reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2014. Shares and deposits in name of minors - Shares not subject to stock transfer tax.

When any shares shall be purchased by or deposits made in the name of any minor, the same shall be held for the exclusive right and benefit of such minor, and free from the control or lien of all other persons, except creditors, and shall be paid, together with dividends or interest thereof, if any, to the person in whose name the shares or deposits were issued, and the receipt or acquittance of such shares and deposits shall be a valid and sufficient release and discharge to such credit union for such share or deposit liability or any part thereof. No such minor, owning shares in a credit union, under sixteen (16) years of age shall be entitled to vote in the meeting of the members either personally or through his parent or guardian, nor may he become a director until he shall have reached his eighteenth birthday. The shares of credit unions shall not be subject to any stock transfer tax, either when issued or when transferred from one member to another.
Added by Laws 1941, p. 15, § 14. Amended by Laws 1965, c. 496, § 9; Laws 1992, c. 90, § 11, eff. July 1, 1992.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2015. Partial invalidity - Right of alteration, amendment or repeal.

(A) If any provision of this act, or the application thereof to any person or circumstance, is held invalid, the remainder of the act, and the application of such provisions to other persons or circumstances, shall not be affected thereby.
(B) The right to alter, amend, or repeal this act or any part thereof, or any charter issued pursuant to the provisions of this act, is expressly reserved.
Added by Laws 1941, p. 16, § 15.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2016. Credit unions composed of public employees, retirees and family members - Space in public buildings.

Credit unions composed exclusively of state, county, city and school district employees and retirees and members of their families may be allotted space in public buildings as space is available, without charge for rent or services.
Added by Laws 1941, p. 16, § 16, emerg. eff. June 4, 1941. Amended by Laws 2005, c. 209, § 3, eff. Nov. 1, 2005.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2017. Fiscal agency for state.

Each credit union organized under this act when requested by the Treasurer of the State of Oklahoma, shall act as fiscal agent of the State of Oklahoma, and shall perform such services as the Treasurer may require in connection with the collection of taxes and other obligations of the State of Oklahoma and the lending, borrowing, and repayment of money by the State of Oklahoma.
Added by Laws 1941, p. 16, § 17.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2018.2. Appointment of conservator and agents - Judicial relief - Term of conservatorship - Expenses - Commissioner's authority.

(A) The Bank Commissioner may, with the approval of the State Credit Union Board and without advance notice, self-appoint or appoint an insuring organization or any other person as conservator to immediately take possession and control of the business and assets of any credit union organized under the laws of this state in any case in which the Bank Commissioner determines that such action is necessary to conserve the assets of the credit union or to protect the interests of the members of such credit union. Any credit union may, by a resolution of its board of directors, consent to such an action by the Bank Commissioner.
(B) Not later than fifteen (15) days after the date on which the Bank Commissioner or a designee takes possession and control of the business and assets of a credit union pursuant to subsection (A) of this section, such credit union may apply to the appropriate court for the judicial district in which the principal office of the credit union is located for an order requiring the Bank Commissioner to show cause why the Bank Commissioner or the designee should not be enjoined from continuing such possession and control.
(C) Except as provided in subsection (B) of this section, the Bank Commissioner or a designee may maintain possession and control of the business and assets of such credit union and may operate such credit union until such time:
(1) As the Bank Commissioner shall permit such credit union to continue business subject to such terms and conditions as the Bank Commissioner imposes; or
(2) As such credit union is liquidated in accordance with Section 13 of this act.
(D) The Bank Commissioner may appoint such agents as considered necessary in order to assist in carrying out the duties of the conservator under this section.
(E) All expenses incurred by the Bank Commissioner in exercising the authority of that office under this section with respect to any credit union shall be paid out of the assets of such credit union, except that the Bank Commissioner may waive the charging of all or a part of such expenses.
(F) The authority granted by this section is in addition to all other authority granted to the Bank Commissioner under the laws of this state.
Added by Laws 1992, c. 90, § 14, eff. July 1, 1992.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2019.1. Maintenance of books, records, accounting systems and procedures - Destruction of records - Records as evidence.

(A) A credit union shall maintain all books, records, accounting systems, and procedures in accordance with such regulations as the State Credit Union Board from time to time prescribes. In prescribing such regulations, the State Credit Union Board shall consider the relative size of a credit union and its reasonable capability of compliance.
(B) A credit union is not liable for destroying records after the expiration of the record retention time prescribed by regulation, except for any records involved in an official investigation or examination about which the credit union has received notice.
(C) Reproduction of any credit union records shall be admissible as evidence of transactions with the credit union as provided by the laws of the State of Oklahoma.
Added by Laws 1992, c. 90, § 15, eff. July 1, 1992.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2020. Special Reserve for Dormant Accounts.

