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 11 - Substantive Guidelines and Restrictions › Section 85:10-11-7 - Adjustable rate mortgage loans, graduated payment adjustable mortgage loans and reverse annuity mortgage loans

Current through Vol. 41, No. 20, July 1, 2024
(a)
Definitions.
The following
				words and terms, when used in this section, shall have the following meaning,
				unless the text clearly indicates otherwise.
(1)
"Adjustable rate mortgage
				loan"
means any amortized loan made by a bank or trust company secured
				by a lien on a one-to-four family dwelling where such loan is made pursuant to
				an agreement which enables the bank or trust company to make periodic
				adjustments to the interest rate.
(2)
"Graduated payment adjustable
				mortgage loan"
means a specific type of adjustable rate mortgage loan
				for which the monthly payment amount is insufficient at the beginning of the
				loan term to fully amortize the loan, but which provides for periodic
				adjustment of the payment amount to a level sufficient to fully amortize the
				loan at the then-existing interest rate.
(3)
"Reverse annuity mortgage
				loan"
means a debt instrument which provides periodic payments to
				homeowners secured by the accumulated equity in their home. The loan becomes
				due either upon a specific date or when a specified event occurs.
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 85:10-11-8 - Interest rate futures transactions

Current through Vol. 41, No. 20, July 1, 2024
(a) 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) Oklahoma
				state-chartered banks engaging in interest rate futures transactions shall
				comply with any rules adopted by the federal bank regulatory
				agencies..
(c) Each bank's board of
				directors shall have ultimate responsibility to establish prudent policies and
				carefully monitor compliance with any applicable rules. Such monitoring should
				be evidenced in the minutes of each meeting of the board of
				directors.
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 85:10-11-9 - Operating subsidiaries

Current through Vol. 41, No. 20, July 1, 2024
(a) A
				bank or trust company may purchase for its own account not less than 50% of the
				voting shares or interest in a corporation or other entity to perform functions
				that the bank is empowered to perform directly, subject to the prior written
				approval of the Commissioner and subject to the provisions of this section.
(1) The bank must own not less than 50% of
				the stock of the subsidiary, and the bank must control 50% of the voting
				regarding the management and activities of the subsidiary.
(2) No officer, director or shareholder of
				the bank or officer, director or shareholder of the bank's holding company may
				otherwise have a direct or indirect pecuniary interest in the operating
				subsidiary.
(3) The subsidiary's
				operations must be limited to those functions which the parent bank is
				permitted to perform.
(4) The
				subsidiary's operations may be performed only at a location at which the bank
				would be authorized to engage in such operations.
(5) All transactions between the parent bank
				and the operating subsidiary are subject to any limitations and restrictions
				applicable under the laws of the State of Oklahoma and the United
				States.
(6) All provisions of the
				banking laws, rules and regulations applicable to the operations of the parent
				bank shall be equally applicable to the operations of the subsidiary.
(7) Unless otherwise provided by statute or
				regulation, pertinent book figures of the parent bank and its operating
				subsidiary shall be consolidated for the purpose of applying applicable
				statutory limitations, including, but not limited to Sections 220, 409, 410,
				414, 802, 803, 805 and 806 of the Banking Code.
(8) Each operating subsidiary shall be
				subject to examination and supervision by the Commissioner in the same manner
				and to the same extent as the parent bank. If the Commissioner shall ascertain
				that the subsidiary is created or operated in violation of the Code or Board
				rules, or that the manner of operation is detrimental to the business of the
				parent bank and/or its depositors, he may order the bank to dispose of all or
				any part of such subsidiary upon such terms as the Commissioner may deem
				proper.
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 85:10-11-9.1 - Financial subsidiaries

