reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 1 - Administrative Operations › Subchapter 3 - Procedural Rules › Section 180:1-3-16 - Complaint procedure

Current through Vol. 41, No. 20, July 1, 2024
(a) The primary purpose of the complaint procedure is to assist consumers in obtaining a formal response from an institution or company under the jurisdiction of the Department (the respondent). If the undisputed facts indicate that a respondent has violated state or federal law with respect to the complaining party, the Commissioner may notify both the complaining party and the respondent and recommend a resolution to the complaint. The Commissioner may take other action against the respondent if the activity or violation identified in the complaint, and verified by the Commissioner, indicates a threat to the safety and soundness of the respondent or a violation of law enforced by the Department.
(b) All complaints shall be on a form prescribed by the Commissioner. All complaints shall be answered by the Commissioner or the Commissioner's designee, without proceedings before the Board.
(c) Unless determined by the Commissioner to be frivolous or not including facts that may entitle the complaining party to relief under applicable law, the Commissioner shall forward each complaint to the respondent named in the complaint. The respondent shall have 20 days to respond in writing to the complaint, unless such time is extended by the Commissioner for good cause.
(d) The Commissioner shall not have jurisdiction to decide questions of fact raised by the parties to a complaint nor shall the Commissioner have authority to enforce, interpret, or avoid the provisions of a contract between the parties to a complaint. However, the Commissioner may inform the complaining party and respondent that a contract provision is contrary to established law. (e) Although a complaint may include a request for relief against a named respondent, a complaint will not result in adversary or other proceedings as described in these rules. Decisions of the Commissioner with respect to complaints shall be final as to the administrative process and no appeal or other proceedings shall be held before the Commissioner or Board with respect to complaints. Provided, however, decisions of the Commissioner shall not preclude, endorse, or otherwise affect the rights of any person to pursue civil relief in a court of competent jurisdiction with respect to the issues presented in a complaint.
Amended at 26 Ok Reg 1407, eff 6-11-09
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 1 - Administrative Operations › Subchapter 3 - Procedural Rules › Section 180:1-3-17 - Petitions for rulemaking

Current through Vol. 41, No. 20, July 1, 2024
(a) Any interested person may file a petition requesting the promulgation, amendment, or repeal of a rule in this title. The petition shall:
(1) be in writing;
(2) refer to the statutory section that authorizes the rulemaking action requested;
(3) refer to the need for the rulemaking action requested, including the consequences of not approving the rulemaking action requested;
(4) state the exact language for the rulemaking action requested;
(5) state the purpose of the rule sought;
(6) state a fact situation to which the rule sought will apply; and
(7) list the name and address of the person requesting the rule.
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 1 - Administrative Operations › Subchapter 3 - Procedural Rules › Section 180:1-3-18 - Declaratory rulings

Current through Vol. 41, No. 20, July 1, 2024
(a) Any interested person may file a petition for a declaratory ruling as to the applicability of any rule or order of the Department. An official ruling will only be given if it is shown that an actual case, controversy, or issue is in contemplation on the fact situation presented and that unreasonable hardship, loss, or delay would result if the matter were not determined in advance.
(b) A petition for a declaratory ruling shall:
(1) be in writing;
(2) refer to the rule or order involved;
(3) state the nature and purpose of the declaratory ruling sought;
(4) state the fact situation with respect to which the declaratory ruling is sought;
(5) provide citations to, and a summary of, authorities (whether controlling or not) relating to the issues presented by the petition; and
(6) list the name and address of the person requesting the ruling.
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 1 - Department and Board Requirements › Section 180:10-1-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
This Chapter sets forth the supervisory and regulatory requirements, procedures and standards for a variety of credit union activities, powers and issues, as well as defining and clarifying various terms and provisions of the Act. This Chapter also provides specific and general guidance for the general administration of the Act and in appropriate places, grants or clarifies credit union powers, privileges and duties.
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 1 - Department and Board Requirements › Section 180:10-1-3 - Description of forms and instructions

Current through Vol. 41, No. 20, July 1, 2024
(a) The Department may develop forms for use by credit unions in conducting various activities and requirements and may accept, in lieu of its own forms, forms prescribed by the NCUA relating to the same or similar subject matter. Included among the forms that the Department may develop are the following:
(1) The form of an application to engage in business as a credit union ;
(2) The form of bylaws that may be used by a credit union ;
(3) The form of an oath to be administered and signed by all directors of each state credit union on an annual basis;
(4) The form to be used by a group to request affiliation with a credit union;
(5) The form on which a report of condition must be made; and
(6) The form for annual listing of select groups within a credit union field of membership at the end of each fiscal year;
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 1 - Department and Board Requirements › Section 180:10-1-4 - Change in name