Any money deposited to a member's account which has not matured to at least an amount equal to the par value of shares as established by the credit union's certificate of incorporation within a three-year period may be transferred to a Special Reserve for Dormant Accounts if the owner of such an account, after reasonable effort, cannot be located, and thereafter, no dividends or interest will accrue to these accounts. Any money so transferred shall be subject to a service charge to be set by the State Credit Union Board. If, however, the member at a later date requests a withdrawal of these funds, the money less any applicable service charge will be transferred out of the Special Reserve for Dormant Accounts, and the request for withdrawal be honored.
Added by Laws 1968, c. 187, § 5, emerg. eff. April 15, 1968. Amended by Laws 1988, c. 66, § 4, emerg. eff. March 25, 1988; Laws 1992, c. 90, § 16, eff. July 1, 1992.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2021. Conversion of credit unions.

A credit union chartered under the laws of the State of Oklahoma may be converted to a state credit union under the laws of any other state, or to a federal credit union either within or without the State of Oklahoma. A credit union chartered under the laws of the United States or any other state may convert to a credit union under the laws of the State of Oklahoma. To effect such a conversion a credit union must comply with all requirements of the authority under which it was originally chartered and the requirements of the State Credit Union Board and file proof of such compliance with the State Credit Union Board.
Added by Laws 1968, c. 187, § 6, emerg. eff. April 15, 1968. Amended by Laws 1974, c. 267, § 7.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2022. Merger of credit unions.

Any credit union may, with the approval of the State Credit Union Board, merge with another credit union under the existing charter of the other credit union, pursuant to any plan agreed upon by the majority of the board of directors of each credit union joining in the merger, and approved by the affirmative vote of a majority of the members of the merging credit union present at a meeting of the members duly called for such purpose. After agreement by the directors and approval by the members of the merging credit union, the president and secretary of each credit union shall execute a certificate of merger, which shall set forth all of the following:
(a) The time and place of the meeting of the board of directors at which the plan was agreed upon;
(b) The vote in favor of adoption of the plan; and
(c) A copy of the resolution or other action by which the plan was agreed upon.
The certificate executed by the officers of the merging credit union shall also set forth:
(d) The time and place of the meeting of the members at which the plan agreed upon was approved;
(e) The vote by which the plan was approved by the members; and
(f) The effective date of the merger.
Such certificates and a copy of the plan of merger agreed upon shall be forwarded to the Bank Commissioner who shall, upon approval of the State Credit Union Board, certify and return them to the merging credit union and the surviving credit union within sixty (60) days. The merging credit union shall cause a copy of the certificate of merger, duly certified to by the Bank Commissioner, to be filed in the office of the Secretary of State forthwith. Unless otherwise provided in the certificate of merger, the merger shall be deemed effected upon such filing of the certificate and the merging credit union shall cease to exist.
Upon any such merger so effected, all property, property rights, field of membership and interest of the merged credit union shall vest in the surviving credit union without deed, endorsement or other instrument of transfer, and all debts, obligations and liabilities of the merged credit union shall be deemed to have been assumed by the surviving credit union under whose charter the merger was effected.
This section shall be construed, whenever possible, to permit a credit union chartered under any other act to merge with one chartered under this act, or to permit one chartered under this act to merge with one chartered under any other act.
Added by Laws 1968, c. 187, § 7, emerg. eff. April 15, 1968. Amended by Laws 1974, c. 267, § 8; Laws 1981, c. 156, § 3, emerg. eff. May 8, 1981; Laws 1992, c. 90, § 17, eff. July 1, 1992.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2023. Exercising power of federally chartered credit union - Exceptions.

A credit union chartered under the laws of the State of Oklahoma, the member accounts of which are insured under Title II of the Federal Credit Union Act, may exercise any of the powers of a federally chartered credit union doing business in this state, until otherwise provided by the Legislature; and provided that the State Credit Union Board may by rule prohibit the exercise of any such power if the Board finds that the exercise thereof will not serve the public convenience and advantage and will not equalize and maintain the quality of competition between state and federal credit unions.
Added by Laws 1977, c. 99, § 1, emerg. eff. May 30, 1977.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2024. Joint tenancy shares and deposits.

When shares are owned or a deposit is made in the joint names of a member and one or more persons, payable to any of them or the survivor, such shares or deposit, or any part thereof, or any dividends or interest thereon, may be paid to any of the persons, whether one of those persons shall be a minor or not, and whether the other or others be living or not; and the receipt or acquittance of the person so paid shall be a valid and sufficient release and discharge to the credit union for any payment so made. The pledge or hypothecation to the credit union of all or part of shares or deposits so held in joint tenancy, signed by any joint tenant, shall be a valid pledge of all or that part of the shares or deposit pledged or hypothecated, and shall not operate to sever the joint and survivorship status of the shares or deposit.
Added by Laws 1981, c. 156, § 4, emerg. eff. May 8, 1981.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2026. Trust shares.