Current through Vol. 41, No. 20, July 1, 2024
(a) A
				bank may control or hold an interest in a financial subsidiary, subject to the
				prior written approval of the Commissioner, and the following conditions:
(1) the bank and each depository institution
				affiliate of the bank must be well capitalized after deducting the aggregate
				amount of the outstanding equity investment, including retained earnings, of
				the bank in all its financial subsidiaries. The term "well capitalized" shall
				have the same meaning given the term in section 38 of the Federal Deposit
				Insurance Act;
(2) the bank must be
				well-managed, which shall mean the achievement of a composite CAMELS rating of
				1 or 2 on the most recent examination and at least a rating of 2 for
				management. If the bank has not yet been examined, a bank may be considered
				well managed if the Commissioner determines that the bank's managerial
				resources are satisfactory;
(3) the
				aggregated consolidated total assets of all financial subsidiaries of the bank
				do not exceed the lesser of 45% of the consolidated total assets of the parent
				bank or $50 billion;
(4) the bank
				may not have received at its most recent examination for compliance with the
				Community Reinvestment Act a rating of less than "satisfactory";
(5) the bank must file an application with
				the Commissioner which includes:
(A) a
				description of the activities to be conducted by the financial
				subsidiary;
(B) a list of each
				license, permit, or other evidence of approval, if any, which the financial
				subsidiary, or one of its officers or employees, must hold as a condition for
				conducting activities;
(C)
				appropriate certifications as to compliance with the provisions of this
				section;
(D) a description and
				analysis of the specific legal authority permitting the activity to be
				conducted by the financial subsidiary; and
(E) such other information as the
				Commissioner may require.
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 85:10-11-11 - Bank-owned life insurance

Current through Vol. 41, No. 20, July 1, 2024
A bank may purchase life insurance products in connection
				  with employee compensation, employee benefit plans, and for other uses to the
				  same extent and under the same circumstances allowed under federal law and
				  guidelines.
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 85:10-11-12 - Letter of credit; contingent liabilities

Current through Vol. 41, No. 20, July 1, 2024
In order that the books and records of a bank or trust
				  company reflect its contingent liabilities, the bank or trust company shall
				  properly maintain records on all letters of credit issued and outstanding
				  showing the following information:
(1)
				Controlled registration numbering system;
(2) Name of the account party for whom the
				letter of credit is established;
(3) the name of the beneficiary;
(4) the amount; and
(5) the expiration date.
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 85:10-11-13 - Loan participations

Current through Vol. 41, No. 20, July 1, 2024
(a)
				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
				references to "trust company" or "trust companies" as if so worded.
(b) Both the selling bank and purchasing bank
				must maintain satisfactory control over risk from loan participations. Each
				bank must adopt written lending policies and procedures to govern
				participations and shall keep written documentation of recourse arrangements
				which outline the rights and obligations of each party. Failure to meet the
				requirements of this subsection may constitute an unsafe and unsound banking
				practice.
(c) The selling bank
				shall disclose complete and current credit information on the obligor during
				the term of the loan.
(d) The
				purchasing bank shall perform an analysis of the credit quality and
				documentation for obligations to be purchased, shall analyze the value and lien
				status of the collateral, and shall maintain current and complete credit
				information on the obligor during the term of the loan. Failure to comply with
				this subsection may be cited as a technical exception.
(e) If a loan is classified, either
				internally or externally, the originating bank shall notify all participants of
				the classification status within 30 days of classification.
Amended at 12 Ok Reg
				  489, eff 12-5-94 (emergency); Amended at 12 Ok Reg 1603, eff 6-12-95; 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 85:10-11-14 - Repurchase agreements of banks with security dealers and others

Current through Vol. 41, No. 20, July 1, 2024
(a) Banks and other
				financial institutions involved with the purchase of United States Government
				and Agency Obligations under agreements to resell (reverse repurchase
				agreements) have sometimes incurred significant losses. The most important
				factors causing these heavy losses have been inadequate credit risk management
				and the failure to exercise effective control over securities collateralizing
				the transactions.
(b) Standards of
				prudent banking with respect to repurchase agreements (the term as used herein
				also refers to Reverse Repurchase Agreements) with securities dealers and
				others are set forth in (c) of this Section.
(c) The following minimum guidelines address
				the need for managing credit risk exposure under securities repurchase
				agreements and for controlling the securities in those transactions.
(1) Definitions:
(A) "Repurchase agreement" means an
				arrangement in which a party that owns securities acquires funds by
				transferring the securities to another party under an agreement to repurchase
				the securities at an agreed upon future date.
(B) "Reverse repurchase agreement" means an
				arrangement in which a party provides funds by acquiring securities pursuant to
				an agreement to resell them at an agreed upon future date.
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 85:10-11-15 - Insurance

