reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 9 - Permissible Investments › Section 85:15-9-2 - Types of permissible investments

Current through Vol. 41, No. 20, July 1, 2024
(a) Except to the extent otherwise limited by
				the Commissioner pursuant to Section
				85:15-9-1,
				the following investments are permissible under Section
				85:15-9-1:
(1) cash, a certificate of deposit, or senior
				debt obligation of an insured depositary institution, as defined in the Federal
				Deposit Insurance Act;
(2) banker's
				acceptance or bill of exchange that is eligible for purchase upon endorsement
				by a member bank of the Federal Reserve System and is eligible for purchase by
				a Federal Reserve Bank;
(3) an
				investment bearing a rating of one of the three highest grades as defined by a
				nationally recognized organization that rates securities;
(4) an investment security that is an
				obligation of the United States or a department, agency, or instrumentality
				thereof; an investment in an obligation that is guaranteed fully as to
				principal and interest by the United States; or an investment in an obligation
				of a State or a governmental subdivision, agency, or instrumentality
				thereof;
(5) receivables that are
				payable to a licensee from its authorized delegates, in the ordinary course of
				business, pursuant to contracts which are not past due or doubtful of
				collection if the aggregate amount of receivables under this paragraph does not
				exceed 20 percent of the total permissible investments of a licensee and the
				licensee does not hold at one time receivables under this paragraph in any one
				person aggregating more than 10 percent of the licensee's total permissible
				investments; and
(6) a share or a
				certificate issued by an open-end management investment company that is
				registered with the United States Securities and Exchange Commission under the
				Investment Companies Act of 1940, and whose portfolio is restricted by the
				management company's investment policy to investments specified in paragraphs
				(1) through (4).
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 11 - Enforcement › Section 85:15-11-1 - Suspension and revocation

Current through Vol. 41, No. 20, July 1, 2024
(a)
				The Commissioner may suspend or revoke a license or order a licensee to revoke
				the designation of an authorized delegate if:
(1) the licensee violates the Act;
(2) the licensee does not cooperate with an
				examination or investigation by the Commissioner or the Commissioner's
				designee;
(3) the licensee engages
				in fraud, intentional misrepresentation, or gross negligence;
(4) an authorized delegate is convicted of a
				violation of a state or federal anti-money laundering statute, or violates a
				rule adopted or an order issued under the Act, as a result of the licensee's
				willful misconduct or willful blindness;
(5) the competence, experience, character, or
				general fitness of the licensee, authorized delegate, person in control of a
				licensee, or responsible person of the licensee or authorized delegate
				indicates that it is not in the public interest to permit the person to provide
				money services;
(6) the licensee
				engages in an unsafe or unsound practice;
(7) the licensee is insolvent, suspends
				payment of its obligations, or makes a general assignment for the benefit of
				its creditors;
(8) the licensee
				does not remove an authorized delegate after the Commissioner issues and serves
				upon the licensee a final order including a finding that the authorized
				delegate has violated the Act; or
(9) a material misstatement of fact in an
				initial or renewal application, the loss of license in another jurisdiction
				(due to fraud or dishonest dealing) and criminal convictions involving fraud or
				dishonest dealing as grounds for license denial, suspension or
				non-renewal.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 11 - Enforcement › Section 85:15-11-2 - Suspension and revocation of authorized delegates

Current through Vol. 41, No. 20, July 1, 2024
(a) The Commissioner may issue an order
				suspending or revoking the designation of an authorized delegate, if the
				Commissioner finds that:
(1) the authorized
				delegate violated the Act or an order issued under the Act;
(2) the authorized delegate did not cooperate
				with an examination or investigation by the Commissioner or the Commissioner's
				designee;
(3) the authorized
				delegate engaged in fraud, intentional misrepresentation, or gross
				negligence;
(4) the authorized
				delegate is charged with a violation of a state or federal anti-money
				laundering statute or other criminal statutes in connection with its money
				transmission;
(5) the competence,
				experience, character, or general fitness of the authorized delegate or a
				person in control of the authorized delegate indicates that it is not in the
				public interest to permit the authorized delegate to provide money services;
				or
(6) the authorized delegate is
				engaging in an unsafe or unsound practice.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 11 - Enforcement › Section 85:15-11-3 - Orders to cease and desist