Current through Vol. 41, No. 20, July 1, 2024
(a) A credit union desiring to change its name shall furnish the following to the Commissioner:
(1) a resolution by the board of directors approving the new name, which resolution appears in the minutes of their meeting; and
(2) proposed amended corporate documents evidencing the new name;
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 1 - Department and Board Requirements › Section 180:10-1-5 - Bond requirements; schedule

Current through Vol. 41, No. 20, July 1, 2024
(a) The following schedule shall be deemed as the minimum amount fixed by the Board for the bond provided in Title 6 O.S. Section 2010(B).
(1) Assets of $0 through $10,000; Minimum coverage equal to amount of assets.
(2) Assets of $10,001 through $4,000,000; Minimum coverage equal to the lesser of total assets or $250,000.
(3) Assets of $4,000,001 through $50,000,000; Minimum coverage equal to $100,000 plus $50,000 for each million or fraction thereof over $4,000,000.
(4) Assets of $50,000,001 through $500,000,000; Minimum coverage equal to $2,550,000 plus $10,000 for each million or fraction thereof over $50,000,000, to a maximum of $5,000,000.
(5) Assets over $500,000,000; Minimum coverage equal to one percent (1%) of assets, rounded to the nearest one hundred million, to a maximum of $9,000,000.
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 1 - Department and Board Requirements › Section 180:10-1-6 - Approved auditors

Current through Vol. 41, No. 20, July 1, 2024
(a) The supervisory committee may employ any licensed public accountant or certified public accountant authorized to practice in Oklahoma.
(b) The supervisory committee may employ any auditor listed in the office of the Commissioner on the official approved list of auditors, which list may be changed from time to time by the Board.
(c) Each auditor, other than licensed public accountants or certified public accountants authorized to practice in Oklahoma, seeking approval, shall make application on a form prescribed by the Commissioner, prior to their approval, and indicate thereon their qualifications. Their approval shall be at the sole discretion of the Board. Upon its own motion, the Board may remove any previously approved auditor. The Board shall review the list of approved auditors no less than once per calendar year.
Amended at 26 Ok Reg 1413, eff 6-11-09
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 1 - Department and Board Requirements › Section 180:10-1-7 - Bylaw amendments

Current through Vol. 41, No. 20, July 1, 2024
(a) Requests for approval of amendments to a credit union's bylaws must be submitted in writing at least two (2) weeks in advance of the Board's regularly scheduled meeting.
(b) The form of the amendment for which approval is requested should be as follows:
(1) For each amendment, the provisions as currently contained in the bylaws should be typed in their present form.
(2) These should then be lightly crossed out and immediately below should be the requested bylaw language change.
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 1 - Department and Board Requirements › Section 180:10-1-9 - Copies of State Credit Union Board agendas; fee [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Revoked at 18 Ok Reg 1105, eff 5-11-01
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 1 - Department and Board Requirements › Section 180:10-1-10 - Members/Eligibility [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Revoked at 18 Ok Reg 1105, eff 5-11-01
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 1 - Department and Board Requirements › Section 180:10-1-11 - Records and retention

Current through Vol. 41, No. 20, July 1, 2024
(a) When any law of the state of Oklahoma or federal law requires the retention of a specific record or a specific class, type or category of records for a certain period of time, a credit union shall retain its records falling within such class, type or category for the time period required by such law. If no Oklahoma state law or federal law prescribes a retention period for a specific record or a specific class, type or category of records, a credit union must retain such records for the period of time that would be necessary to prosecute or defend an action for which such records would be required in the prosecution or defense of the action.
(b) The Commissioner may issue orders from time to time, with the approval of the Board, that require credit unions to retain certain records or a certain class, type or category of records for a period of time that is longer than may be required under subsection (a) of this section.
(c) Any credit union may dispose of any record which has been retained for the prescribed period and shall, after it has disposed of a record, thereafter be under no duty to produce such record in any action or proceeding.
(d) In lieu of retention of the original records, any credit union may cause any, or all, of its records to be photographed and/or stored by electronic imaging or other reliable process or technology that accurately reproduces or forms a durable medium for reproducing the original records. Any such photograph, imaged document, or other reproduction shall have the same force and effect as the original thereof and be admitted in evidence equally with the original.
Added at 10 Ok Reg 4587, eff 9-8-93 (emergency); Added at 11 Ok Reg 4185, eff 7-25-94; Amended at 26 Ok Reg 1413, eff 6-11-09
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 1 - Department and Board Requirements › Section 180:10-1-12 - Reporting changes in executive officers, directors and committee members

