reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 3 - Departmental Requirements › Section 85:10-3-10 - Increase/decrease in capital stock

Current through Vol. 41, No. 20, July 1, 2024
(a) In addition to those procedures and requirements specified in Section 405 of the Code, the following procedures shall be followed in connection with an increase or decrease of capital stock.
(b) Pursuant to the voting of the stockholders to increase or decrease the capital stock, the bank or trust company shall advise the Commissioner of the amount of increase or decrease, and by what means, as follows:
(1) The bank or trust company shall complete and return to the Commissioner's office a certificate in a form prescribed by the Commissioner, together with two (2) certified copies of the resolution adopted by a majority of the stockholders and approved by the board of directors, which resolution appears in the minutes of their meetings, in connection with the increase or decrease in capital.
(2) Within 30 days of receiving the properly executed documents from the bank or trust company, the Commissioner shall notify the bank or trust company of his approval or disapproval. The Commissioner may extend the 30-day period called for by this paragraph upon notice to the applicant. If approved, the bank or trust company shall file the amended certificate of incorporation with the Secretary of State, after which it will return a certified copy to the Commissioner, and if a bank, the required number of certified copies to the bank's primary federal regulator.
(3) The increase or decrease shall not be effective until the Commissioner has approved the documents and the Secretary of State has filed the amended certificate of incorporation.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 3 - Departmental Requirements › Section 85:10-3-11 - Change in number or par value of shares

Current through Vol. 41, No. 20, July 1, 2024
In addition to those procedures and requirements specified in
				  Section 406(C) of the Oklahoma Banking Code, the following requirements must be
				  met in connection with a change in the number and par value of shares:
(1) The bank or trust company shall advise
				the Commissioner, setting forth the desired change in the number of shares or
				the par value of shares.
(2) The
				bank or trust company shall complete and return to the Commissioner's office a
				certificate in a form prescribed by the Commissioner, together with the two (2)
				certified copies of the resolution adopted by a majority of the stockholders
				and approved by the board of directors, which resolution appears in the minutes
				of their meetings, in connection with the change in number or par value of
				shares.
(3) The bank shall also
				submit a copy of its proposed amended certificate of incorporation accompanied
				by a fee as set forth in
				85:10-3-21 for
				approving the documents.
(4) Within
				30 days of receiving the properly executed documents from the bank or trust
				company, the Commissioner shall notify the bank or trust company of his
				approval or disapproval. The Commissioner may extend the 30-day period called
				for by this paragraph upon notice to the applicant. If approved, the bank or
				trust company shall file the documents with the Secretary of State, after which
				it will return a certified copy to the Commissioner, and if a bank, the
				required number of certified copies to the bank's primary federal
				regulator.
(5) The increase or
				decrease shall not be effective until the Commissioner has approved the
				documents and the Secretary of State has filed the amended certificate of
				incorporation.
Amended at 10 Ok Reg
				  1969, eff 5-27-93; Amended at 14 Ok Reg 3559, eff 8-1-97 (emergency); Amended
				  at 15 Ok Reg 2952, eff 7-15-98; Amended at 25 Ok Reg 1064, eff
				  5-25-08
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 3 - Departmental Requirements › Section 85:10-3-12 - Change in name - procedures and requirements

Current through Vol. 41, No. 20, July 1, 2024
(a) A bank or trust company desiring to change its name shall furnish the following to the Commissioner:
(1) evidence of an affirmative majority vote of the outstanding voting stock approving the new name;
(2) a resolution by the board of directors approving the new name, which resolution appears in the minutes of their meeting;
(3) proposed amended corporate documents evidencing the new name.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 3 - Departmental Requirements › Section 85:10-3-13 - Relocation of a trust company or a main office, branch or detached facility of a bank [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Amended at 10 Ok Reg
				  1969, eff 5-27-93; Revoked at 14 Ok Reg 3559, eff 8-1-97 (emergency); Revoked
				  at 15 Ok Reg 2952, eff 7-15-98
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 3 - Departmental Requirements › Section 85:10-3-14 - Applying for trust powers