Shares or deposits may be held in the name of a member in trust for a beneficiary, or in the name of a nonmember in trust for a beneficiary who is a member. Payment of all or part of such trust funds to the person in whose name the shares or deposits are held shall, to the extent of such payment, discharge the liability of the credit union to that party and to the beneficiary, and the credit union shall be under no obligation to see to the application of such payment. Until the death of the person in whose name the shares or deposits are held, that person shall possess and may exercise all rights respecting such shares or deposits, including the power to vote, pledge, withdraw, in whole or in part, make additions to, and to in any way deal with said shares or deposits, unless the credit union shall have been given written notice of the terms of any trust agreement to the contrary. Absent such written notice, the receipt and acquittance of the person in whose name the shares or deposits are held shall be a valid and sufficient release and discharge of the credit union as to any payment to that person. In the event of the death of the person in whose name a trust account is held, where the credit union has been given no other written notice of the terms of any trust, the shares or deposits so held, or any part thereof, together with dividends, or interest thereon, shall be payable to the beneficiary and the receipt or acquittance of the beneficiary shall be valid and sufficient release and discharge to the credit union for any payment so made.
Added by Laws 1981, c. 156, § 6, emerg. eff. May 8, 1981.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2027. Certain records designated as public records - Confidential records - Disclosure of confidential information.

(A) The following records of the State Credit Union Board, the Bank Commissioner, Administrator and State Banking Department are designated as public records:
(1) All applications for credit union charters and supporting information with the exception of personal financial records of individual applicants;
(2) All records introduced at public hearings on credit union charter applications;
(3) Information disclosing the failure of a credit union and the reasons therefor;
(4) Reports of completed investigations which uncover a shortage of funds in a credit union, after the reporting of the shortage to proper authorities by the Bank Commissioner; and
(5) All items filed in the office of the Secretary of State.
(B) All other credit union records in the State Banking Department including but not limited to records of the State Credit Union Board, the Bank Commissioner, the Deputy Commissioner and the Administrator shall be confidential and not subject to public inspection; provided, however, that the State Credit Union Board, Bank Commissioner, Administrator, or Deputy Commissioner may divulge such confidential information with the written approval of the Bank Commissioner after receipt of a written request which shall:
(1) Specify the record or records to which access is requested; and
(2) Give the reasons for the request. Such records may also be produced pursuant to a valid judicial subpoena or other legal process requiring production, if the Bank Commissioner determines that the records are relevant to the hearing or proceeding and that production is in the best interests of justice. The records may be disclosed only after a determination that good cause exists for the disclosure. Either prior to or at the time of any disclosure, the Bank Commissioner shall impose such terms and conditions as he deems necessary to protect the confidential nature of the record, the financial integrity of any institution to which the record relates, and the legitimate privacy interests of any individual named in such records.
Added by Laws 1992, c. 90, § 18, eff. July 1, 1992.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2041. Power to make and purchase obligations representing insured loans and credit advances.

Banks, savings banks, trust companies, life insurance companies, fire insurance companies, mutual casualty insurance companies, and other insurance companies and investment companies, building and loan associations, trustees, guardians, executors, administrators, and other fiduciaries, the State of Oklahoma, and cities, villages, school districts, and other political subdivisions, and all other corporations, associations and persons, subject to the laws of this State,
(a) May make such loans and advances of credit and purchases of obligations representing loans and advances of credit as are eligible for insurance by the Federal Housing Administrator, and may obtain such insurance, and
(b) May make such loans, secured by real property or leasehold, as the Federal Housing Administrator insures or makes a commitment to insure, and may obtain such insurance.
Added by Laws 1935, p. 201, § 1. Amended by Laws 1937, p. 317, § 1.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2042. Investments by fiduciaries, political subdivisions, corporations, etc. - Investment of public funds.

(a) It shall be lawful for banks, savings banks, trust companies, life insurance companies, fire insurance companies, mutual casualty insurance companies, and other insurance companies and investment companies, building and loan associations, trustees, guardians, executors, administrators, and other fiduciaries, the State of Oklahoma and cities, villages, school districts, and other political subdivisions and all other corporations, associations and persons, subject to the laws of this state, to invest their funds and the moneys in their custody or possession, eligible for investment, in notes or bonds secured by mortgage or trust deed insured by the Federal Housing Administrator and debentures issued by the Federal Housing Administrator, and in obligations of national mortgage associations, and
(b) Wherever, by statute of this state, collateral is required as security for the deposit of public or other funds; or deposits are required to be made with any public official or department; or an investment of capital or surplus, or a reserve or other fund, is required to be maintained, consisting of designated securities, notes and bonds insured and debentures issued by the Federal Housing Administrator and obligations of national mortgage associations, shall be eligible for such purposes.
Added by Laws 1935, p. 201, § 2. Amended by Laws 1937, p. 318, § 2.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2043. Inconsistent laws inapplicable to loans or investments authorized.