Current through Vol. 41, No. 20, July 1, 2024
(a) Every credit union shall report to the Commissioner within 30 days any change for whatever reason in the credit union's executive officers, directors and committee members and as part of such report, shall provide the name, home and business addresses (no P.O. Boxes), current occupation or business and shall indicate whether they have previously or are now serving on the board of or have been employed by a federally insured or state chartered financial institution and if so, shall identify by name and location (city and state) each such institution.
(b) In the event a notice of change is to be submitted to the NCUA pursuant to the requirements of the Federal Credit Union Act, copies of the same shall at the same time as they are provided to the NCUA, be provided to the Commissioner.
(c) Definitions for the following terms as used in this Section are:
(1) "Committee members" shall mean those members of the committees identified in Title 6 O.S. §
										2010(D) &(E), as members of the credit committee and supervisory committee.
(2) "Executive officers" shall include all board members, the manager of the credit union (whatever his/her title), the secretary, the treasurer, the credit manager, and any other officer in charge of credit union operations.
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 1 - Department and Board Requirements › Section 180:10-1-13 - Prohibition against credit unions employing, electing or appointing certain individuals and Credit Union Board's power to enforce

Current through Vol. 41, No. 20, July 1, 2024
(a) A person may not serve and a credit union may not employ, appoint or elect a person as an officer, director, or committee member of a credit union if after notice and opportunity for hearing before the Board pursuant to the Oklahoma Administrative Procedures Act, the Board determines that he/she:
(1) Has been convicted of or plead guilty to a felony in any state or of a criminal offense involving dishonesty, a breach of trust, or fraud;
(2) As an officer, director, committee member, or employee of any federally insured or state chartered financial institution, has been suspended, removed from service with a federally insured or state chartered financial institution by a federal or state regulatory body or has resigned from such an institution as a result of regulatory or civil proceedings for his/her removal or suspension from such institution;
(3) Is unfit to serve in such a capacity or unfit to participate in the conduct of the affairs of a credit union, as determined by the Board pursuant to Rule 180:10-5-9;
(4) Has failed to obey an order of the Board or Commissioner without legal justification therefor.
(5) Fails to obtain a surety bond for protection of the credit union against his/her fraud or dishonesty as required by the Act.
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 1 - Department and Board Requirements › Section 180:10-1-14 - Assessments

Current through Vol. 41, No. 20, July 1, 2024
The Commissioner shall charge and collect an assessment from each state chartered credit union on each One Thousand Dollars ($1,000.00) of assets, or major fraction thereof, at a rate prescribed by the Board. The assessment shall be based on the total assets of the credit union as of December 31 of each calendar year. Payment of the assessment shall be submitted by each credit union along with a form prescribed by the Commissioner no later than the following February 5 of each calendar year.
Added at 12 Ok Reg 723, eff 1-5-95 through 7-14-95 (emergency); Added at 13 Ok Reg 709, eff 11-28-95 (emergency); Added at 13 Ok Reg 1313, eff 5-13-96; Amended at 18 Ok Reg 1105, eff 5-11-01; Amended at 26 Ok Reg 1413, eff 6-11-09
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 1 - Department and Board Requirements › Section 180:10-1-15 - Fees

Current through Vol. 41, No. 20, July 1, 2024
(a) The following applications shall be accompanied by a payment to the Department in an amount as prescribed below:
(1) Applications for merger or acquisition when the surviving credit union will be a state chartered credit union shall be accompanied by a fee of $1,000 and a copy of the merger agreement or agreement of purchase. The Board may waive the fee when the merger is required at the direction of a state or federal regulatory agency.
(2) Applications for merger or acquisition when the surviving credit union will be a federally chartered credit union shall be accompanied by a fee of $800 and a copy of the merger agreement or agreement of purchase. The Board may waive the fee when the merger is required at the direction of a state or federal regulatory agency.
(3) Applications for conversion from a state chartered credit union to a federally chartered credit union or other form of financial institution shall be accompanied by a fee of $800.
(4) Applications for conversion from a federally chartered credit union to a state chartered credit union shall be accompanied by a fee of $1,000. The applicant shall also pay the costs and fees associated with the special exam of the converting credit union.
(5) Applications for amendment to bylaws shall be accompanied by a fee of $400.
(6) Applications to be heard by the Board to add a select associational group or select employee group shall be accompanied by a fee of $400.
(7) Applications for a change to the credit union's field of membership shall be accompanied by a fee of $800.
(8) Applications for an expansion of the credit union's investment powers shall be accompanied by a fee of $800.
(9) Applications for an increase in the credit union's investment percentage in real estate, buildings, fixtures, furniture, and equipment shall be accompanied by a fee of $800.
(10) Applications for expansion of powers other than those listed in paragraphs (8) and (9) of this subsection shall be accompanied by a fee of $800.
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 1 - Department and Board Requirements › Section 180:10-1-16 - Suspicious activity reports