Current through Vol. 41, No. 20, July 1, 2024
In addition to those procedures and requirements specified in
				  Section 407 of the Code, the following procedures shall be followed in
				  connection with applying for trust powers:
(1) The application for a bank to receive
				approval to exercise trust powers under Section 407 of the Code shall be upon
				the form prescribed by the Commissioner, and accompanied by the fee prescribed
				in rule
				85:10-3-21.
(2) No application shall be approved except
				those conditioned upon subsequent approval of the appropriate federal
				regulatory agency.
(3) All
				applications shall be approved upon the condition that the applicant bank
				activate its trust department within six (6) months of federal regulatory
				approval. In this regard, activating its trust department shall mean satisfying
				the pledging requirements provided for in Section 1004 of the Code and actually
				offering trust services to the general public.
(4) Following approval of its application to
				exercise trust powers by the Commissioner and the appropriate federal
				regulatory agency the bank shall file an amended Certificate of Incorporation
				with the Oklahoma Secretary of State indicating its ability to exercise trust
				powers. The bank shall return a certified copy of the amended certificate of
				incorporation to the Commissioner and send the required number to the bank's
				primary federal regulator.
Amended at 10 Ok Reg
				  1969, eff 5-27-93; Amended at 15 Ok Reg 2952, eff 7-15-98; Amended at 25 Ok Reg
				  1064, eff 5-25-08
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 3 - Departmental Requirements › Section 85:10-3-15 - Abandonment of trust powers

Current through Vol. 41, No. 20, July 1, 2024
In addition to those procedures and requirements specified in
				  Section 406 and Section 1017 of the Code, when a bank or trust company intends
				  to relinquish its ability to exercise trust powers it shall be necessary for
				  the bank to:
(1) Receive approval of
				the appropriate federal regulatory agency.
(2) Cease to use the word(s) "Trust" or
				"Trust Company" in its corporate name, and take the necessary steps to amend
				its corporate name accordingly. Upon filing its amended certificate of
				incorporation, the bank or trust company must return a certified copy to the
				Commissioner and send the required number of copies to the institution's
				primary federal regulator.
Amended at 10 Ok Reg
				  1969, eff 5-27-93; Amended at 25 Ok Reg 1064, eff
				  5-25-08
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 3 - Departmental Requirements › Section 85:10-3-16 - Issuance of debentures or capital notes

Current through Vol. 41, No. 20, July 1, 2024
(a) Section 410 of the Code provides that a bank may issue its convertible or nonconvertible debentures or notes in such amounts and under the terms and conditions as shall be prescribed and approved by the Board. Section 1001 provides that a trust company has the power to issue debentures, notes, or other evidences or debt to the extent of an amount equal to ten (10) times its capital and surplus. Notwithstanding other terms and conditions the Board may require, no approval will be granted unless:
(1) The request for approval is made on the form prescribed by the Commissioner;
(2) The bank shall receive approval of its primary federal regulator;
(3) The amount of the issue shall exceed Twenty-five Thousand Dollars ($25,000.00);
(4) The average maturity of the issue shall be no less than seven (7) years;
(5) The issue by its terms expressly subordinates itself to the prior payment in full of the bank's liability to its depositors; and
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 3 - Departmental Requirements › Section 85:10-3-17 - Merger/conversion - national bank or savings association to a state charter

Current through Vol. 41, No. 20, July 1, 2024
(a) Any merger
				resulting in a state bank shall require the prior approval of the Board. A
				national bank, trust company or savings association shall obtain prior approval
				of the Board to convert to a state bank or trust company charter. A state bank
				or trust company shall give notice to the Department before converting to or
				merging with and into a national bank or savings association.
(b) The Board shall not approve any request
				for conversion into a state bank or trust company until the national bank,
				trust company or savings association has been examined by the Department and
				the findings of the examiner in charge have been presented to the Board. The
				examination shall be considered a special examination as authorized by section
				211 of the Code, and the national bank, trust company or savings association
				shall pay for the examination within 10 days of receipt of the invoice for
				payment. In the event of a merger that will result in a surviving state
				chartered bank, the Commissioner may require, at the Commissioner's discretion,
				a special examination of any merging institution or company.
(c) Upon completion of an examination by the
				Department, only eligible institutions will be considered by the Board for
				conversion to a state bank or trust company charter. An eligible institution is
				a national bank, trust company or savings association that:
(1) Has a composite CAMELS rating of 1 or 2
				based on the Department's examination conducted in connection with the
				conversion application;
(2) Is not
				subject to supervisory action by its primary federal regulator (such as a
				Memorandum of Understanding, Cease and Desist Order, or Formal Written
				Agreement) unless waived by the Commissioner;
(3) Meets the standards and requirements of
				the Board for conversion to a state bank or trust company; and
(4) Meets the requirements of sections 1107
				and 1108 of the Code.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 3 - Departmental Requirements › Section 85:10-3-18 - 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 bank and trust company 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 bank or
				trust company 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 rulings from
				time to time, with the approval of the Board, that require banks and trust
				companies 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.
Amended at 19 Ok Reg
				  1597, eff 6-13-02; Amended at 25 Ok Reg 1064, eff
				  5-25-08
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 3 - Departmental Requirements › Section 85:10-3-19 - Reserve requirements [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Revoked at 25 Ok Reg
				  1064, eff 5-25-08
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 3 - Departmental Requirements › Section 85:10-3-20 - Registration of bank or trust related activities