Current through Vol. 41, No. 20, July 1, 2024
The Code grants the power to state banks to engage in any
				  banking activity conferred upon national banks. Federal law provides that
				  national banks may act as agent for any fire, life, or other insurance company
				  in any place the population of which does not exceed 5,000 inhabitants. This
				  provision is hereby made applicable to any office of a state bank when the
				  office is located in a place having a population of less than 5,000, even
				  though the main office of such bank is located in a place whose population
				  exceeds 5,000. If a bank acts as insurance agent in a place that, at the time
				  the insurance agency was established, had a population of less than 5,000 but
				  which has grown in size to exceed 5,000, the bank may continue to maintain the
				  agency in such place without regard to its population. Insurance activities
				  conducted through a financial subsidiary are not subject to the restrictions
				  described in this section.
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 85:10-11-16 - Deposit and safekeeping agreements and fees

Current through Vol. 41, No. 20, July 1, 2024
(a) Each holding of property by a bank for a
				customer in deposit or safe keeping creates a debtor-creditor relationship as
				provided in the agreement between the bank and the customer. Such agreement is
				a contractual relationship which may be established by any record executed or
				adopted by the customer under applicable law.
(b) Reasonable fees as determined by policy
				of the bank's board may be charged by a bank for any account and safe keeping
				services even if the specific terms of the contract between the bank and the
				customer are silent with regard to service charges.
(c) Interest on a deposit may or may not be
				paid on a dormant account as determined by policy of the bank's board even if
				the specific terms of the contract between the bank and the customer are silent
				with regard to interest. A bank may determine by policy when an account is
				considered "dormant" and such policy may determine an account is dormant even
				though it may not be considered abandoned or unclaimed under applicable
				law.
(d) No state government agency
				shall examine any accounts or safe keeping records of any bank without fifteen
				(15) days prior written notification of the scope of such examination to the
				Commissioner. No charge may be assessed the bank for any such examination by
				any such governmental agency and the bank is entitled to be paid costs of
				producing and copying records pursuant to the Oklahoma Financial Privacy
				Act.
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 85:10-11-18 - Persons qualified to sell title insurance for trust companies

Current through Vol. 41, No. 20, July 1, 2024
(a) Any person who
				is employed or appointed by a trust company and who solicits applications for a
				policy of title insurance or negotiates a policy of title insurance shall
				comply with the provisions of the Oklahoma Insurance Code.
(b) Trust companies which employ or appoint
				any such person shall obtain and maintain records from the Oklahoma Insurance
				Commissioner showing that each such person is duly licensed as an insurance
				agent for title insurance. Absence of the necessary records shall be prima
				facie evidence of noncompliance with this subsection.
(c) Failure of the trust company to comply
				with this section may result in temporary suspension of its title insurance
				powers by the Commissioner or revocation of such powers by the Board.
Added at 10 Ok Reg 2501,
				  eff 5-13-93 through 7-15-94 (emergency); Added at 11 Ok Reg 4173, eff 7-25-94;
				  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 85:10-11-19 - Use of confusingly similar names