Current through Vol. 41, No. 20, July 1, 2024
Whenever a credit union submits a suspicious activity report to any federal regulatory authority pursuant to the requirements of the federal Bank Secrecy Act, the credit union must immediately submit a copy of the suspicious activity report to the Department. Provided, if the Department has electronic access to suspicious activity reports after they are submitted to a federal regulatory authority, the credit union need not submit an additional copy to the Department.
Added at 26 Ok Reg 1413, eff 6-11-09
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 1 - Department and Board Requirements › Section 180:10-1-17 - Credit union branches

Current through Vol. 41, No. 20, July 1, 2024
(a) No credit union shall be permitted to establish and operate a branch, or relocate a branch, except upon application to, and approval by, the Commissioner. A credit union's branch must be located on real property owned or leased by the credit union.
(b) A credit union desiring to establish or relocate a branch shall submit to the Commissioner the original and one copy of an application on a form prescribed by the Commissioner. The application shall be executed by the applicant's managing officer. An application fee of $400 must accompany each application.
(c) The Commissioner may request additional information from the applicant and conduct such investigation as is considered appropriate.
(d) If the Commissioner determines that the application should not be approved, the applicant may appeal the Commissioner's decision to the Board. In lieu of making the initial decision, the Commissioner shall have the absolute discretion to defer ruling on any application thereby allowing such application to be heard before the Board for approval or disapproval.
Added at 26 Ok Reg 1413, eff 6-11-09
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 3 - New Credit Unions, Mergers, Conversions and Field of Membership › Section 180:10-3-1 - New credit union; organization

Current through Vol. 41, No. 20, July 1, 2024
(a) A credit union shall only be permitted to engage in business upon approval by the Board. The request to establish a credit union shall be set forth in an application form and filed with the Commissioner. The form of such application shall be prescribed by the Commissioner.
(b) The application shall contain the following information:
(1) Name of the proposed credit union;
(2) Statement of purpose;
(3) Place of business;
(4) Declaration of field of membership, which shall be single common bond, multiple common bond, or community ;
(5) Term of existence, which shall be perpetual;
(6) Number of directors;
(7) Par value of shares;
(8) Capital stock;
(9) List of proposed directors, their addresses, and biographical information; and
(10) Such other information as may from time to time be required by the Commissioner or the Board.
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 3 - New Credit Unions, Mergers, Conversions and Field of Membership › Section 180:10-3-4 - Declaration of field of membership

Current through Vol. 41, No. 20, July 1, 2024
(a) Each credit union must include in its bylaws a declaration regarding its field of membership, which shall be limited to one of the following categories:
(1) single common bond;
(2) multiple common bond; or
(3) community credit union.
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 3 - New Credit Unions, Mergers, Conversions and Field of Membership › Section 180:10-3-5 - Community field of membership

Current through Vol. 41, No. 20, July 1, 2024
(a) The Board must approve the field of membership of a community credit union. If an existing credit union desires to become a community credit union, the credit union must file with the Board a request for amendment to its bylaws and an application for community field of membership. The bylaw amendment must include a declaration that the credit union is a community credit union and designate the community which the credit union desires as its field of membership. The credit union's designated community must comply with subsection (b) of this section.
(b) A community credit union's field of membership may include individuals who reside, work, worship, or attend school in a designated community, which shall be limited to one of the following:
(1) a single Oklahoma Metropolitan Statistical Area;
(2) a political subdivision; or
(3) a non-standard community.
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 3 - New Credit Unions, Mergers, Conversions and Field of Membership › Section 180:10-3-6 - Multiple common bond field of membership