Current through Vol. 41, No. 20, July 1, 2024
(a)
Definition of "Bank or
				Trust-Related Activities.
The phrase "bank or trust-related activities"
				shall be defined as follows:
(1) With respect
				to activities conducted by banks, bank holding companies or trust companies, or
				any affiliate thereof, domiciled outside the State of Oklahoma, directed to or
				offered to residents of Oklahoma in a public manner, "bank or trust-related
				activities" shall mean:
(A) soliciting or
				receiving deposits;
(B) offering or
				making loans;
(C) issuing
				debentures, certificates or other evidences of debt;
(D) offering transaction accounts;
(E) holding funds or other property in
				trust;
(F) acting in a fiduciary
				capacity;
(G) installation of
				automated teller and/or cash dispensing machines; or
(H) other activities deemed by the Bank
				Commissioner to be bank or trust related.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 3 - Departmental Requirements › Section 85:10-3-21 - Fees

Current through Vol. 41, No. 20, July 1, 2024
(a)
New Charters.
(1)
Application fee for authority to organize.
In accordance with the provisions of Section 303(C) of the Code with respect to applications for authority to organize a state bank or trust company, an application fee in the amount of $7,500.00 shall be submitted with each application for authority to engage in the banking business.
(2)
Application fee for holding company bank charters.
Notwithstanding the fee set forth in paragraph (1) of this subsection, in the case of an Application for Authority to Organize pursuant to Section 502(E) and 502.1 of the Code, an application fee in the amount of $2,000.00 shall be submitted with each application for authority to engage in the banking business.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 3 - Departmental Requirements › Section 85:10-3-22 - Organizational expenses

Current through Vol. 41, No. 20, July 1, 2024
(a) For
				purposes of section 304 of the Code, "organizational expenses" shall include
				the following:
(1) Expenses incurred and
				necessary to present the application for authority to engage in the banking
				business, through and including all appeals. These expenses shall include, but
				are not limited to, the charter filing fee to the Department, attorney's fees,
				feasibility study fees, expenses incurred in order to provide the Board with
				those facts upon which the Board or subsequent courts may base a decision as to
				the feasibility of granting a charter.
(2) Expenses incurred in obtaining membership
				in the Federal Reserve System and/or insurance from the Federal Deposit
				Insurance Corporation.
(3) Expenses
				incurred up to the issuance of a certificate of authority. Upon the issuance of
				the certificate of authority, the application has been concluded and
				subsequently there is in existence a bank, although it may be inoperative and
				not opened at the time. Thereafter such expenses incurred by the bank are not
				organizational expense butexpenses of the bank.
(4) If a certificate of authority is issued
				prior to the actual acceptance of the bank into membership of the Federal
				Reserve System or obtaining insurance from the Federal Deposit Insurance
				Corporation, any expenses which might thereafter be incurred in regard to
				membership in the Federal Reserve System or obtaining insurance from the
				Federal Deposit Insurance Corporation would be organization expenses rather
				than expense of the bank.
(5)
				Amounts paid to future personnel of the bank in organization and fees to
				consultants may be considered organizational expenses when approved in advance
				by the Commissioner.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 3 - Departmental Requirements › Section 85:10-3-23 - Suspicious activity reports

