws of this state;
(2) Is financially solvent;
(3) Has share and deposit account insurance with the National Credit Union Administration to the extent provided by federal law;
(4) Is examined and supervised by a regulatory agency of the state in which it is organized;
(5) Needs to conduct business in this state to adequately serve its members in this state; and
(6) Does not have a field of membership that will materially and substantially overlap the field of membership of a credit union organized under the laws of this state or permitted to conduct business in this state.
(B) No credit union organized under the laws of a state other than this state may conduct business in this state unless:
(1) Such credit union charges interest in compliance with the laws of this state when making loans in this state;
(2) Such credit union complies with the consumer protection statutes and rules applicable to credit unions incorporated or organized under the laws of this state; and
(3) Such credit union's most recent report of examination by its regulatory agency is furnished to the Administrator or such credit union agrees to submit to an examination by the Bank Commissioner or Administrator.
(C) The State Credit Union Board may revoke the approval of a credit union to conduct business in this state if it finds that:
(1) The credit union no longer meets the requirements of subsection (A) of this section;
(2) The credit union has violated the laws of this state or lawful rules or orders issued by the State Credit Union Board or the Bank Commissioner;
(3) The credit union has engaged in a pattern of unsafe or unsound credit union practices; or
(4) Continued operation by the credit union is likely to have a substantially adverse impact on the financial, economic or other interests of residents of this state.
(D) In the event of revocation as provided in subsection (C) of this section, the Secretary of State shall cancel the certificate of domestication of the credit union.
Added by Laws 1992, c. 90, § 6, eff. July 1, 1992.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2005. Unlawful transaction of business - Enforcement by Attorney General - Injunction and receiver.

It shall be unlawful for any individual, firm, association, or corporation to transact a Credit Union business except as authorized by the laws of the State of Oklahoma or the United States, or to use or advertise in connection with any business, other than the credit union business conducted under the laws of this State or of the United States, the term "Credit Union," or any other term or terms calculated to deceive the public into believing that such person, firm, association, or corporation is engaged in the credit union business. Any person, firm, association, or corporation violating any of the provisions of this section, either individually or as an interested party, in any firm, association, or corporation, shall be guilty of a misdemeanor, and upon conviction thereof, shall be fined in a sum of not less than One Hundred Dollars ($100.00), nor more than Five Hundred Dollars ($500.00), or by imprisonment in the County jail for not less than thirty (30) days, nor more than six (6) months, or by both such fine and imprisonment, and it is hereby made the duty of the Attorney General to enforce the provisions of this section; and in order to prevent the violation of this section, the district court in the county wherein said credit union is located is hereby authorized and empowered to grant an injunction and to appoint a receiver to take charge of the business and assets of any person, firm, association, or corporation found guilty of violating the provisions of this section, and to make all necessary and proper orders to wind up such business and prevent a violation of this section.
Added by Laws 1941, p. 12, § 5.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2007. Membership - Central credit unions.

A. Credit union membership shall consist of the incorporators, and such other persons and incorporated and unincorporated organizations and their employees, as may be elected to membership. Each member shall subscribe to at least one share of the credit union’s stock and pay the entrance fee. Credit union membership shall be limited to groups having a common bond of occupation or association, which shall be limited to one of the following categories:
1. Groups that have the same common bond of occupation or association;
2. Persons or organizations within a well-defined community, neighborhood or rural district; or
3. Groups which have, as to each individual group, a common bond of occupation or association, but, as to all such groups, need not have the same common bond of occupation or association as other groups within the credit union.
B. A central credit union may be organized to which members of existing credit unions operating in accordance with the law of the State of Oklahoma, or of the United States, may belong, and to which credit unions organized and operating under the State of Oklahoma or of the United States may also belong.
Added by Laws 1941, p. 13, § 7. Amended by Laws 1974, c. 267, § 4. Amended by Laws 2000, c. 77, § 3, emerg. eff. April 14, 2000.
NOTE: Laws 1974, c. 66, § 2 repealed by Laws 1974, c. 267, § 12.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2009. Fiscal year - Meetings - Voting.

The fiscal year of all credit unions shall end December thirty-first (31st). The annual meeting of each credit union shall be held at such time and at such place as its bylaws shall prescribe. Special meetings may be held in the manner indicated in the bylaws. No member shall be entitled to vote by proxy but a member other than a natural person may vote through an agent designated for that purpose. Irrespective of the number of shares held by any one member, no one member shall have more than one vote.
Added by Laws 1941, p. 14, § 9.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2012. Expulsions and withdrawals.

(A) A member may be expelled by a two-thirds (2/3) vote of the members present at the annual or a special meeting called to consider the matter, but only after an opportunity has been given to the member to be heard at said meeting. Any member may withdraw from the credit union at any time but notice of withdrawal may be required.
(B) The board of directors may expel a member pursuant to a written policy adopted by it. All members shall be given written notice of the terms of any such policy. Any person expelled by the board shall have the right to request a hearing before it to reconsider the expulsion.
(C) All amounts paid on shares and deposits on an expelled or withdrawing member shall, as funds become available and after deducting all amounts due from the member to the credit union, be paid to him. Withdrawing or expelled members shall have no further rights in the credit union but are not, by such expulsion or withdrawal, released from any remaining liability to the credit union.
Added by Laws 1941, p. 15, § 12. Amended by Laws 1965, c. 496, § 8; Laws 1992, c. 90, § 10, eff. July 1, 1992.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2013. Dividends.

As the bylaws may provide and, pursuant to such regulations as may be issued by the Oklahoma State Credit Union Board, the board of directors of a credit union may declare a dividend to be paid at different rates on different types of accounts from any available balances in undivided earnings. If undivided earnings are depleted, dividends can only be paid upon prior written approval of the Commissioner.
Added by Laws 1941, p. 15, § 13. Amended by Laws 1968, c. 187, § 3; Laws 1970, c. 321, § 10; Laws 1974, c. 267, § 6; Laws 1988, c. 66, § 3, emerg. eff. March 25, 1988; Laws 1999, c. 28, § 2, emerg. eff. April 5, 1999; Laws 2001, c. 59, § 4, eff. Nov. 1, 2001.
NOTE: Laws 1974, c. 66, § 4 repealed by Laws 1974, c. 267, § 12.