Current through Vol. 41, No. 20, July 1, 2024
(a) A credit union must obtain Board approval of select employee group and select associational group additions to the field of membership of a multiple common bond credit union, except when the credit union has a composite CAMEL rating of 1 or 2 as of the credit union's last examination and seeks to add a group whose potential primary members do not exceed 500 or 10% of the credit union's existing membership, whichever is less.
(b) If Board approval of a select associational group or select employee group is required, the credit union must submit to the Board an application that must contain:
(1) the name and address of the credit union;
(2) the name and address of the proposed group;
(3) if an associational group, a copy of the association's organizational certificate, bylaws, or other equivalent organizational documentation;
(4) the number of potential primary members;
(5) the distance of the group from the nearest credit union service facility and the address of the facility;
(6) the primary method by which the credit union anticipates serving the group (for example, through a branch, ATM, internet,
etc.
)
(7) information regarding overlaps with other credit unions;
(8) a letter from a representative of the proposed group which requests membership with the credit union and explains;
(A) whether the group has available to it another credit union's services;
(B) the number of persons in the group and the group's address; and
(C) the group's proximity to the credit union's nearest service facility; and
(9) such other information as the Board or Commissioner shall request from the applicant.
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 3 - New Credit Unions, Mergers, Conversions and Field of Membership › Section 180:10-3-7 - Single common bond field of membership

Current through Vol. 41, No. 20, July 1, 2024
(a) A credit union must obtain Board approval of select employee group and select associational group additions to the field of membership of a single common bond credit union, except when the credit union has a composite CAMEL rating of 1 or 2 as of the credit union's last examination and seeks to add a group whose potential primary members do not exceed 500 or 10% of the credit union's existing membership, whichever is less.
(b) If Board approval of a select associational group or select employee group is required, the credit union must submit to the Board an Application for Field of Membership Expansion. Such application must contain:
(1) the name and address of the credit union;
(2) the name and address of the proposed group;
(3) if an associational group, a copy of the association's organizational certificate, bylaws, or other equivalent organizational documentation;
(4) the number of potential primary members;
(5) information regarding overlaps with other credit unions;
(6) a letter from a representative of the proposed group which requests membership with the credit union and explains:
(A) whether the group has available to it another credit union's services;
(B) the number of persons in the group and the group's address; and
(C) how the group shares the occupational or associational common bond; and
(7) such other information as the Board shall request from the applicant.
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 3 - New Credit Unions, Mergers, Conversions and Field of Membership › Section 180:10-3-8 - Field of membership list

Current through Vol. 41, No. 20, July 1, 2024
By January 31 of each year, each single common bond and multiple common bond credit union shall file with the Department a master list of all select associational groups and select employee groups within its field of membership. The Department shall make the master lists available for inspection by other credit unions but the list shall otherwise be confidential and not subject to public inspection.
Added at 18 Ok Reg 1105, eff 5-11-01; Amended at 26 Ok Reg 1413, eff 6-11-09
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 3 - New Credit Unions, Mergers, Conversions and Field of Membership › Section 180:10-3-9 - Field of membership disaffiliation [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 18 Ok Reg 1105, eff 5-11-01; Revoked at 26 Ok Reg 1413, eff 6-11-09
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 5 - Guidelines and Restrictions › Section 180:10-5-1 - Deposits

Current through Vol. 41, No. 20, July 1, 2024
(a) Each holding of property by a credit union for a member on deposit creates a debtor-creditor relationship as provided in the agreement between the credit union and the member. Such agreement is a contractual relationship which may be established by a record authenticated only by the member.
(b) Reasonable fees as determined by the policy of the credit union's board may be charged by a credit union for any account and safe keeping services even if the specific terms of the contract between the credit union and the member are silent with regard to service charges.
(c) On inactive or dormant accounts a credit union may impose a service charge. A credit union may determine by policy when an account is considered "dormant" and such policy may determine an account is dormant even though it may not be considered abandoned or unclaimed under applicable law.
(d) Interest on a deposit may or may not be paid on a dormant account as determined by the policy of the credit union's board even if the specific terms of the contract between the credit union and the customer are silent with regard to interest.
(e) No state government agency, except the Department, shall examine any accounts or safe keeping records of any credit union without fifteen (15) days prior written notification of the scope of such examination to the Commissioner. No charge may be assessed the credit union for any such examination by any such governmental agency and the credit union is entitled to be paid the costs of producing and copying records pursuant to the Oklahoma Financial Privacy Act.
Amended at 26 Ok Reg 1413, eff 6-11-09
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 5 - Guidelines and Restrictions › Section 180:10-5-2 - Dividends and interest paid

Current through Vol. 41, No. 20, July 1, 2024
A state-chartered credit union is hereby expressly authorized and permitted to pay dividends on accounts and interest on deposits at rates determined by the credit union's board of directors . The credit union's board of directors shall consider the following when establishing such rates:
(1) the period to which such rate shall be applicable,
(2) the type(s) of account to which such rate shall be applicable,
(3) whether the available earnings of the credit union are sufficient to pay dividends/interest at the specified rate, provided, however the board of directors may determine that adequate earnings are available through protection thereof, and
(4) whether the payment of dividends/interest at such rate for such period will not impair the credit union's ability to meet such other financial commitments as it may have or to comply with such liquidity or other legal requirements to which it may be subject.
Amended at 26 Ok Reg 1413, eff 6-11-09
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 5 - Guidelines and Restrictions › Section 180:10-5-3 - Investment and deposits