Current through Vol. 41, No. 20, July 1, 2024
Whenever a bank or trust company submits a suspicious
				  activity report to any federal regulatory authority pursuant to the
				  requirements of the federal Bank Secrecy Act, the bank or trust company 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 bank or
				  trust company need not submit an additional copy to the
				  Department.
Amended at 15 Ok Reg
				  2952, eff 7-15-98; Amended at 25 Ok Reg 1064, eff
				  5-25-08
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 5 - Requirements, Standards and Procedures for an Internal Control Program › Section 85:10-5-1 - Internal controls

Current through Vol. 41, No. 20, July 1, 2024
(a) The
				Board of Directors of every state chartered bank and trust company shall adopt
				and reduce to writing, and maintain thereafter, standards and procedures for an
				internal control program, which shall contain as a minimum those standards and
				procedures as outlined in this Subchapter.
(b) The internal control program shall be
				made available to the regulatory authorities for review and also the bank's or
				trust company's bonding company for review.
(c) The board of directors of every state
				chartered bank and trust company shall elect a control officer or auditor
				annually to serve at the pleasure of the board. Such a person shall be charged
				with implementation of the bank's or trust company's internal control program.
				The control officer or auditor, who shall be someone other than the chief
				executive officer, shall report a summary of control activities to the board of
				directors or committee thereof, periodically, as required in rule
				85:10-5-3.
(d) The control officer or auditor may, with
				the approval of the board of directors, outsource the performance of the
				procedure of the internal control program. Outsourcing occurs when the state
				chartered bank or trust company engages an independent public accounting firm
				or other outside professionals as described in rule
				85:10-7-1
				to perform the procedures required by the internal control program.
Amended at 15 Ok Reg
				  2952, eff 7-15-98; Amended at 25 Ok Reg 1064, eff
				  5-25-08
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 5 - Requirements, Standards and Procedures for an Internal Control Program › Section 85:10-5-2 - Internal control program

Current through Vol. 41, No. 20, July 1, 2024
(a) The internal control program set forth in this subchapter must be administered by the control officer or auditor with a record maintained as to the date upon which each recommended procedure was performed and a notation as to any exceptions disclosed.
(b) The control officer or auditor must be accountable directly to the board of directors or committee thereof.
(c) The adoption of a sound internal control program is a primary responsibility of the bank's board of directors. The board cannot delegate this duty. The board shall appoint a control officer or auditor to administer such a program, but the ultimate accountability for the degree of effectiveness with which the program functions is the board's responsibility. Neither supervisory examination nor insurance, or a combination thereof, can take the place of an internal control program.
(d) In order to obtain the maximum protection economically feasible it is necessary that all concerned be continually aware of the fundamental principles with respect to sound internal checks and controls and internal auditing. An objective in any bank or trust company control program is to discourage fraud, not necessarily to discover its existence. A program of safeguards must be implemented to meet this primary objective.
(e) The internal control program should contain the institution's policy for annual examination by the board of directors and, further, should contain a provision for annual review as to adequacy and compliance.
(f) The failure of a bank or trust company to meet the requirements of this subchapter does not by itself establish or diminish any private right of action otherwise available under other state or federal law against a bank or trust company.
(g) Any bank that complies fully with Title 12 Part 363 of the Code of Federal Regulations will be deemed to have complied with the provisions of this subchapter.
Amended at 15 Ok Reg
				  2952, eff 7-15-98; Amended at 25 Ok Reg 1064, eff
				  5-25-08
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 5 - Requirements, Standards and Procedures for an Internal Control Program › Section 85:10-5-3.1 - Internal control program for fiduciary activities of trust departments and trust companies

Current through Vol. 41, No. 20, July 1, 2024
(a) Where applicable, the following items, at a minimum, shall be performed by all trust departments and all trust companies conducting fiduciary activities to assure the maintenance of sufficient internal audits and reviews, approvals and appointments, and board/committee reporting. Documentation must be maintained to show that each item was completed as required.
(b) The following internal audits and reviews must be completed at the frequency specified:
(1) A daily review of master file changes.
(2) A monthly review of overdrafts and uninvested cash balances that exceed a reasonable minimum established by the institution.
(3) A monthly reconcilement of deposit operating accounts and any suspense accounts.
(4) A semi-annual vault and safe deposit box review for all trust assets held on premises.
(5) A quarterly review of trust accounts (a reasonable sample determined by management) for appropriate administration, asset management, documentation, and compliance with governing instruments, laws, internal policies, and sound fiduciary standards.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 5 - Requirements, Standards and Procedures for an Internal Control Program › Section 85:10-5-4 - Reports