Current through Vol. 41, No. 20, July 1, 2024
(a)
				If the Commissioner determines that a violation of the Act or an order issued
				under the Act by a licensee or authorized delegate is likely to cause immediate
				and irreparable harm to the licensee, its customers, or the public as a result
				of the violation, or cause insolvency or significant dissipation of assets of
				the licensee, the Commissioner may issue an order requiring the licensee or
				authorized delegate to cease and desist from the violation. The order becomes
				effective upon service of it upon the licensee or authorized
				delegate.
(b) The Commissioner may
				issue an order against a licensee to cease and desist from providing money
				services through an authorized delegate that is the subject of a separate order
				by the Commissioner.
(c) An order
				to cease and desist remains effective and enforceable pending the completion of
				an administrative proceeding pursuant to sections
				85:15-11-1
				or
				85:15-11-2.
(d) A licensee or an authorized delegate that
				is served with an order to cease and desist may petition the Oklahoma County
				District Court, for a judicial order setting aside, limiting, or suspending the
				enforcement, operation, or effectiveness of the order pending the completion of
				an administrative proceeding pursuant to sections
				85:15-11-1
				or
				85:15-11-2.
(e) An order to cease and desist expires
				unless the Commissioner commences an administrative proceeding pursuant to
				sections
				85:15-11-1
				or
				85:15-11-2
				within 10 days after it is issued.
Added at 24 Ok Reg 843,
				  eff 5-11-07
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 11 - Enforcement › Section 85:15-11-4 - Consent orders

Current through Vol. 41, No. 20, July 1, 2024
The Commissioner may enter into a consent order at any time
				  with a person to resolve a matter arising under the Act or a rule adopted or
				  order issued under the Act. A consent order must be signed by the person to
				  whom it is issued or by the person's authorized representative, and must
				  indicate agreement with the terms contained in the order. A consent order may
				  provide that it does not constitute an admission by a person that the Act or an
				  order issued under the Act has been violated.
Added at 24 Ok Reg 843,
				  eff 5-11-07
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 11 - Enforcement › Section 85:15-11-5 - Civil penalties

Current through Vol. 41, No. 20, July 1, 2024
The Commissioner may assess a civil penalty against a person
				  that violates the Act or an order issued under the Act in an amount not to
				  exceed $100 per day for each day the violation is outstanding, plus the State's
				  costs and expenses for the investigation and prosecution of the matter,
				  including reasonable attorney's fees.
Added at 24 Ok Reg 843,
				  eff 5-11-07
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 11 - Enforcement › Section 85:15-11-6 - Hearings

Current through Vol. 41, No. 20, July 1, 2024
Except as otherwise provided in the Act, the Commissioner may
				  not suspend or revoke a license, suspend or revoke the designation of an
				  authorized delegate, or assess a civil penalty without notice and an
				  opportunity to be heard. The Commissioner shall also hold a hearing when
				  requested to do so by an applicant whose application for a license is
				  denied.
Added at 24 Ok Reg 843,
				  eff 5-11-07
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 20 - Cemetery Merchandise Rules › Subchapter 1 - General Provisions › Section 85:20-1-1 - Purpose [1]

Current through Vol. 41, No. 20, July 1, 2024
This Chapter sets forth the definitions of certain terms,
				  sets forth departmental requirements and states the procedural rules to be
				  followed by Applicants and Permittees in their business with the Department.
				  This Chapter contains the primary substantive rules which interpret and
				  implement the Act for supervision, regulation and administration of Permittees
				  and their compliance with the Act.
1See Editor's Note at
				  beginning of this Chapter.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 20 - Cemetery Merchandise Rules › Subchapter 1 - General Provisions › Section 85:20-1-2 - Definitions [1]

Current through Vol. 41, No. 20, July 1, 2024
The following words and terms, when used in this Chapter
				  shall have the following meaning, unless the context indicates
				  otherwise:
"Applicant"
means an individual, firm,
				  corporation, or partnership which is applying for a permit;
"Board"
means the Oklahoma State Banking
				  Board;
"Department"
means the Oklahoma State Banking
				  Department;
"Permittee"
means an organization permitted to
				  sell cemetery merchandise on a prepaid basis.
1See Editor's Note at
				  beginning of this Chapter.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 20 - Cemetery Merchandise Rules › Subchapter 1 - General Provisions › Section 85:20-1-3 - Procedural rules [1]

Current through Vol. 41, No. 20, July 1, 2024
To the extent applicable, proceedings before the Oklahoma
				  State Banking Board with respect to applications for Cemetery Merchandise Trust
				  Permits, hearings on revocation of such permits or disciplinary actions will be
				  governed by this Chapter.
1See Editor's Note at
				  beginning of this Chapter.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 20 - Cemetery Merchandise Rules › Subchapter 3 - Departmental Requirements › Section 85:20-3-1 - Criteria for permit [1]