No law of this state requiring security upon which loans or investments may be made, or prescribing the nature, amount or form of such security, or prescribing or limiting interest rates upon loans or investments, or prescribing or limiting the period for which loans or investments may be made, or in any other manner inconsistent with the provisions or policy of this act, shall be deemed to apply to loans or investments made pursuant to the foregoing paragraphs.
Added by Laws 1935, p. 201, § 3.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2101. Citation.

Sections 2101 through 2121 of this title and Sections 13 and 14 of this act shall be known and may be cited as the "Sale of Checks Act".
Added by Laws 1961, p. 426, § 1. Amended by Laws 1988, c. 216, § 1, eff. Nov. 1, 1988.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2102. Definitions.

Unless the context otherwise requires:
1. "Commissioner" means the State Bank Commissioner;
2. "Check" means any check, draft, money order, stored value instrument or card, or other written instrument for the transmission or payment of money or credit, except that it does not mean money or currency of any nation, or instruments commonly known as travelers checks which require that the same be signed by the person to whom such instruments are issued at the time of issue and at the time such instruments are cashed or exchanged for value by such person;
3. "Fiscal year" means the period from July 1 through the next succeeding June 30;
4. "Issuing" means the act of drawing any instrument of exchange by a person who engages in the business of drawing such instruments as a service or for a fee or other consideration;
5. "Licensee" means any person licensed under this act;
6. "Money order" means a bill of exchange issued at the request and for the use or benefit of a person other than the issuer and representing an unconditional order or obligation in writing of the issuer to pay a sum certain in money on demand to order or to bearer;
7. "Net worth" means excess of assets over liabilities as determined by accepted accounting practices; and
8. "Person" means any individual, partnership, joint-stock association, trust, unincorporated association or corporation.
Added by Laws 1961, p. 426, § 2. Amended by Laws 2013, c. 62, § 9, emerg. eff. April 18, 2013.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2103. Licenses - Requirement - Exceptions - Penalty.

(a) No person shall engage in the business of selling or issuing checks as a service or for a fee or other consideration without first securing a license to do so from the Commissioner, except that no license under this act shall be required of any agent, subagent or representative of a licensee, or employee of such agent, subagent or representative who acts on behalf of such licensee in the sale or exchange of which the licensee is the issuer.
(b) Any person who violates this section shall be fined not less than Five Hundred Dollars ($500.00) or imprisoned in county jail for not more than one (1) year, or both. Each day such violation continues shall constitute a separate offense.
Added by Laws 1961, p. 426, § 3. Amended by Laws 1988, c. 216, § 2, eff. Nov. 1, 1988.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2104. Exempt transactions

A. Nothing in the Sale of Checks Act shall apply to the receipt of money by any incorporated telegraph company at any agency or office of the company for immediate transmission by telegraph, or to the receipt of money for the purpose of transmitting or transferring it to foreign countries.
B. Nothing in the Sale of Checks Act shall apply to the sale or issuance of checks by governmental departments. No federally insured financial institutions authorized to do business in this state, including banks, savings and loan associations, and credit unions, whether the federally insured financial institutions are organized under the laws of this state or of the United States, shall be subject to this act where the institution is selling or issuing checks drawn only on itself or on another federally insured financial institution or representing insured deposits held at the institution.
C. Nothing in this act shall apply to a company that maintains a license under the Oklahoma Financial Transaction Reporting Act. Provided, a person selling checks that are exempt pursuant to this subsection must maintain a bond covering its money transmission activities and sale of checks activities in an amount not less than the maximum required pursuant to the rules of the board.
Added by Laws 1961, p. 427, § 4. Amended by Laws 1988, c. 216, § 3, eff. Nov. 1, 1988; Laws 1990, c. 104, § 1, eff. Sept. 1, 1990; Laws 2013, c. 62, § 10, emerg. eff. April 18, 2013; Laws 2016, c. 127, § 5, emerg. eff. Apr. 20, 2016.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2105. Application for license.