Current through Vol. 41, No. 20, July 1, 2024
Bank reports.
Reports which the internal control program shall require to be made monthly, except as otherwise provided, to the bank's board of directors or committee thereof shall consist of, at a minimum, the following:
(1) A report showing the board-approved budget compared to actual income and expenses for the calendar year and the current month with explanations for any significant deviation or change.
(2) A report from the control officer or auditor that the internal minimum control elements have been performed with explanations for any differences, outages or shortages.
(3) A quarterly report detailing board-approved liquidity performance measures and explanations for any significant deviations.
(4) A quarterly report of all criticized and classified loans.
(5) A report of all outstanding loans made to officers, employees and directors and their business interests or affiliates.
(6) Investments purchased or sold since the last report.
(7) A quarterly report detailing the bank's analysis of the Allowance for Loan and Lease Losses or Allowance for Credit Losses.
(8) All charge-offs or other losses the bank has sustained since the last report.
(9) All past due loans. A loan or category of loans shall be considered "past due" according to guidelines that may be established by the board of directors.
(10) All overdrafts.
(11) A report showing the aggregate indebtedness of any single borrower that exceeds 25 percent of the bank's capital and reserves. This report shall be made to the bank's entire board of directors.
Amended at 15 Ok Reg
				  2952, eff 7-15-98; Amended at 19 Ok Reg 1597, eff 6-13-02; Amended at 25 Ok Reg
				  1064, eff 5-25-08
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 5 - Requirements, Standards and Procedures for an Internal Control Program › Section 85:10-5-5 - Review and appointments

Current through Vol. 41, No. 20, July 1, 2024
Review and Appointments of the following items shall be made
				  by the board of directors at least annually.
(1) A review and approval of the internal
				control audit program, lending policy and asset/liability management policy and
				their implementation for the previous year.
(2) A review and approval of the
				institution's blanket bond and all other insurance coverages.
(3) Elect officers and appoint committees for
				the coming year as designated by the bylaws.
(4) Designate the officers and/or employees
				with authority to sign official checks of the bank or trust company, to include
				any dollar limitations or two signatures required stipulations.
(5) Review the report per Subchapter 7 of
				this Chapter, "Director's Examination". Follow up on the disposition of any
				differences or recommendations and submit a copy of the report to the
				Commissioner within the time prescribed in Subchapter 7 of this
				Chapter.
Amended at 15 Ok Reg
				  2952, eff 7-15-98; Amended at 25 Ok Reg 1064, eff
				  5-25-08
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 7 - Director's Examinations › Section 85:10-7-1 - Examination procedures

Current through Vol. 41, No. 20, July 1, 2024
(a) In
				addition to the requirements set forth in Section 714(C) of the Code, the
				annual examination must be made in accordance with the minimum examination
				procedures outlined in this section.
(b) The examination shall be performed by:
(1) qualified directors who are members of
				the board of directors but not officers or employees of the bank or trust
				company and who are in fact reasonably independent and have demonstrated his or
				her capability to perform said examination. A director, to be considered
				reasonably independent cannot:
(A) be an
				immediate family member of active officers or employees of the bank or trust
				company,
(B) have any outstanding
				loans with the bank or trust company which have been criticized or specially
				mentioned by one of the examining agencies,
(C) have been determined by the Commissioner
				not to be independent of the management for any other reason; or
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 7 - Director's Examinations › Section 85:10-7-3 - Minimum examination procedures

Current through Vol. 41, No. 20, July 1, 2024
(a)
Generally.
Commence
				examination on a surprise basis. Assume control over the assets and records to
				be examined until procedures have been completed.
(b)
Cash, cash items, clearings and
				exchanges.
(1) Count cash and reconcile
				total with the general ledger balance.
(2) Examine cash items; investigate any
				unusual or noncurrent items; trace disposition of selected amounts.
(3) Confirm totals of clearings and exchanges
				direct with drawee banks or paying agents; trace disposition of selected
return items.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 7 - Director's Examinations › Section 85:10-7-4 - Trust companies [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Revoked at 25 Ok Reg
				  1064, eff 5-25-08
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 7 - Director's Examinations › Section 85:10-7-5 - Performance of an audit in lieu of examination