Current through Vol. 41, No. 20, July 1, 2024
(a) As for any bank with a confusingly
				similar name as defined by section 102 of the Code, branches of said banks in a
				city or town other than where the main bank is located shall be identified as
				branches in all advertisements and signage, including electronic media, with
				the words "branch of" or the words "office of" followed by the name of the bank
				and the city or town where the main bank is located or shall, by the use of the
				term "home office" either preceded or followed by the city or town where the
				main bank is located, make clear that the branch location is not the main bank
				or not a separate charter.
(b) As
				used in section 1417 of the Code "conspicuously" shall mean that lettering
				shall be no smaller than twenty-five percent (25%) of the size of the largest
				print (except for logos) used in the bank's name elsewhere in the advertisement
				or sign, but in no event smaller than ten (10) point type, and shall be at
				least as bold and legible as the remainder of the advertisement or signage. In
				the case of radio or television advertisements, the name of the main bank and
				its city or town, along with a designation of that entity as the main bank or
				home office, as described in subsection (a) of this section shall be stated in
				the advertisement. Novelties, gift items and other small tokens furnished to
				the public, shall not be considered advertisements subject to this section or
				the application of section 1417 of the Code.
(c) The advertisement or signage must not
				obfuscate that the location is a branch or what the name of the main bank is
				nor the town where the main bank is located.
Added at 11 Ok Reg 4173,
				  eff 7-25-94; 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 11 - Substantive Guidelines and Restrictions › Section 85:10-11-20 - Leasing

Current through Vol. 41, No. 20, July 1, 2024
(a)
General
				provisions.
(1)
Authority.
(A) A bank may engage in lease financing
				transactions under Sections 402(17) and 805(C) of the Banking Code.
(B) On entering into a lease financing
				transaction in compliance with this Section, a bank must reasonably expect to
				realize a return of its full investment in the leased property, plus the
				estimated cost of financing the property over the term of the lease, from -
(i) Rentals;
(ii) Estimated tax benefits; and
(iii) The estimated residual value of the
				property at the expiration of the term of the lease.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 13 - Investor Protection › Section 85:10-13-1 - Prohibition against deceptive advertising

Current through Vol. 41, No. 20, July 1, 2024
State-chartered banks and trust companies are prohibited from
				  engaging in false, deceptive or misleading advertising, and from publishing or
				  representing, by any device whatsoever, statements tending to deceive or
				  mislead the public.
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 13 - Investor Protection › Section 85:10-13-3 - Advertising

Current through Vol. 41, No. 20, July 1, 2024
(a)
Promotional materials/sales literature.
Sales Literature is
				defined as any promotional materials or displays used in any manner in
				connection with the offer or sale of any security whether or not the issuer of
				the security is identified in such materials or displays, including, but not
				limited to, the following:
(1) offering
				circulars, amended offering circulars and supplements thereto;
(2) pamphlets, brochures and question and
				answer sheets;
(3) form letters,
				circulars and mailers;
(4) press
				releases, public notices, interviews by the media, newspaper or magazine
				advertisements, and advertisements on the internet;
(5) audio/visual displays and oral
				presentations at seminars or lectures;
(6) the text of any radio
				broadcast;
(7) the audio/video
				contents of any television broadcast; and
(8) the text of oral presentations by
				telephone solicitors.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code › Subchapter 13 - Investor Protection › Section 85:10-13-4 - Complaint procedure for violations

Current through Vol. 41, No. 20, July 1, 2024
(a) Possible violations of any portion of
				this subchapter may be reported to the Commissioner by any interested person.
				The Commissioner shall investigate alleged violations and may, at his
				discretion, order an evidentiary hearing.
(b) When a hearing is ordered, the respondent
				bank or trust company shall have the opportunity to appear before the
				Commissioner at the hearing and show cause why the activity complained of
				should be allowed to continue.
(c)
				Following the hearing, the Commissioner shall enter findings of fact,
				conclusions of law, and an order. If the Commissioner orders the practice to
				cease or other appropriate sanction, the bank or trust company, within ten (10)
				days from the date of the order, may request a hearing before the Board. In
				those cases in which such a hearing is requested, the Board shall review the
				Commissioner's findings and conclusions and may enter an order which adopts,
				modifies, or rejects the Commissioner's findings of fact, conclusions of law
				and order.
Amended at 25 Ok Reg
				  1064, eff 5-25-08
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 1 - General Provisions and Definitions › Section 85:15-1-1 - Scope and purpose