(a) Application for a license shall be made to the Commissioner on forms prepared by him and shall be under oath.
(b) The application for a license shall:
1. State the name of the applicant and the street address of his principal office, as well as the mailing address if such mailing address is different from the street address.
2. Contain evidence of the good moral character of the applicant, if the applicant is an individual, or of the partners, if the applicant is a partnership; if the applicant is a joint-stock association, trust, unincorporated association or corporation, the secretary or any assistant secretary thereof shall certify the name and address of each of the officers, directors, trustees or other managing officials, together with a designation of the office or offices held by each and evidence of the good moral character of each, and shall submit such certificate to the Commissioner with the application.
3. Be accompanied by evidence of the ability of the applicant to meet the requirements of this act.
4. Be accompanied by the license fee required by Section 2107 of this title.
5. Unless the applicant shall have demonstrated a net worth in excess of Five Million Dollars ($5,000,000.00), be accompanied by a summary of the sales of checks activities being conducted by the applicant in any and all other states, and shall include the number of locations at which its checks are sold as well as information regarding bonds posted in each state and the amount thereof.
(c) All applications for a license shall be confidential and not subject to public inspection.
Added by Laws 1961, p. 427, § 5. Amended by Laws 1988, c. 216, § 4, eff. Nov. 1, 1988.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2106. Investigation of applicants.

(a) Upon the filing of an application, the Commissioner shall investigate the applicant and if he finds that the applicant is of good moral character and financially responsible and can meet the requirements of this act, he shall give notice in writing of his approval of said application to the applicant, who shall within thirty (30) days post the bond, or securities in lieu thereof, required by this act, whereupon the Commissioner shall forthwith issue to the applicant a license to engage in the business of selling or issuing checks subject to the provisions of this act.
(b) No license shall be issued to an applicant:
1. If a natural person, unless he is over twenty-one (21) years of age;
2. If a partnership, unless each of the partners is over twenty-one (21) years of age;
3. If a joint stock association, trust, unincorporated association or corporation, unless each of the officers, directors, trustees or other managing officials is over twenty-one (21) years of age.
(c) No application shall be denied unless the application has had notice of a hearing on said application and an opportunity to be heard thereon. If the application is denied, the Commissioner shall, within thirty (30) days thereafter, prepare and file in his office a written order of denial which shall contain his findings and reasons supporting the denial, and shall within ten (10) days after the filing of such order, notify the applicant and send him a copy of such order.
Added by Laws 1961, p. 427, § 6.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2107. Annual license fees - Renewals - Display of license certificate - Exception.

A. Before any license is issued or renewed, the applicant or licensee shall pay an annual license fee in the amount of Two Hundred Dollars ($200.00), plus Ten Dollars ($10.00) for each location within this state at which checks of the licensee are issued or sold. With respect to license renewals, every licensee, on or before each June 1, shall pay the annual license fee for the succeeding fiscal year commencing July 1.
B. The State Banking Commissioner shall issue a license certificate to a licensee satisfying the requirement therefor. The license certificate shall be displayed prominently and be available for inspection upon demand at each location of the licensee at which checks of the licensee are to be issued or sold. It shall be the responsibility of the licensee to provide a copy of the original license certificate to the agent at each location for display. Any location failing to display a license certificate may be prohibited by the Commissioner from selling checks if the agent at such location fails or refuses to comply with such display requirement after receipt of written notice from the Commissioner. The Commissioner shall provide the licensee with a copy of the written notice and shall also notify the licensee in writing of any additional action proposed or taken by the Commissioner.
C. A license issued hereunder shall remain in effect until surrendered by the licensee or revoked, and may be renewed from year to year upon payment of the fee required in subsection A of this section, provided the licensee continues to comply with all provisions of Section 2101 et seq. of this title and of all regulations hereunder.
D. The requirements of this section shall not apply to those locations where checks of the licensee are issued or sold which are governmental departments or financial institutions fully exempt from the provisions of the Sale of Checks Act pursuant to Section 2104 of this title.
E. Fees collected pursuant to this section shall be deposited in the Oklahoma State Banking Department revolving fund pursuant to Section 211.1 of this title.
Added by Laws 1961, p. 427, § 7. Amended by Laws 1982, c. 223, § 14; Laws 1988, c. 216, § 5, eff. Nov. 1, 1988; Laws 1990, c. 104, § 2, eff. Sept. 1, 1990; Laws 1993, c. 183, § 27, eff. July 1, 1993; Laws 1998, c. 74, § 1, eff. Nov. 1, 1998; Laws 1999, c. 27, § 10, eff. July 1, 1999; Laws 2000, c. 205, § 26, emerg. eff. May 17, 2000.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2108. Surety bond or irrevocable letter of credit.