Current through Vol. 41, No. 20, July 1, 2024
(a) Each credit union must obtain and keep in file the most recent financial statement of any depository at which the credit union maintains a deposit in excess of the insured limit. It is the responsibility of the credit union to review said financial statement before making a deposit which would include uninsured funds.
(b) No national or state bank or trust company shall be approved as a depository for a given credit union if that credit union's deposit in that bank or trust company exceeds twenty percent (20%) of the bank or trust company's capital, surplus, and undivided profits (exclusive of their reserves and debentures).
(c) No savings association shall be approved as a depository for a given credit union if that credit union's deposit in that savings association exceeds twenty percent (20%) of the savings association's net worth.
(d) No bank, trust company, savings association, or credit union, will be approved as a depository unless its deposits or shares are insured by an agency of the federal government.
Amended at 26 Ok Reg 1413, eff 6-11-09
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 5 - Guidelines and Restrictions › Section 180:10-5-4 - Rental or purchase of property

Current through Vol. 41, No. 20, July 1, 2024
A state-chartered credit union shall have the authority to rent or purchase property necessary or incidental to its operations. A credit union may plan for future growth by acquiring additional space if it has valid projections for its need for the additional space within a reasonable time. A credit union may not purchase property only for the purpose of renting the same, except that it may rent the extra space it reasonably expects to use for expanded credit union service from the time of acquisition until the space is actually needed by the credit union. A credit union does not have authority to purchase property with the expectation to make a profit from rental activity or resale.
Amended at 26 Ok Reg 1413, eff 6-11-09
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 5 - Guidelines and Restrictions › Section 180:10-5-5 - Share drafts, checking accounts or other instruments and accounts

Current through Vol. 41, No. 20, July 1, 2024
Credit unions are expressly authorized to offer any instruments and accounts authorized by the Act and to offer such other instruments and accounts as shall be approved by the NCUA for federally chartered credit unions.
Amended at 26 Ok Reg 1413, eff 6-11-09
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 5 - Guidelines and Restrictions › Section 180:10-5-6 - Issuance of accounts [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Revoked at 26 Ok Reg 1413, eff 6-11-09
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 5 - Guidelines and Restrictions › Section 180:10-5-7 - Adjustable rate mortgage loans and variable rate loans

Current through Vol. 41, No. 20, July 1, 2024
(a)
Authorization.
State-chartered credit unions are authorized to make adjustable rate mortgage loans and variable rate loans to members.
(b)
Index.
The choice of an index and adjustments to the interest rate shall be in accordance with the provisions of the Uniform Consumer Credit Code and rules and regulations promulgated pursuant thereto.
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 5 - Guidelines and Restrictions › Section 180:10-5-8 - Safe deposit boxes

Current through Vol. 41, No. 20, July 1, 2024
Each credit union that provides safe deposit box services for its members shall:
(1) Maintain a record as to the lessee(s) of each box rented.
(2) Maintain a record as to the person or persons permitted to enter the box.
(3) Maintain a record with minimum data consisting of names of entries into the box and dates of entry.
(4) Establish other precautionary procedures as may be deemed advisable by the institution's board of directors to insure adequate safety to the lessees with a minimum of liability on the credit union.
Amended at 26 Ok Reg 1413, eff 6-11-09
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 5 - Guidelines and Restrictions › Section 180:10-5-9 - Prohibited acts and practices