Current through Vol. 41, No. 20, July 1, 2024
Performance of an audit by an independent certified public
				  accountant resulting in an unqualified opinion being rendered constitutes
				  satisfaction of the requirements of this Subchapter. No additional statements
				  or reports are required from the accounting firm. A copy of such audit report,
				  together with an unqualified opinion, must be submitted to the Commissioner
				  within 120 days of completion of the audit.
Added at 25 Ok Reg 1057,
				  eff 5-25-08
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 9 - New Banks, Branches, and Other Facilities › Section 85:10-9-1 - Application for a new bank or trust company

Current through Vol. 41, No. 20, July 1, 2024
In addition to those provisions set out in Article III of the
				  Oklahoma Banking Code, the following requirements must be met:
(1) The application shall be on a form
				prescribed by the Commissioner, including but not limited to that information
				required in Section 305 of the Code.
(2) If any of the stock of the proposed bank
				or trust company is offered to other than the organizers (as provided in
				Sections 303 or 303.1 of the Code), it shall be offered by an offering circular
				only in accordance with provisions of
				85:10-13-2, the
				contents of which must be accepted by the Commissioner.
(3) No certificate of authority for a bank
				shall be approved until an application for federal deposit insurance or for
				membership in the Federal Reserve System has been approved in accordance with
				the provisions of Section 313(B)(5) of the Code.
Amended at 14 Ok Reg
				  3559, eff 8-1-97 (emergency); Amended at 15 Ok Reg 2952, eff 7-15-98; Amended
				  at 25 Ok Reg 1064, eff 5-25-08
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 9 - New Banks, Branches, and Other Facilities › Section 85:10-9-2 - Application to establish or relocate a branch

Current through Vol. 41, No. 20, July 1, 2024
(a)
Filing of application.
(1) A bank desiring to establish or relocate
				a branch pursuant to the Code, shall submit to the Commissioner the original
				and two copies of an application on a form prescribed by the
				Commissioner.
(2) The application
				shall be executed by the applicant's president or vice-president.
(3) An application fee as set forth in
				85:10-3-21 shall
				accompany each application.
(4)
				Applicants are urged to submit their applications to the Federal Deposit
				Insurance Corporation (nonmember banks) or the Federal Reserve Board (member
				banks) at the same time the application is submitted to the
				Commissioner.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 9 - New Banks, Branches, and Other Facilities › Section 85:10-9-3 - Military banking facilities [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Amended at 14 Ok Reg
				  3559, eff 8-1-97 (emergency); Amended at 15 Ok Reg 2952, eff 7-15-98; Revoked
				  at 25 Ok Reg 1064, eff 5-25-08
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 9 - New Banks, Branches, and Other Facilities › Section 85:10-9-4 - Consumer banking electronic facility [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Amended at 14 Ok Reg
				  3559, eff 8-1-97 (emergency); Amended at 15 Ok Reg 2952, eff 7-15-98; Revoked
				  at 25 Ok Reg 1064, eff 5-25-08
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 9 - New Banks, Branches, and Other Facilities › Section 85:10-9-5 - Loan production office [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Revoked at 14 Ok Reg
				  3559, eff 8-1-97 (emergency); Revoked at 15 Ok Reg 2952, eff
				  7-15-98
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 9 - New Banks, Branches, and Other Facilities › Section 85:10-9-6 - Branch closing

Current through Vol. 41, No. 20, July 1, 2024
(a) A bank may discontinue a branch office with the approval of the Commissioner. In order to gain approval, the bank must:
(1) submit to the Commissioner a resolution of its board of directors authorizing the closing;
(2) post a notice of the closing at both the branch location and the main office of the bank for thirty (30) days prior to the closing. Said notice shall state the effective date of the closing and indicate the location of the bank's closest office;
(3) submit to the Commissioner an affidavit stating that the notice posting requirement has been met;
(4) either publish notice of the closing once a week for two (2) weeks in a legal newspaper in general circulation in the community where the branch is located or furnish written notice to depositors and safe deposit box holders at the branch to be closed; and
(5) submit to the Commissioner a copy of the notices required by subsections (a)(2) and (a)(4) of this Section.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 9 - New Banks, Branches, and Other Facilities › Section 85:10-9-7 - Loan production office/Deposit origination office