Current through Vol. 41, No. 20, July 1, 2024
This Chapter sets forth the supervisory and regulatory
				  requirements, procedures, and standards for licensing of money transmitters
				  under the Oklahoma Financial Transaction Reporting Act (Title 6 O.S.
				  §§ 1511 - 1515 ). That Act generally requires the registration and
				  licensing of money service businesses and gives the State Banking Board
				  authority to clarify and define by rule the application of the Act. These rules
				  are intended to apply the licensing requirements to money transmitter companies
				  but not their authorized delegates, except as otherwise provided. Furthermore,
				  these rules create standards for approval of such licenses, such as requiring a
				  security bond for the protection of the public. Applicants for a license that
				  have filed an application within 90 days of the effective date of the rules
				  under this Chapter will be deemed to be in compliance with this Chapter until
				  such time as the Commissioner grants or denies the license
				  application.
Added at 24 Ok Reg 843,
				  eff 5-11-07
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 1 - General Provisions and Definitions › Section 85:15-1-2 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words and terms, when used in this Chapter,
				  shall have the following meanings, unless the context clearly indicates
				  otherwise.
(1) "Act" means the
				Oklahoma Financial Transaction Reporting Act, Title 6 O.S. §
									1511
et
				seq
., and all rules promulgated under that Act.
(2) "Applicant" means a person that files an
				application for a license under the Act.
(3) "Authorized delegate" means a person a
				licensee designates to provide money services on behalf of the
				licensee.
(4) "Bank" means an
				institution identified as a "bank" in 31 C.F.R. section 103.11.
(5) "Board" means the Oklahoma State Banking
				Board.
(6) "Commissioner" means the
				Oklahoma State Banking Commissioner.
(7) "Control" means:
(A) ownership of, or the power to vote,
				directly or indirectly, at least 25 percent of a class of voting securities or
				voting interests of a licensee or person in control of a licensee;
(B) power to elect a majority of executive
				officers, managers, directors, trustees, or other persons exercising managerial
				authority of a licensee or person in control of a licensee; or
(C) the power to exercise directly or
				indirectly, a controlling influence over the management or policies of a
				licensee or person in control of a licensee.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 1 - General Provisions and Definitions › Section 85:15-1-3 - Exclusions

Current through Vol. 41, No. 20, July 1, 2024
The Act does not apply to:
(1) the United States or a department,
				agency, or instrumentality thereof;
(2) money transmission by the United States
				Postal Service or by a contractor on behalf of the United States Postal
				Service;
(3) a state, county, city,
				or any other governmental agency or governmental subdivision of a
				State;
(4) a Bank;
(5) electronic funds transfer of governmental
				benefits for a federal, state, county, or governmental agency by a contractor
				on behalf of the United States or a department, agency, or instrumentality
				thereof, or a State or governmental subdivision, agency, or instrumentality
				thereof;
(6) a board of trade
				designated as a contract market under the federal Commodity Exchange Act [
				7
				U.S.C. Section 1 -
				25(1994)
				] or a person that, in the ordinary course of business, provides clearance and
				settlement services for a board of trade to the extent of its operation as or
				for such a board;
(7) a registered
				futures commission merchant under the federal commodities laws to the extent of
				its operation as such a merchant;
(8) a person that provides clearance or
				settlement services pursuant to a registration as a clearing agency or an
				exemption from such registration granted under the federal securities laws to
				the extent of its operation as such a provider;
(9) an operator of a payment system to the
				extent that it provides processing, clearing, or settlement services, between
				or among persons excluded by this section, in connection with wire transfers,
				credit card transactions, debit card transactions, stored-value transactions,
				automated clearing house transfers, or similar funds transfers; or
(10) a person registered as a securities
				broker-dealer under federal or state securities laws to the extent of its
				operation as such a broker-dealer.
Added at 24 Ok Reg 843,
				  eff 5-11-07
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 3 - Money Transmission Licenses › Section 85:15-3-1 - License required

Current through Vol. 41, No. 20, July 1, 2024
(a) A
				person may not engage in the business of money transmission or advertise,
				solicit, or hold itself out as providing money transmission unless the person:
(1) is licensed under the Act; or
(2) is an authorized delegate of a person
				licensed under the Act.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 3 - Money Transmission Licenses › Section 85:15-3-2 - Application for license