Current through Vol. 41, No. 20, July 1, 2024
The following is a list of acts which, if after notice and opportunity for hearing before the Board, pursuant to the Administrative Procedures Act, the Board determines that one or more such acts were committed by a credit union officer, employee, agent, director, or committee member, shall constitute acts rendering the individual unfit to participate in the conduct of the affairs of any credit union:
(1) To knowingly receive or possess any property of a credit union otherwise than in payment of a just demand or otherwise than as authorized by such credit union, and, with intent to deceive or defraud, to omit to make or cause an omission of a full and true entry thereof in its books and accounts, or concur in omitting to make any material entry thereof;
(2) To embezzle, abstract, or knowingly misapply any money, property, or thing of value of the credit union, with the intent to deceive or defraud the credit union;
(3) To knowingly make any false entry in any book, report, or statement of such credit union, or with the intent to deceive the Commissioner, any other regulatory agency, any auditor or any authorized representative appointed to examine the affairs of such credit union;
(4) To commit any unsafe or unsound practice which causes loss to a credit union or exposes the credit union to potential loss, which loss or potential loss threatens the safety and soundness of the credit union;
(5) To refuse or willfully fail to deliver or disclose to the Commissioner, his employees or appointed representative any examination report, report of condition, report of income and expenses, internal audit, account, statement, or document known by him to be fraudulent or false as to any material matter;
(6) To execute, or attempt to execute, any scheme or artifice to defraud a credit union to obtain credit, money, assets, securities, or other property owned by, or under the custody or control of a credit union;
(7) To willfully deny access to, or to fail to provide upon written request, information or documents required by the laws of Oklahoma or of the United States of America, to the Commissioner or his appointed representative.
(8) To engage in a pattern of conduct which constitutes a breach of the particular person's fiduciary duty to the credit union or credit union members.
(9) Any other act which after notice and hearing before the Board, is determined by the Board to have jeopardized the safety or soundness of the credit union.
Added at 11 Ok Reg 4185, eff 7-25-94; Amended at 26 Ok Reg 1413, eff 6-11-09
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 7 - Credit Union Administrator [Revoked] › Section 180:10-7-1 - Assessments [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 9 Ok Reg 1223, eff 2-12-92 (emergency); Added at 9 Ok Reg 2353, eff 6-25-92; Revoked at 13 Ok Reg 3279, eff 7-25-96
Oklahoma Administrative Code › Title 180 - Oklahoma State Credit Union Board › Chapter 10 - Supervision, Regulation and Administration › Subchapter 7 - Credit Union Administrator [Revoked] › Section 180:10-7-2 - Suspension of Officers, Directors and Committee Members by Credit Union Administrator [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 9 Ok Reg 1225, eff 2-12-92 (emergency); Added at 9 Ok Reg 2353, eff 6-25-92; Revoked at 13 Ok Reg 3279, eff 7-25-96
Oklahoma Administrative Code › Title 185 - Crime Victims Compensation Board › Chapter 1 - Administrative Operations › Section 185:1-1-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The rules of this Chapter have been adopted for the purpose of complying with the provisions of the Administrative Procedures Act, 75 O. S. 250 et seq. This Chapter was adopted in order for crime victims to be aware of their rights when filing a claim with the Oklahoma Crime Victims Compensation Board, hereinafter referred to as the Board.
Oklahoma Administrative Code › Title 185 - Crime Victims Compensation Board › Chapter 1 - Administrative Operations › Section 185:1-1-2 - Official office

Current through Vol. 41, No. 20, July 1, 2024
The official office of the Oklahoma Crime Victims Compensation Board is located in the offices of the Oklahoma District Attorneys Council.
Amended at 11 Ok Reg 1153, eff 2-28-94
Oklahoma Administrative Code › Title 185 - Crime Victims Compensation Board › Chapter 1 - Administrative Operations › Section 185:1-1-3 - Membership and officers of the Board

Current through Vol. 41, No. 20, July 1, 2024
The Board shall consist of three (3) members who shall be appointed by the Governor with the advice and consent of the Senate. The first members appointed were appointed for terms of two (2), three (3) and four (4) years, while members appointed thereafter were and will be appointed to four-year (4-year) terms and until the successor is appointed and qualified. At least one member of the Board shall be licensed to practice law in Oklahoma. The Chairperson of the Board shall be elected by the Board as a whole on an annual basis. The new Chairperson's responsibilities shall begin October 1 of each year. Members of the Board shall receive such compensation, subsistence allowances, mileage and expenses as provided by the State Travel Reimbursement Act.
Amended at 11 Ok Reg 1153, eff 2-28-94; Amended at 19 Ok Reg 2640, eff 7-25-02
Oklahoma Administrative Code › Title 185 - Crime Victims Compensation Board › Chapter 1 - Administrative Operations › Section 185:1-1-5 - Meetings of the Board

Current through Vol. 41, No. 20, July 1, 2024
(a) The Board shall meet in compliance with the Open Meeting Act.
(b) The Chairperson shall serve as presiding officer at all official meetings of the Board. In the absence of the Chairperson, the remaining Board members present at the meeting may designate a presiding officer for that meeting.
(c) The Chairperson shall have the authority to vote on all matters coming before the Board.
(d) A quorum shall consist of two (2) members.
(e) In the event of a tie vote when only two members of the Board are conducting business, the matter or matters shall be continued to the next meeting.
(f) The order of business at any meeting of the Board shall follow the agenda prepared in advance of the meeting. Such other matters may be brought before the Board as shall be requested by any member in writing and presented to the Chairperson.
(g) Proxies to vote shall not be permitted at the Board meetings.
(h) The Administrator of the Board shall keep the Board apprised of all relevant matters and shall seek its advice as deemed necessary.
(i) Roberts Rules of Order, Revised, shall govern all meetings of the Board.
Amended at 11 Ok Reg 1153, eff 2-28-94
Oklahoma Administrative Code › Title 185 - Crime Victims Compensation Board › Chapter 1 - Administrative Operations › Section 185:1-1-6 - Board staff