Current through Vol. 41, No. 20, July 1, 2024
(a)
				Pursuant to the Cemetery Merchandise Trust Act, any organization which shall
				accept money or anything of value for cemetery merchandise pursuant to a
				prepaid cemetery merchandise contract must first obtain a permit from the
				Oklahoma State Banking Board authorizing the transaction of this type of
				business. In granting permits, the Board shall consider the following criteria:
(1) The applicant cannot have been convicted
				of a crime involving fraud, dishonesty or moral turpitude.
(2) The applicant must submit information
				regarding his employment experience during the five year period prior to
				application for the permit.
(3) The
				applicant must agree to comply with all provisions of the Cemetery Merchandise
				Trust Act.
(4) The contract to be
				used between the cemetery merchandise Permittee and the buyer of cemetery
				merchandise must be submitted to the State Banking Board, along with a
				disclosure statement which contains the following information:
(A) A clear description of the merchandise
				covered by the preneed sale;
(B) A
				clear explanation of the consequences of defaulting on payments under the
				contract;
(C) A clear explanation
				of the customer's rights regarding credit for outside containers if the
				customer moves to another city or town.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 20 - Cemetery Merchandise Rules › Subchapter 3 - Departmental Requirements › Section 85:20-3-2 - Trust fund and trustee [1]

Current through Vol. 41, No. 20, July 1, 2024
If the Cemetery Merchandise Permittee chooses to place the
				  required funds in trust rather than using a surety bond, the Permittee must
				  keep the Department informed about the identity of the Trustee at all times.
				  The application for Annual Permit shall include information regarding the
				  Trustee to be used by the applicant. Prior to changing Trustees, Permittee must
				  notify the State Banking Board, stating the reason for the proposed change, and
				  the State Banking Board shall have thirty (30) days in which to object to the
				  proposed change; provided, however, that the Board shall not object unless the
				  change would jeopardize the fund.
1See Editor's Note at
				  beginning of this Chapter.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 20 - Cemetery Merchandise Rules › Subchapter 3 - Departmental Requirements › Section 85:20-3-3 - Surety bond [1]

Current through Vol. 41, No. 20, July 1, 2024
If the Permittee elects to post a surety bond in lieu of
				  making remittances to a trust fund, the Permittee shall submit Quarterly
				  Reports to the State Banking Board in the same form and in the same manner as
				  the Monthly Report described in
				  85:20-3-4.
				  If at any time the Quarterly Report shows outstanding liabilities which exceed
				  the amount of the surety bond posed, the Permittee shall be so notified by the
				  Department and shall, within ten (10) days following notification, post an
				  additional or amended bond sufficient in size to satisfy the provisions of 8
				  O.S. Section
				  307.
1See Editor's Note at
				  beginning of this Chapter.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 20 - Cemetery Merchandise Rules › Subchapter 3 - Departmental Requirements › Section 85:20-3-4 - Summary method - monthly reports [1]

Current through Vol. 41, No. 20, July 1, 2024
The Cemetery Merchandise Trust Act provides that each
				  Permittee must either provide a copy of each contract to its Trustee or may, in
				  lieu thereof, submit a summary of the relevant information from the contracts.
				  If a Permittee chooses to use the summary method, the information shall be
				  submitted on a monthly basis to the Trustee on a form provided by the State
				  Banking Department. The Report shall contain the following information:
(1) Name of cemetery;
(2) Town where cemetery is located;
(3) Period covered by the report;
(4) Account numbers assigned to each
				contract;
(5) Name of each customer
				(optional);
(6) Description of
				merchandise purchased;
(7) Cost
				breakdown on each piece of merchandise sold which is covered by the
				Act;
(8) Amount of deposit made on
				each account;
(9) Beginning and
				ending balances.
1See Editor's Note at
				  beginning of this Chapter.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 20 - Cemetery Merchandise Rules › Subchapter 3 - Departmental Requirements › Section 85:20-3-5 - Annual report [1]

Current through Vol. 41, No. 20, July 1, 2024
On or before March 15 of each year, each Permittee shall file
				  an Annual Report with the Board which shall include the following
				  information:
(1) The name of the
				cemetery;
(2) Town where cemetery
				is located;
(3) Name and address of
				person to contact with questions about the report;
(4) Period covered by the report;
(5) Account numbers;
(6) Merchandise covered by each
				account;
(7) Amount deposited on
				each account to the trust fund;
(8)
				Beginning and ending balance;
(9)
				Method of determination of wholesale cost.
1See Editor's Note at
				  beginning of this Chapter.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 20 - Cemetery Merchandise Rules › Subchapter 3 - Departmental Requirements › Section 85:20-3-6 - Wholesale cost [1]

Current through Vol. 41, No. 20, July 1, 2024
The amount of the purchase price which must be placed in a
				  trust fund is determined, in part, by reference to the wholesale price of the
				  merchandise. In order for the Banking Board and the Trustee to ascertain the
				  wholesale price, each permittee must submit to the Banking Board and the
				  Trustee the following information:
(1)
				A current original manufacturer's price list from any and all cemetery
				merchandise suppliers used by the Permittee;
(2) Identification of the vault company the
				Permittee deals with;
(3) Any other
				information relevant to the determination of wholesale cost.
1See Editor's Note at
				  beginning of this Chapter.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 1 - Procedural Rules and Definitions › Section 85:25-1-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The rules in this Chapter provide guidelines and procedures
				  for proceedings before the Savings & Loan Board and before other tribunals
				  which involve savings and loan associations or their records, as well as
				  providing definitions for use in this Chapter and in "the
				  Code".
Transferred from
				  625:1-1-1 (see Editor's Note at beginning of this
				  Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 1 - Procedural Rules and Definitions › Section 85:25-1-3 - General procedures