Each approved applicant shall furnish a corporate surety bond in the principal sum of One Hundred Thousand Dollars ($100,000.00) for one (1) to fifteen (15) locations within this state at which checks of the licensee are issued or sold, Two Hundred Fifty Thousand Dollars ($250,000.00) for sixteen (16) to five hundred (500) locations within this state at which checks of the licensee are issued or sold, One Million Dollars ($1,000,000.00) for five hundred one (501) to eight hundred (800) locations within this state at which checks of the licensee are issued or sold, or One Million Five Hundred Thousand Dollars ($1,500,000.00) for over eight hundred (800) locations, within this state at which checks of the licensee are issued or sold, but in no event shall the bond be required to be in excess of One Million Five Hundred Thousand Dollars ($1,500,000.00). A licensee may furnish a bond in the maximum amount required by this section, or deposit securities equal to such amount as provided in subsection (b) of Section 2109 of this title, even though the locations in this state at which checks of the licensee are issued or sold do not total a number requiring a bond or a deposit of securities in such maximum amount. Each application for a license or for the renewal of a license shall be accompanied by a list of the locations, including agencies, at which the applicant engages in the business of selling checks in this state. The bond shall be conditioned that the obligor will faithfully conform to and abide by the provisions of this act and will honestly and faithfully apply all funds received and perform all obligations and undertakings for exchange issued and sold under this act and will pay to the state and to any person entitled thereto all money that becomes due and owing to the state or to such person under the provisions of this act because of any checks or exchange issued or sold in this state by such licensee. The bond shall remain in force and effect until canceled by the surety, which cancellation may be had only upon thirty (30) days' written notice to the Commissioner. Such cancellation shall not affect any liability incurred or accrued prior to the termination of such thirty-day period.
In lieu of the corporate surety bond required herein, the Commissioner may in his discretion permit an approved applicant to furnish an irrevocable letter of credit from a bank approved in writing by the Commissioner in the same amount as would be required for a corporate surety bond. A new irrevocable letter of credit from a qualifying bank would be required within fifteen (15) days if the bank originally issuing the irrevocable letter of credit refuses to continue the letter of credit or is otherwise notified by the Commissioner that the original bank is no longer qualified to issue a letter of credit for the purposes described in this section.
Added by Laws 1961, p. 428, § 8. Amended by Laws 1988, c. 216, § 6, eff. Nov. 1, 1988; Laws 1990, c. 104, § 3, eff. Sept. 1, 1990; Laws 2005, c. 48, § 20, eff. Nov. 1, 2005.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2109. Additional bond - Deposit of securities in lieu of bond.

(a) If the Commissioner shall find at any time that any bond required under this act is insecure or exhausted, an additional bond to be approved by the Commissioner shall be filed by the licensee within ten (10) days after written demand therefor by the Commissioner.
(b) In lieu of any bond required under this act, the licensee may deposit with the Commissioner securities with a ready market value equal to the amount of any such bond. Such securities shall consist of (1) general obligations of or fully guaranteed by the United States or of any agency or instrumentality of or corporation wholly owned by the United States directly or indirectly; or (2) direct general obligations of the State of Oklahoma, or of any county, city, town, school district, or other political subdivision or municipal corporation of the State of Oklahoma. Such securities shall be held by the Commissioner to secure the same obligation as would any bond, required by this act. The securities so deposited may be exchanged from time to time for other securities receivable as aforesaid. All said securities shall be subject to sale, and transfer and to the disposal of the proceeds by said Commissioner only on the order of a court of competent jurisdiction. So long as the licensee so depositing shall continue solvent, such licensee shall be permitted to receive the interest or dividends on said deposit. The Commissioner may provide for custody of such securities by any qualified trust company or bank located in the State of Oklahoma or by any Federal Reserve Bank. The compensation, if any, of the custodian for acting as such under this section shall be paid by the depositing licensee.
Added by Laws 1961, p. 428, § 9. Amended by Laws 2005, c. 48, § 21, eff. Nov. 1, 2005.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2110. Minimum net worth.

Each licensee under the Sale of Checks Act shall at all times maintain a minimum net worth of at least Two Hundred Seventy-five Thousand Dollars ($275,000.00) in order to issue or sell checks at one (1) to three hundred (300) locations, Five Hundred Thousand Dollars ($500,000.00) in order to issue or sell checks at three hundred one (301) to five hundred (500) locations, One Million Five Hundred Thousand Dollars ($1,500,000.00) in order to issue or sell checks at five hundred one (501) to eight hundred (800) locations, or Three Million Dollars ($3,000,000.00) in order to issue or sell checks at over eight hundred (800) locations. Net worth must be demonstrated annually by filing with the Commissioner, at the time of application for a license and at each time of license renewal, the most current annual audited financial statement of the licensee certified by a licensed public accountant holding a permit to practice in this state or by a certified public accountant. For purposes of this section, a financial statement shall be deemed to be current if it is no more than twelve (12) months old. Financial statements may be submitted to the Commissioner at any time in order to maintain a current status. The Commissioner may require, upon request, a more current statement than the last statement submitted by the licensee.
Added by Laws 1961, p. 428, § 10. Amended by Laws 1988, c. 216, § 7, eff. Nov. 1, 1988; Laws 1998, c. 74, § 2, eff. Nov. 1, 1998; Laws 1999, c. 27, § 11, eff. Nov. 1, 1999.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2111. Semi-annual reports.