Current through Vol. 41, No. 20, July 1, 2024
The Board shall be provided such office, support, staff and secretarial services as necessary by the District Attorneys Council.
Amended at 11 Ok Reg 1153, eff 2-28-94
Oklahoma Administrative Code › Title 185 - Crime Victims Compensation Board › Chapter 1 - Administrative Operations › Section 185:1-1-8 - Opportunity to appear before the Board

Current through Vol. 41, No. 20, July 1, 2024
(a) Pursuant to Title 21 O.S. 1981 Supp. Secs. 142.1 through 142.18 of the Oklahoma Statutes, any claimant may be represented by licensed counsel, or may represent him/herself before the Board, for any claim of $10,000.00 or more, under the following circumstances:
(1) at the discretion of the claimant to provide support for a claim filed with the Board for compensation; or,
(2) at the request of the Board to provide testimony relative to a claim filed for compensation.
Oklahoma Administrative Code › Title 185 - Crime Victims Compensation Board › Chapter 1 - Administrative Operations › Section 185:1-1-9 - Order to appear before the Board

Current through Vol. 41, No. 20, July 1, 2024
(a) If the Board wishes to have any person appear personally before it, and/or furnish records or other evidence, the Board will comply with the following procedure:
(1) Execute a subpoena signed by the Chairperson or Administrator, stating date, time and place of the Board meeting and requested records wherein consideration will be given to the claim filed by the claimant.
(2) Mail the subpoena by certified mail, return receipt requested, ten (10) days in advance of meeting wherein attendance is required or obtain personal service of the subpoena within five (5) days.
(3) Should the person under subpoena be unable to comply with the terms of the subpoena, it shall be the responsibility of that person to so notify the Administrator either by mail or phone at least three (3) days prior to said meeting of the reason of inability to attend or produce records.
(4) It shall then be the responsibility of the Board to either:
(A) continue consideration of the claim to the next regularly scheduled meeting or,
(B) to consider the claim without the appearance of the person or records subpoenaed.
Oklahoma Administrative Code › Title 185 - Crime Victims Compensation Board › Chapter 1 - Administrative Operations › Section 185:1-1-10 - Appearance relative to an appeal

Current through Vol. 41, No. 20, July 1, 2024
If a claimant and/or counsel wish to personally appear before the Board with regard to an appeal of a claim that has been reduced or denied, the claimant must comply with the following procedure:
(1) Follow explicitly the appeals procedure as written in 185:10-1-10.
(2) Once the meeting date is set in a contested case (appeal) and the claimant so notified, the claimant shall have the responsibility of notifying the Administrator in writing at least five (5) days prior to the scheduled meeting if unable to attend and the reason.
(3) If a claimant and/or counsel wish to attend and are unable to do so, the hearing will be rescheduled for another meeting of the Board.
(4) When consideration of a claim has been rescheduled and the claimant and/or counsel is unable to attend such rescheduled meeting, the Board may consider the appeal on the records and any other additional evidence available.
Amended at 11 Ok Reg 1153, eff 2-28-94
Oklahoma Administrative Code › Title 185 - Crime Victims Compensation Board › Chapter 1 - Administrative Operations › Section 185:1-1-11 - Recording, transcribing and transcripts

Current through Vol. 41, No. 20, July 1, 2024
Under all circumstances, the Board proceedings will be recorded. If any person requires a transcription of the proceedings, they shall comply with the following procedures:
(1) Notify the Administrator, in writing, within thirty (30) calendar days after the hearing for which transcription is requested.
(2) In the case of an appeal, state in the letter of appeal to the Board that a record or transcript is requested. The number of transcripts requested and to whom they should be mailed should also be stated.
(3) The responsibility for payment for transcribing and transcript copies is that of the requesting individual unless otherwise so ordered by the Board.
(4) The cost for such transcribing and transcript copies shall be determined by the Board.
Amended at 11 Ok Reg 1153, eff 2-28-94; Amended at 19 Ok Reg 2640, eff 7-25-02