Current through Vol. 41, No. 20, July 1, 2024
(a) The
				principal office of the Oklahoma Savings and Loan Board shall be located in the
				office of the Oklahoma State Banking Department.
(b) The Board, or any official exercising its
				authority, may meet and exercise its official powers and functions at any
				location in the State of Oklahoma.
(c) Every communication in writing to the
				Board shall be addressed to the Commissioner at the principal office, unless
				the Board directs otherwise. Every pleading and other document tendered for
				official filing shall be deposited with or mailed to the Commissioner at the
				principal office, and shall be deemed received only upon actual delivery at the
				office of the Commissioner. Filing of any instrument shall not be complete
				except upon payment of all applicable fees required. All filings shall consist
				of five copies.
(d) A
				representative of a savings & loan seeking affirmative relief must be
				present at the Board meeting where the Board will hear the request.
Transferred from
				  625:1-1-3 (see Editor's Note at beginning of this
				  Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 1 - Procedural Rules and Definitions › Section 85:25-1-4 - Record of proceedings

Current through Vol. 41, No. 20, July 1, 2024
The Commissioner may, in his discretion, or shall at the
				  request of a party, cause a record to be made of an individual proceeding
				  before the Board or Commissioner. A transcript of proceedings will be made at
				  the request and expense of any party ordering it; however, two copies shall be
				  furnished to the Department at Appellant's expense in cases in which the
				  Commissioner's or Board's decision is appealed.
Transferred from
				  625:1-1-4 (see Editor's Note at beginning of this
				  Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 1 - Procedural Rules and Definitions › Section 85:25-1-5 - Service of pleadings

Current through Vol. 41, No. 20, July 1, 2024
(a)
Service of an initial pleading.
Every application in which a party
				is named a respondent, and every complaint, shall be served by the State
				Banking Department on each respondent named therein by mail accompanied by a
				notice of hearing stating the date on which the cause is set for hearing, which
				shall be no less than ten (10) days after notice is mailed. Service hereunder
				shall be required in addition to provisions of this Chapter requiring service
				by publication.
(b)
Service
				of subsequent pleadings.
Every pleading after the initial pleading shall
				be served by the party filing it by regular mail upon all parties of record.
				Parties of record shall include the applicant, all named respondents, and all
				persons having theretofore entered an appearance in the cause, in person or by
				an attorney.
(c)
Certificate
				of service.
Every pleading required to be served by regular mail shall
				contain a list of persons served and the certificate of a party or his
				attorney, that on the date stated a copy of the pleading was mailed, postage
				prepaid, or delivered, to each person listed. Any pleading required to be
				served by regular mail may be served by leaving a copy thereof at the principal
				office of the party, or of the attorney for the party.
(d)
Service not jurisdictional.
Service prescribed by this Chapter shall not be jurisdictional except where so
				prescribed by the Constitution or by Statute. Failure to comply with the
				provisions of this Chapter as to mailing and service of notice shall not
				deprive the Board or Commissioner of jurisdiction of the proceeding, but shall
				be grounds for appropriate relief as the Commissioner may order.
Transferred from
				  625:1-1-5 (see Editor's Note at beginning of this
				  Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 1 - Procedural Rules and Definitions › Section 85:25-1-6 - Commencement of proceeding; intervention and consolidation

Current through Vol. 41, No. 20, July 1, 2024
(a) Every proceeding shall be commenced by an
				initial pleading which shall be either:
(1) an
				application,
(2) a complaint,
				or
(3) an order of the Board or
				Commissioner commencing a proceeding.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 1 - Procedural Rules and Definitions › Section 85:25-1-7 - Notice of hearing

Current through Vol. 41, No. 20, July 1, 2024
(a) The
				Commissioner shall determine the names of all interested persons who might be
				directly aggrieved by the determination of the Board or the Commissioner at
				such hearings.
(b) The Commissioner
				shall give written notice of hearing to such persons at least ten (10) days
				prior to the hearing.
(c) The
				Commissioner shall give any additional notice required by law and may give
				additional notice where he deems it advisable.
Transferred from
				  625:1-1-7 (see Editor's Note at beginning of this
				  Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 1 - Procedural Rules and Definitions › Section 85:25-1-8 - Continuances