Current through Vol. 41, No. 20, July 1, 2024
(a) A
				person applying for a license under the Act shall do so in a form and in a
				medium prescribed by the Commissioner. The application may require the
				following information:
(1) the legal name and
				residential and business addresses of the applicant and any fictitious or trade
				name used by the applicant in conducting its business;
(2) a list of any criminal convictions of the
				applicant and any material litigation in which the applicant has been involved
				in the 5-year period next preceding the submission of the
				application;
(3) a description of
				all money transmission services currently provided anywhere by the applicant
				and the money transmission services that the applicant seeks to provide in this
				State;
(4) a list of the
				applicant's proposed authorized delegates and the locations in this State where
				the applicant and its authorized delegates propose to engage in money
				transmission;
(5) a list of other
				States in which the applicant is licensed to engage in money transmission and
				any license revocations, suspensions, or other disciplinary action taken
				against the applicant in another State during the previous 10-year
				period;
(6) information concerning
				any bankruptcy or receivership proceedings affecting the licensee during the
				previous 10-year period;
(7) a
				sample form of contract for authorized delegates;
(8) a description of the source of money and
				credit to be used by the applicant to provide money transmission services;
				and
(9) any other information the
				Commissioner reasonably requires with respect to the applicant.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 3 - Money Transmission Licenses › Section 85:15-3-3 - Security

Current through Vol. 41, No. 20, July 1, 2024
(a) A surety bond,
				letter of credit, or other similar security acceptable to the Commissioner in
				the amount of $50,000 plus $10,000 per location of each authorized delegate,
				not exceeding a total of $500,000, must accompany an application for a license.
				The issuer of the security must be authorized to do business in this state and
				in good standing under Oklahoma law (if applicable) and the law of its state of
				organization.
(b) Security must be
				in a form satisfactory to the Commissioner and payable to the Department for
				the benefit of (1) any claimant against the licensee and/or its authorized
				delegates to secure the faithful performance of the obligations of the licensee
				with respect to money transmission; and (2) any costs, expenses, and fees
				(including attorneys fees) incurred by the Department in connection with
				enforcement of the Act with respect to the licensee and its authorized
				delegates.
(c) The aggregate
				liability on a surety bond may not exceed the principal sum of the bond. A
				claimant against a licensee may maintain an action on the bond, or the
				Commissioner may maintain an action on behalf of the claimant and/or the
				Department.
(d) A surety bond must
				cover claims for so long as the Commissioner specifies, but for at least five
				years after the licensee ceases to provide money transmission services in this
				State. However, the Commissioner may permit the amount of security to be
				reduced or eliminated before the expiration of that time to the extent the
				amount of the licensee's obligations outstanding in this State is reduced. The
				Commissioner may permit a licensee to substitute another form of security
				acceptable to the Commissioner for the security effective at the time the
				licensee ceases to provide money services in this State.
(e) The Commissioner may increase the amount
				of security required to a maximum of $1,000,000 if the financial condition of a
				licensee so requires, as evidenced by reduction of net worth, financial losses,
				or other relevant criteria.
Added at 24 Ok Reg 843,
				  eff 5-11-07
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 3 - Money Transmission Licenses › Section 85:15-3-4 - Issuance of license

Current through Vol. 41, No. 20, July 1, 2024
(a) When
				an application is filed under the Act, the Commissioner shall investigate the
				applicant's financial condition and responsibility, financial and business
				experience, character, and general fitness. The Commissioner may conduct an
				on-site investigation of the applicant, the cost of which the applicant must
				pay. The amount charged the applicant shall be the same as charged under
				subsection B. of section
				2113
				of Title 6 of the Oklahoma Statutes. The Commissioner shall issue a license to
				an applicant under the Act if the Commissioner finds that all of the following
				conditions have been fulfilled:
(1) the
				applicant has complied with sections
				85:15-3-2,
				85:15-3-3,
				and
				85:15-3-6 of
				this subchapter; and
(2) the
				financial condition and responsibility, financial and business experience,
				competence, character, and general fitness of the applicant; and the
				competence, experience, character, and general fitness of the executive
				officers, managers, directors, and persons in control of, the applicant
				indicate that it is in the interest of the public to permit the applicant to
				engage in money transmission;
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 3 - Money Transmission Licenses › Section 85:15-3-5 - Renewal of license