Current through Vol. 41, No. 20, July 1, 2024
For purposes of Section 424 of the Code, "main office" or
				  "branch office" in connection with the loan decision and loan funding, shall be
				  defined to include "back office facility" operations. "Back office facility" is
				  defined as a bank facility that is neither accessible to nor visited by the
				  public. The following activities can be conducted at a back office
				  facility:
(1) Loan origination: Credit
				information may be assembled and loan applications can be solicited or
				processed.
(2) Loan approval: Loans
				that originate at a loan production office or other bank facility may be
				approved at a back office facility.
(3) Receipt of loan funds: Since back office
				facilities only refer to bank facilities that are neither accessible to nor
				visited by the public, there can be no situation in which a customer receives
				loan funds at the back office facility. A back office facility may credit loan
				funds (through ACH, wire transfer, or other electronic method) to a deposit
				account of the borrower at the bank without any in-person contact between the
				back office facility and the borrower.
Added at 15 Ok Reg 2952,
				  eff 7-15-98; Amended at 25 Ok Reg 1064, eff
				  5-25-08
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 9 - New Banks, Branches, and Other Facilities › Section 85:10-9-8 - School banking program/School deposit taking activities

Current through Vol. 41, No. 20, July 1, 2024
Deposits in nominal amounts taken by bank officers or
				  employees at elementary or secondary schools from students pursuant to or as
				  part of a bank program offered to the school by the bank for educational
				  purposes, shall be permissible and shall not be considered a
				  "branch."
Amended at 15 Ok Reg
				  2952, eff 7-15-98
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 11 - Substantive Guidelines and Restrictions › Section 85:10-11-1 - Pledging requirements for banks and trust companies

Current through Vol. 41, No. 20, July 1, 2024
(a) Each bank having trust powers and each
				trust company operating within this State shall report to the Commissioner
				annually or more often if requested by the Commissioner, on a form prescribed
				by him, the amount of cash and securities held in trust by the bank or trust
				company.
(b) Section 1004(A)(1) of
				the Code, requiring the pledging of securities to the Commissioner for the
				faithful performance of its duties, shall be satisfied by the securities being
				held in safe keeping at any bank approved by the Commissioner, other than the
				pledging bank, including the Federal Reserve Bank; the holding bank issuing its
				joint custody receipt therefor and forwarding said joint custody receipt to the
				Commissioner.
Amended at 15 Ok Reg
				  2952, eff 7-15-98; Amended at 25 Ok Reg 1064, eff
				  5-25-08
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 11 - Substantive Guidelines and Restrictions › Section 85:10-11-2 - Investment securities

Current through Vol. 41, No. 20, July 1, 2024
(a)
Qualifications.
In order to be classified as an "investment
				security," under Section 806(C) of the Code, one or more of the following
				characteristics must exist with respect to a particular security:
(1) A public distribution of the securities
				must have been provided for or made in a manner to protect or insure the
				marketability of the issue; or
(2)
				Other existing securities of the obligor must have such public distribution as
				to protect or insure the marketability of the issue under consideration;
				or
(3) In the case of investment
				securities for which a public distribution as set forth in (1) or (2) of this
				subsection cannot be so provided, or so made, and which are issued by
				established commercial or industrial business or enterprises, that can
				demonstrate the ability to service such securities, the debt evidenced thereby
				must mature not later than ten (10) years after the date of issuance of the
				security and must be of such sound value or so secured as reasonably to assure
				its payment. Such securities must, by their terms, provide for the amortization
				of the debt evidenced thereby so that at least seventy-five percent (75%) of
				the principal will be extinguished by the maturity date by substantially equal
				periodic payments. Provided that no amortization need be required for the
				period of the first year after the date of issuance of such securities.
				Provided, further, that if the investment securities are mortgage bonds or
				notes that the issuing corporation or the constituent companies comprising it
				for three (3) years immediately prior to the date of investment has earned,
				above all fixed charges other than interest on indebtedness, an amount equal to
				at least double the interest charges which it will be required to pay upon its
				outstanding obligations or when such mortgage bonds or notes plus all prior
				encumbrances outstanding are in an amount not in excess of fifty percent (50%)
				of the actual value of the property of the issuing corporation securing
				same.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 11 - Substantive Guidelines and Restrictions › Section 85:10-11-3 - Real estate lending