Current through Vol. 41, No. 20, July 1, 2024
(a) The Commissioner
				may continue a hearing at any time for any period, with or without notice or
				motion.
(b) Except for good cause
				shown or by agreement of all parties appearing at the hearing, no continuance
				will be granted upon motion of a party unless notice thereof is given to all
				interested parties at least three (3) days prior to the date set for hearing. A
				stipulation for continuance among all parties of record ordinarily will be
				approved unless the Commissioner determines that the public interest requires
				otherwise.
(c) Every continuance
				shall be to a day certain, and shall be made by order of the
				Commissioner.
Transferred from
				  625:1-1-8 (see Editor's Note at beginning of this
				  Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 1 - Procedural Rules and Definitions › Section 85:25-1-9 - Depositions and discovery

Current through Vol. 41, No. 20, July 1, 2024
(a)
Depositions.
(1) Deposition of a
				witness may be taken pursuant to a subpoena or by agreement of the parties
				involved. The deposition of a witness may be taken inside or outside the State
				of Oklahoma with the requesting party bearing the cost of the court
				reporter.
(2) The manner of taking
				deposition and the use thereof shall otherwise be governed by the laws relating
				to taking of depositions for use in the District Courts of Oklahoma.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 1 - Procedural Rules and Definitions › Section 85:25-1-10 - Examiner testimony

Current through Vol. 41, No. 20, July 1, 2024
(a)
				Oklahoma State Banking Department examiners are prohibited from giving
				testimony which would disclose information obtained from confidential records
				as defined in 6 O.S. §
									208,
				or information obtained in the process of developing confidential records
				without the express permission in writing of the Commissioner.
(b) Litigants seeking to subpoena banking
				department examiners for depositions or hearings shall serve one copy of the
				subpoena upon the examiner and shall timely furnish one copy of each subpoena
				to the Department.
Transferred from
				  625:1-1-10 (see Editor's Note at beginning of this
				  Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 1 - Procedural Rules and Definitions › Section 85:25-1-11 - Examination report confidentiality

Current through Vol. 41, No. 20, July 1, 2024
Examination reports are the property of the regulatory
				  agencies which generate them. Copies are furnished to savings and loans for
				  their confidential use. Under no circumstances shall the savings and loan or
				  any of its directors, officers or employees disclose or make public in any
				  manner the report or any portion thereof. If a subpoena or other legal process
				  is received calling for production of an examination report, the Department
				  must be notified immediately.
Transferred from
				  625:1-1-11 (see Editor's Note at beginning of this
				  Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 1 - Procedural Rules and Definitions › Section 85:25-1-12 - Pre-hearing conference

Current through Vol. 41, No. 20, July 1, 2024
(a) The
				Commissioner, with or without request by any party of record, may order the
				parties or their attorneys to appear at a designated time for a pre-hearing
				conference to consider:
(1) Simplification of
				the issues.
(2) Presentation of
				issues of law, adjudication of which may simplify or eliminate issues of
				fact.
(3) Admissions and
				stipulations of fact which will avoid unnecessary evidence and
				testimony.
(4) Identification of
				documents to be offered at the hearing.
(5) Identification of and numerical limit
				upon experts and other witnesses.
(6) Discovery and production of documents,
				records, data and other information.
(7) Other matters as may aid in trial of the
				proceedings.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 1 - Procedural Rules and Definitions › Section 85:25-1-13 - Witnesses

Current through Vol. 41, No. 20, July 1, 2024
(a)
Subpoena.
The Board, upon request of a party, or upon their own
				motion, may issue subpoenas in any pending proceeding requiring attendance of a
				witness from any place in the state to the place of hearing. Praecipe for
				subpoena shall be filed with the Commissioner.
(b)
Subpoena duces tecum.
A
				subpoena may require the witness to produce at the hearing books, records,
				accounts, papers, and other instruments and tangible objects, which shall be
				described with reasonable particularity in the subpoena. A subpoena duces tecum
				directed to a party not an individual may direct that the records be produced
				by an officer or employee responsible therefor.
(c)
Service of subpoena.
A
				subpoena may be served by a law enforcement officer, by an attorney, or by any
				other person competent to make an oath; and the person serving the same shall
				attach his affidavit of the person served, and time and manner of service.
				Service also may be made in any other manner provided by law.
(d)
Return.
The original
				subpoena, with the affidavit of service thereon, shall be filed with the
				Commissioner.
(e)
Protective
				orders.
The Commissioner may make any orders with respect to subpoena
				and attendance of witness with or without application or notice, as may be
				appropriate for the protection of parties and witnesses, including an Order
				excusing attendance, or limiting documents to be produced.
Transferred from
				  625:1-1-13 (see Editor's Note at beginning of this
				  Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 1 - Procedural Rules and Definitions › Section 85:25-1-14 - Hearings