Current through Vol. 41, No. 20, July 1, 2024
(a) A
				licensee shall pay an annual renewal fee of $2,000 plus $50 per authorized
				delegate existing as of December 31 of each year. The fees shall be due no
				later than January 31 of each year. If a license is first issued to the
				licensee on or after October 1, the license shall be effective for the year of
				issuance and the next calendar year without a requirement to pay renewal fees
				or file a renewal report on the first January after issuance.
(b) A licensee shall submit a renewal report
				with the renewal fee, in a form and in a medium prescribed by the Commissioner.
				The renewal report must state or contain:
(1)
				a copy of the licensee's most recent audited annual financial statement or, if
				the licensee is a wholly owned subsidiary of another corporation, the most
				recent audited consolidated annual financial statement of the parent
				corporation or the licensee's most recent audited consolidated annual financial
				statement;
(2) a description of
				each material change in information submitted by the licensee in its original
				license application which has not been reported to the Commissioner on any
				required report;
(3) a list of the
				licensee's permissible investments and a certification that the licensee
				continues to maintain permissible investments according to the requirements set
				forth in the Act;
(4) proof that
				the licensee continues to maintain adequate security as required by this
				Chapter; and
(5) a list of the
				locations in this State where the licensee or authorized delegates of the
				licensee engages in money transmission.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 3 - Money Transmission Licenses › Section 85:15-3-6 - Net worth

Current through Vol. 41, No. 20, July 1, 2024
Each licensee under the Act shall at all times maintain a
				  minimum net worth of at least Two Hundred Seventy-five Thousand Dollars
				  ($275,000.00) in order to engage in money transmission at one (1) to fifty (50)
				  locations, Five Hundred Thousand Dollars ($500,000.00) in order to engage in
				  money transmission at fifty-one (51) to three hundred (300) locations, One
				  Million Five Hundred Thousand Dollars ($1,500,000.00) in order to engage in
				  money transmission at three hundred one (301) to eight hundred (800) locations,
				  or Three Million Dollars ($3,000,000.00) in order to engage in money
				  transmission at over eight hundred (800) locations. Net worth must be
				  demonstrated annually by filing with the Commissioner, at the time of
				  application for a license and at each time of license renewal, the most current
				  annual audited financial statement of the licensee certified by a licensed
				  public accountant holding a permit to practice in this state or by a certified
				  public accountant. For purposes of this section, a financial statement shall be
				  deemed to be current if it is no more than twelve (12) months old. Financial
				  statements may be submitted to the Commissioner at any time in order to
				  maintain a current status. The Commissioner may require, upon request, a more
				  current statement than the last statement submitted by the
				  licensee.
Added at 24 Ok Reg 843,
				  eff 5-11-07
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 5 - Authorized Delegates › Section 85:15-5-1 - Relationship between licensee and authorized delegate