Current through Vol. 41, No. 20, July 1, 2024
(a)
Definition of "real estate".
For the purposes of Section 803 of
				the Code and this section, the term "real estate" includes, but is not limited
				to, condominiums, leaseholds, cooperatives, land sale contracts and
				construction and development projects.
(b)
Compliance.
In making real
				estate loans pursuant to Section 803 of the Code and this section, banks must
				comply with all applicable laws and regulations, including those pertaining to
				disclosure, reporting, documentation and public protection.
(c)
Safety and Soundness.
The
				safety and soundness of a bank's real estate lending activities shall be
				evaluated, as all other lending activities, with respect to prudence, loan
				quality, concentrations, policy adherence and other areas of supervisory
				concern. Real estate loans having excessive risk of nonpayment shall be
				classified by examiners. Additionally, examiners shall list as technical
				exceptions those loans having deficiencies in documentation.
Amended at 25 Ok Reg
				  1064, eff 5-25-08
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 11 - Substantive Guidelines and Restrictions › Section 85:10-11-4 - Safe deposit boxes

Current through Vol. 41, No. 20, July 1, 2024
(a)
Lease.
For purposes of Section 1302 of the Code, the term
				"receipt" shall mean a copy of the lease contract but does not mean that the
				lessor must provide a receipt for any or all items deposited in a safe deposit
				box.
(b)
Requirements.
Each lessor that provides safe deposit box services for its customers 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 boxwith minimum data
				consisting of names of entries into the box and dates of entry.
(3) 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
				lessor.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 11 - Substantive Guidelines and Restrictions › Section 85:10-11-5 - Interest on deposits

Current through Vol. 41, No. 20, July 1, 2024
Any state bank is authorized to pay interest on deposits at
				  rates authorized by its board of directors and not otherwise prohibited by the
				  law of this state or by federal law.
Amended at 25 Ok Reg
				  1064, eff 5-25-08
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 11 - Substantive Guidelines and Restrictions › Section 85:10-11-6 - Loans and investments in other banks

Current through Vol. 41, No. 20, July 1, 2024
(a)
Application to trust
				companies.
The provisions of this section are made applicable to trust
				companies in the same manner as to banks and each reference to "bank" or
				"banks" shall include "trust company" or "trust companies" as if so
				worded.
(b)
Limitation and
				waiver.
The following limitations shall apply to all state chartered
				banks as they relate to their deposits, loans and investments in other banks
				(whether state or national), providing, however, that these limitations can be
				exceeded upon specific authorization in writing from the Commissioner for a
				specific authorized period of time when in the opinion of the Commissioner
				conditions warrant due to seasonal influx, extraordinary large items and
				temporary situations. Request for waiver of the limitation must be made by the
				selling or depositing bank on an individual basis, stating reasons for request
				and time of waiver requested. As these rules relate to Federal Funds and Term
				Federal Funds, the limitation shall not apply if those funds are secured by at
				least 100% market value of securities which can be legally held by a state
				chartered bank.
(c)
Definitions.
The following words and terms, when used in this
				section shall have the following meaning, unless the text clearly indicates
				otherwise:
(1) "Buying bank/depository bank"
				means the bank receiving the funds.
(2) "Certificate of deposit" means those
				deposits placed in a bank and evidenced by a written instrument or other record
				providing the funds shall remain on deposit for a given period of time (at
				least seven days) and draw interest thereon at a given rate of
				interest.
(3) "Demand balance"
				means those deposits placed in a bank on which no interest is payable and are
				withdrawable on demand.
(4)
				"Federal funds" means a loan from one bank to another on which the buying bank
				shall pay interest on a daily basis and the funds shall be available to the
				selling bank any day.
(5) "Selling
				bank/depositing bank" means bank from which the funds came.
(6) "Term federal funds" means a loan from
				one bank to another, on which the buying bank shall pay interest on a daily
				basis, or any other basis, and the funds shall be available to the selling bank
				at a predetermined future date.