Current through Vol. 41, No. 20, July 1, 2024
(a)
Rules of
				evidence.
At such hearings, the rules of evidence set forth in the
				Oklahoma Evidence Code shall apply and the hearing shall be conducted in
				accordance with the Oklahoma Evidence Code relating to hearings therein
				provided, insofar as may be practicable.
(b)
Order of proof.
The
				applicant or complainant who institutes a proceeding shall open and close the
				proof. Intervenors shall be heard immediately following principal parties with
				whom allied in interest. In all other cases, the presiding officer shall
				designate the order of proof.
(c)
Adverse party.
A party may call an adverse party or an officer or
				employee of an adverse party, in which case the witness may be impeached and
				otherwise cross-examined.
(d)
Off the record.
All testimony will be taken on the record unless
				the presiding officer designates otherwise.
(e)
Documents.
Documentary
				evidence may be received in the form of copies or excerpts, if the original is
				not readily available. Upon requests, parties shall be given an opportunity to
				compare the copy with the original.
(f)
Examination of witness.
The
				Commissioner shall designate the order of examination and may limit the scope
				of examination and cross-examination.
Transferred from
				  625:1-1-14 (see Editor's Note at beginning of this
				  Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 1 - Procedural Rules and Definitions › Section 85:25-1-15 - Description of Board organization and operations

Current through Vol. 41, No. 20, July 1, 2024
The Oklahoma Savings and Loan Board exists under the
				  provisions of the Code, and is composed of the Commissioner as ex officio
				  chairman, and four other members, including a lay member, appointed by the
				  Governor with the consent of the State Senate. A secretary to the Board may be
				  appointed by the Commissioner. The Board has general supervision and control
				  over all Oklahoma associations and the activities of foreign associations
				  within the State of Oklahoma, with power to grant or refuse permission to any
				  association to do business in the State, and with authority to prescribe rules
				  and regulations for the conduct and operation of Oklahoma and foreign
				  associations within the State of Oklahoma. Meetings of the Board are held
				  quarterly at the State Banking Department, and special meetings may be called
				  at any time by the Commissioner. Requests for information and all applications,
				  petitions or requests for Board action shall be filed in the office of the Bank
				  Commissioner.
Transferred from
				  625:1-1-15 (see Editor's Note at beginning of this
				  Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 1 - Procedural Rules and Definitions › Section 85:25-1-16 - Petition for promulgation, amendment or repeal of a rule

Current through Vol. 41, No. 20, July 1, 2024
(a) Every petition
				by an interested person or persons requesting the Board to promulgate, amend or
				repeal a Board Rule shall state in clear language the proposed rule, amendment
				or repeal desired, and the reasons for such proposal.
(b) All such requests from insured
				associations shall be accompanied by an opinion of the association's counsel
				that the action requested is in conformity with the Oklahoma State Statutes,
				rules and regulations of the Savings and Loan Board, rules and regulations of
				the Federal Savings and Loan Insurance Corporation, and the rules and
				regulations of the Federal Home Loan Bank Board.
(c) If the Board deems the petition to be
				meritorious, it will consider the request at its next meeting.
(d) If the decision of the Board is in favor
				of the petition, it will, within a reasonable time thereafter, give statutory
				notice of the proposed rule, amendment or repeal, and will follow the procedure
				set forth in the Administrative Procedures Act for the adoption, amendment or
				repeal of a rule.
(e) The Board
				will summarily reject any petition deemed to have no merit or to be
				trivial.
Transferred from
				  625:1-1-16 (see Editor's Note at beginning of this
				  Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 1 - Procedural Rules and Definitions › Section 85:25-1-17 - Hearing on the removal of an officer, director or employee

Current through Vol. 41, No. 20, July 1, 2024
Any proposed removal by the Commissioner of an officer,
				  director, or employee of a savings and loan association pursuant to Section
				  381.78 of the Code shall be treated as an individual proceeding subject to the
				  notice and hearing requirements of the Administrative Procedures
				  Act.
Transferred from
				  625:1-1-17 (see Editor's Note at beginning of this
				  Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 3 - Supervision, Regulation and Administration › Part 1 - CHARTERS, BRANCHES, AGENCIES, LOAN PRODUCTION OFFICES, AND SERVICE CORPORATIONS › Section 85:25-3-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The rules in this Chapter provide guidance and requirements
					 for associations and others seeking Board or Commissioner approval for
					 association activities. This Chapter also sets forth the supervisory and
					 regulatory requirements, procedures and standards for a variety of bank and
					 trust company activities, powers and issues, as well as defining and clarifying
					 various terms and provisions of the Code. This Chapter provides specific and
					 general guidance for the general administration of the Code, and in appropriate
					 cases, grants or clarifies.
Transferred from
					 625:10-1-1 (see Editor's Note at beginning of this
					 Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 3 - Supervision, Regulation and Administration › Part 1 - CHARTERS, BRANCHES, AGENCIES, LOAN PRODUCTION OFFICES, AND SERVICE CORPORATIONS › Section 85:25-3-3 - Application for new charter