Unless a licensee shall have on file in the office of the Commissioner a bond in the maximum amount required under Section 2108 of this title, or shall have deposited securities equal to such amount as provided in subsection (b) of Section 2109 of this title, such licensee shall on or before the first day of September and the first day of March each year file a report with the Commissioner for the preceding one-half (1/2) calendar year. Such report shall, if the Commissioner requests, list the name and address of each agent, subagent or representative authorized by the licensee, as of the close of business on the last day of the one-half (1/2) calendar year preceding such report, to engage in the sale of checks of which the licensee is the issuer. The Commissioner may require that such report include the dollar amount of checks sold by the licensee in this state during the preceding one-half (1/2) calendar year or the average amount of outstanding liabilities of such licensee from business for which the licensee is licensed hereunder or both amounts. The report shall be subscribed and sworn to by the licensee or an officer of the licensee. No reports shall be required pursuant to this section unless specifically requested by the Commissioner.
Added by Laws 1961, p. 428, § 11. Amended by Laws 1988, c. 216, § 8, eff. Nov. 1, 1988; Laws 1999, c. 27, § 12, eff. July 1, 1999.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2112. Books, accounts and records - Current financial statements.

Each licensee shall keep such books, accounts and records as will enable the Commissioner to determine the proper amount of the bond and license fee to be required of such licensee. Each licensee who does not maintain in force a bond in the maximum amount required by Section 2108 of this title or keep on deposit securities equal to such amount as provided in subsection (b) of Section 2109 of this title shall submit to the Commissioner on a monthly basis a report which shall include a statement of the gross sales of money orders from the previous month.
Added by Laws 1961, p. 429, § 12. Amended by Laws 1988, c. 216, § 9, eff. Nov. 1, 1988; Laws 1999, c. 27, § 13, eff. July 1, 1999.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2113. Examination of books and records - Audits.

A. The State Banking Commissioner may examine the books and records of each licensee as often as the Commissioner deems advisable for the purpose of determining the amount of the bond to be filed and the amount of the license fee to be paid by such licensee and to determine whether the licensee is in compliance with all applicable requirements of law. For that purpose, the Commissioner shall have free access to the offices and places of business and to such records of such licensee that relate to the business for which the licensee is licensed under Section 2101 et seq. of this title.
B. There shall be paid to the Commissioner for an examination or audit review a fee of Seventy-five Dollars ($75.00) per hour for each representative of the Commissioner required to conduct the examination or audit review plus travel expenses as provided by subsection B of Section 201.1 of this title for each of the examining personnel.
C. In lieu of any examination which the Commissioner shall be authorized to make hereunder, the Commissioner may accept the audit of a licensed public accountant holding a permit to practice in this state or a certified public accountant, provided that:
1. The costs of such audit shall be borne by the licensee;
2. The scope of such audit shall be at least equal to the scope of the examination required by the Commissioner;
3. The Commissioner shall have received prior notice in writing that the licensee is having the audit prepared in lieu of examination by the Commissioner; and
4. The Commissioner shall have given prior approval of the licensed public accountant holding a permit to practice in this state or the certified public accountant making the audit.
If the Commissioner accepts an audit in lieu of the examination of the Commissioner, the Commissioner may review such audit and may charge to the licensee fees for such review at the rate prescribed in subsection B of this section.
D. The Commissioner may contract with qualified licensed auditors to conduct any examinations authorized under this section.
E. All license, examination, audit review, and investigation fees herein provided for shall be deposited in the Oklahoma State Banking Department revolving fund pursuant to Section 211.1 of this title.
Added by Laws 1961, p. 429, § 13. Amended by Laws 1988, c. 216, § 10, eff. Nov. 1, 1988; Laws 1993, c. 183, § 28, eff. July 1, 1993; Laws 1995, c. 36, § 23, eff. July 1, 1995; Laws 1999, c. 27, § 14, eff. July 1, 1999; Laws 2000, c. 205, § 27, emerg. eff. May 17, 2000; Laws 2005, c. 48, § 22, eff. Nov. 1, 2005.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2114. Investigation upon noncompliance with act.