Current through Vol. 41, No. 20, July 1, 2024
In addition to all of the information required in an
					 application for a new charter under the Code, the application shall contain
					 information showing:
(1) The
				  character, financial responsibility, business experience and standing in the
				  community of the prospective incorporators;
(2) The character, financial responsibility,
				  savings and loan experience, and business qualifications of the proposed
				  managing officer;
(3) That
				  conditions in the community or market area in which the new savings and loan
				  association will transact business afford reasonable promise of a successful
				  operation;
(4) That the
				  incorporators and the proposed managing officer have the capability, both
				  financial and managerial, to establish and maintain this association;
(5) The projected and proposed annual budget
				  for the association during its first three years of operation.
Transferred from
					 625:10-1-3 (see Editor's Note at beginning of this
					 Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 3 - Supervision, Regulation and Administration › Part 1 - CHARTERS, BRANCHES, AGENCIES, LOAN PRODUCTION OFFICES, AND SERVICE CORPORATIONS › Section 85:25-3-4 - Minimum number of members for chartering a mutual association

Current through Vol. 41, No. 20, July 1, 2024
For chartering purposes, the Board may require such minimum
					 number of members for a proposed mutual association as in their opinion may be
					 necessary to supply adequate diversification.
Transferred from
					 625:10-1-4 (see Editor's Note at beginning of this
					 Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 3 - Supervision, Regulation and Administration › Part 1 - CHARTERS, BRANCHES, AGENCIES, LOAN PRODUCTION OFFICES, AND SERVICE CORPORATIONS › Section 85:25-3-5 - Offering circular use in chartering process

Current through Vol. 41, No. 20, July 1, 2024
If any stock of the proposed stock savings and loan
					 association is offered to other than the incorporators, it shall be offered by
					 an Offering Circular only, the contents of which must be approved by the
					 Commissioner. Any subscription taken for the stock, other than the
					 incorporators, shall contain a statement that the subscriber has been furnished
					 an Offering Circular.
Transferred from
					 625:10-1-5 (see Editor's Note at beginning of this
					 Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 3 - Supervision, Regulation and Administration › Part 1 - CHARTERS, BRANCHES, AGENCIES, LOAN PRODUCTION OFFICES, AND SERVICE CORPORATIONS › Section 85:25-3-6 - Trusteed stock

Current through Vol. 41, No. 20, July 1, 2024
Trusteed stock may be reserved for management in an amount
					 as may be permitted by the Board. The Application should disclose and specify
					 the disposition of this stock.
Transferred from
					 625:10-1-6 (see Editor's Note at beginning of this
					 Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 3 - Supervision, Regulation and Administration › Part 1 - CHARTERS, BRANCHES, AGENCIES, LOAN PRODUCTION OFFICES, AND SERVICE CORPORATIONS › Section 85:25-3-7 - Disclosure of contracts with the proposed association

Current through Vol. 41, No. 20, July 1, 2024
Any contract with management or with the directors or
					 officers of the proposed capital stock institution, including proposed fees to
					 be paid to directors, should be disclosed at the time application for authority
					 to organize is made.
Transferred from
					 625:10-1-7 (see Editor's Note at beginning of this
					 Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 3 - Supervision, Regulation and Administration › Part 1 - CHARTERS, BRANCHES, AGENCIES, LOAN PRODUCTION OFFICES, AND SERVICE CORPORATIONS › Section 85:25-3-8 - Limitation on de novo association ownership

Current through Vol. 41, No. 20, July 1, 2024
No person or group of persons acting in concert may own
					 more than 10% of the stock of a de novo association per person without prior
					 approval of the Board.
Transferred from
					 625:10-1-8 (see Editor's Note at beginning of this
					 Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 3 - Supervision, Regulation and Administration › Part 1 - CHARTERS, BRANCHES, AGENCIES, LOAN PRODUCTION OFFICES, AND SERVICE CORPORATIONS › Section 85:25-3-9 - Application for establishing or relocating a branch office or detached facility

Current through Vol. 41, No. 20, July 1, 2024
(a)
Generally.
(1) An association
				  desiring to establish or relocate either a branch pursuant to Section 381.24a,
				  or a detached facility pursuant to Section 381.24b, of the Savings and Loan
				  Code, shall submit to the Commissioner the original and two copies of an
				  application for certificate to maintain and operate a branch or detached
				  facility on a form prescribed by the Commissioner.
(2) The application shall be executed by the
				  applicant's president or vice-president, and attested by the applicant's
				  cashier or secretary.
(3) An
				  application fee as set forth in these rules shall accompany each
				  application.
(4) Applicants are
				  urged to submit their applications, as necessary, to the Federal Deposit
				  Insurance Corporation (if an insured association) and/or the Office of Thrift
				  Supervision, if applicable, at the same time the application is submitted to
				  the Commissioner.
(5) The term
				  "application," as used in this section, shall be understood to refer to an
				  application to establish or relocate a branch or detached facility.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 3 - Supervision, Regulation and Administration › Part 1 - CHARTERS, BRANCHES, AGENCIES, LOAN PRODUCTION OFFICES, AND SERVICE CORPORATIONS › Section 85:25-3-10 - Branch office operations

Current through Vol. 41, No. 20, July 1, 2024
All branch offices shall be subject to direction from the
					 home office and there shall be maintained at the home office all general
					 accounting records, including control records of all business transacted at
					 branch offices.
Transferred from
					 625:10-1-10 (see Editor's Note at beginning of this
					 Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 3 - Supervision, Regulation and Administration › Part 1 - CHARTERS, BRANCHES, AGENCIES, LOAN PRODUCTION OFFICES, AND SERVICE CORPORATIONS › Section 85:25-3-11 - Branch office closing

Current through Vol. 41, No. 20, July 1, 2024
(a) A
				  savings and loan may elect to discontinue a branch office with the approval of
				  the Commissioner. In order to gain approval, the savings and loan must:
(1) submit 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 savings and loan for thirty (30)
				  days prior to the closing. Said notice shall state the effective date of the
				  closing and indicate the location of the savings and loan's closest
				  office;
(3) submit an affidavit
				  stating that the notice posting requirement has been met;
(4) either publish notice of the closing once
				  a week for two 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 a copy of the proof of publication
				  or written notice.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 3 - Supervision, Regulation and Administration › Part 1 - CHARTERS, BRANCHES, AGENCIES, LOAN PRODUCTION OFFICES, AND SERVICE CORPORATIONS › Section 85:25-3-12 - Loan production offices

Current through Vol. 41, No. 20, July 1, 2024
An Oklahoma association may utilize employees or agents of
					 the association to originate loans at locations other than the main office or a
					 branch of the association, provided that the loan decision is made at the main
					 office or a branch office of the association.
Transferred from
					 625:10-1-12 (see Editor's Note at beginning of this
					 Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 3 - Supervision, Regulation and Administration › Part 1 - CHARTERS, BRANCHES, AGENCIES, LOAN PRODUCTION OFFICES, AND SERVICE CORPORATIONS › Section 85:25-3-13 - Agencies

Current through Vol. 41, No. 20, July 1, 2024
All agents of associations shall be subject to direction
					 from the home office. All loans originated at agencies shall be approved at the
					 home office. Without prior approval of the Board, no service corporation or
					 agency owned by or representing a savings and loan association shall directly
					 or indirectly through brokers or others:
(1) Receive applications for, or deposits to,
				  savings accounts or investment securities of any kind at any place within this
				  State;
(2) Assert or imply directly
				  or indirectly or by means of the mail, television, radio, newspapers, magazines
				  or other media that it is an agent or representative with whom savings accounts
				  and investments may be discussed;
(3) Distribute any of its advertising
				  material concerning savings accounts within this state.
Transferred from
					 625:10-1-13 (see Editor's Note at beginning of this
					 Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 3 - Supervision, Regulation and Administration › Part 3 - DEPARTMENTAL REQUIREMENTS FOR REPORTS, REQUESTS AND APPLICATIONS › Section 85:25-3-20 - Report of change of chief executive officer

Current through Vol. 41, No. 20, July 1, 2024
A report to the Commissioner is required when there is a
					 change in the chief executive officer. Such report shall include:
(1) A biographical sketch of individual
				  involved;
(2) A statement of the
				  past and present business affiliations of the proposed Chief Executive
				  Officer;
(3) A financial statement
				  dated within ninety (90) days. This information shall be
				  confidential.
Transferred from
					 625:10-3-1 (see Editor's Note at beginning of this
					 Chapter)
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 25 - Savings and Loan Associations › Subchapter 3 - Supervision, Regulation and Administration › Part 3 - DEPARTMENTAL REQUIREMENTS FOR REPORTS, REQUESTS AND APPLICATIONS › Section 85:25-3-21 - Report of change in controlling interest

Current through Vol. 41, No. 20, July 1, 2024
A report to the Commissioner is required when control of an
					 association changes. Such report shall include:
(1) Number of shares sold and by
				  whom;
(2) Number of shares
				  purchased and by whom;
(3) Cost per
				  share;
(4) Whether or not a loan
				  was obtained by the purchaser for the purpose of purchasing the stock, and if
				  so, the amount, number of shares pledged, other collateral pledged, rate and
				  terms;
(5) A resume of the past
				  business operation and experience of the purchaser(s), together with financial
				  statements dated within six (6) months.
Transferred from
					 625:10-3-2 (see Editor's Note at beginning of this
					 Chapter)