When the Commissioner shall have reasonable cause to believe that the provisions of this act are not being complied with by any licensee the Commissioner shall investigate the business, including the books and records of any such licensee, and may require the licensee to furnish such additional reports relating to his said business as the Commissioner may require to effectuate the provisions of this act.
Added by Laws 1961, p. 429, § 14.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2115. Conduct of business - Location - Agents - Conditions.

Each licensee may conduct his business at such locations within this state and through or by means of such employees, agents, subagents or representatives as he may from time to time designate and appoint, so long as the Commissioner has been notified timely of each location, appropriate licensing fees have been paid, and the bonding requirement has been met.
Added by Laws 1961, p. 429, § 15. Amended by Laws 1988, c. 216, § 11, eff. Nov. 1, 1988.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2116. Revocation of license - Hearing - Grounds.

(a) The Commissioner may, upon ten (10) days' notice to the licensee, stating the contemplated action and in general the grounds therefor, hold a hearing at which the licensee shall have a reasonable opportunity to be heard, for the purpose of determining whether a license should be revoked, for failure of the licensee to comply with the provisions of this act and the regulations hereunder. After such hearing the Commissioner may revoke any license issued hereunder if he finds that:
1. The licensee has failed to pay the annual license fee or to maintain the bond or the deposit or securities required by this act; or
2. The licensee has failed to comply with any order, decision or finding of the Commissioner made pursuant to this act; or
3. The licensee has violated any provision of this act; or
4. Any fact or condition exists which, if it had existed at the time of the original application for a license, would have warranted the Commissioner in refusing its issuance.
(b) A licensee may surrender any license by delivering to the Commissioner written notice that he surrenders such license, but such surrender shall not affect such licensee's civil or criminal liability on any bond, or entitle such licensee to a return of any part of any license fee.
Added by Laws 1961, p. 429, § 16.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2117. Power of subpoena - Designation of hearing officer.

(a) For the purposes of this act, the Commissioner or the hearing officer as hereinafter provided has power to require by subpoena the attendance and testimony of witnesses, and the production of all documentary evidence relating to any matter under hearing pursuant to this act, and shall issue such subpoenas at the request of an interested party. The hearing officer may sign subpoenas in the name of the Commissioner.
(b) The Commissioner may, in his discretion, direct that any hearing pursuant to this act shall be held before a competent and qualified agent of the Commissioner, whom the Commissioner shall designate as the hearing officer in such matter. The Commissioner and the hearing officer are hereby empowered to, and shall, administer oaths and affirmations to all witnesses appearing before them. The hearing officer, upon the conclusion of the hearing before him, shall certify the evidence to the Commissioner.
(c) Any district court of this state, within the jurisdiction of which such hearing is carried on, may, in case of contumacy, or refusal of a witness to obey a subpoena, issue an order requiring such witness to appear before the Commissioner, or the hearing officer, or to produce documentary evidence, or to give testimony touching the matter in question, and the willful refusal and failure of any such witness to obey such order of the court shall constitute contempt of court.
Added by Laws 1961, p. 430, § 17.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2119. Giving of notice.

Except as otherwise provided in this act, whenever the Commissioner is required to give notice to any applicant or licensee, such requirement shall be complied with if, within the time fixed herein, such notice shall be enclosed in an envelope plainly addressed to such applicant or licensee, at the address set forth in the application or license, United States postage fully prepaid, and deposited registered or certified in the United States mail.
Added by Laws 1961, p. 430, § 19.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2121. Penalties.

Any person who violates any provision of this act or any provision of the rules and regulations of the Commissioner is guilty of a misdemeanor, and upon conviction shall be punished by a fine of not less than the sum of One Hundred Dollars ($100.00) for each day of violation.
Added by Laws 1961, p. 430, § 21. Amended by Laws 1988, c. 216, § 12, eff. Nov. 1, 1988.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-2123. Proceeds of sales of checks by agents - Exemption from attachment, levy of execution, or sequestration - Assignment to Commissioner.

(a) All funds collected or received from the sale of checks by an agent shall be impressed with a trust in favor of such licensee in an amount equal to the amount of the proceeds due the licensee and shall not be commingled with other funds of the agent.
(b) No proceeds received by any agent or agents of a licensee from the sale of any check issued by such licensee, while held by the agent, nor any property impressed with a trust pursuant to this section shall be subject to attachment, levy of execution, or sequestration by order of any court, except for the benefit of the licensee. In the event that a licensee's license is revoked by the Commissioner, all sales proceeds then held in trust by agents of the licensee shall be deemed to have been assigned to the Commissioner.
Added by Laws 1988, c. 216, § 13, eff. Nov. 1, 1988.