Current through Vol. 41, No. 20, July 1, 2024
(a) In this section, "remit" means to make
				direct payments of money to a licensee or its representative authorized to
				receive money or to deposit money in a bank in an account specified by the
				licensee.
(b) A contract between a
				licensee and an authorized delegate must require the authorized delegate to
				operate in full compliance with the Act. The licensee shall furnish in a record
				to each authorized delegate policies and procedures sufficient for compliance
				with the Act.
(c) An authorized
				delegate shall remit all money owing to the licensee in accordance with the
				terms of the contract between the licensee and the authorized
				delegate.
(d) If a license is
				suspended or revoked or a licensee does not renew its license, the licensee
				must notify all authorized delegates of the licensee whose names are in a
				record filed with the Commissioner of the suspension, revocation, or
				non-renewal. After notice is sent or publication is made, an authorized
				delegate shall immediately cease to provide money transmission services as a
				delegate of the licensee. The former licensee must submit proof to the
				Commissioner that all authorized delegates have been notified of the
				suspension, revocation, or non-renewal. If the former licensee fails to provide
				the required notice, the Commissioner may provide the notice and recover his
				costs and expenses from the bond or other security posted by the former
				licensee or may require reimbursement of costs and expenses before the person
				may obtain a new or reinstated license.
(e) An authorized delegate may not provide
				money transmission services outside the scope of activity permissible under the
				contract between the authorized delegate and the licensee, unless the
				authorized delegate holds its own license under the Act or other money
				transmission services laws. An authorized delegate of a licensee holds in trust
				for the benefit of the licensee all money net of fees received from money
				transmission.
(f) An authorized
				delegate may not use a subdelegate to conduct money transmission services on
				behalf of a licensee.
Added at 24 Ok Reg 843,
				  eff 5-11-07
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 5 - Authorized Delegates › Section 85:15-5-2 - Unauthorized activities

Current through Vol. 41, No. 20, July 1, 2024
A person may not provide money transmission on behalf of a
				  person not licensed under the Act and this Chapter. A person that engages in
				  that activity provides money transmission services to the same extent as if the
				  person were a licensee, including penalties for violations of the Act and this
				  Chapter.
Added at 24 Ok Reg 843,
				  eff 5-11-07
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 7 - Examinations; Reports; Records › Section 85:15-7-1 - Authority to conduct examinations

Current through Vol. 41, No. 20, July 1, 2024
(a) The Commissioner, or another state agency
				authorized by the Commissioner, may conduct an examination of a licensee or of
				any of its authorized delegates upon 10 days' notice in a record to the
				licensee.
(b) The Commissioner, or
				another state agency authorized by the Commissioner, may examine a licensee or
				its authorized delegate, at any time, without notice, if the Commissioner or
				such other agency has reason to believe that the licensee or authorized
				delegate is engaging in an unsafe or unsound practice or has violated or is
				violating any state or federal money laundering or criminal law.
(c) If an on-site examination is necessary
				under subsections (a) or (b), the licensee shall pay the reasonable cost of the
				examination. The amount charged shall be the same as charged under subsection
				B. of section
				2113
				of Title 6 of the Oklahoma Statutes.
Added at 24 Ok Reg 843,
				  eff 5-11-07
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 7 - Examinations; Reports; Records › Section 85:15-7-2 - Cooperation

Current through Vol. 41, No. 20, July 1, 2024
The Commissioner may consult and cooperate with other state
				  money transmission services regulators in enforcing and administering the Act.
				  They may jointly pursue examinations and take other official action that they
				  are otherwise empowered to take.
Added at 24 Ok Reg 843,
				  eff 5-11-07
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 7 - Examinations; Reports; Records › Section 85:15-7-3 - Reports

Current through Vol. 41, No. 20, July 1, 2024
(a) A licensee shall
				file with the Commissioner within 15 business days any material changes in
				information provided in a licensee's application as prescribed by the
				Commissioner.
(b) A licensee shall
				file with the Commissioner within 30 days after the end of each calendar
				quarter a current list of all authorized delegates, and locations in this State
				where the licensee or an authorized delegate of the licensee provides money
				transmission. The Commissioner may prescribe the type of information and format
				by which the information shall be submitted for each location and authorized
				delegate.
(c) A licensee shall file
				a report with the Commissioner within two business days after the licensee has
				reason to know of the occurrence any of the following events:
(1) the filing of a petition by or against
				the licensee under the United States Bankruptcy Code for bankruptcy or
				reorganization;
(2) the filing of a
				petition by or against the licensee for receivership, the commencement of any
				other judicial or administrative proceeding for its dissolution or
				reorganization, or the making of a general assignment for the benefit of its
				creditors;
(3) the commencement of
				a proceeding to revoke or suspend its license in a State or country in which
				the licensee engages in business or is licensed;
(4) the cancellation or other impairment of
				the licensee's bond or other security;
(5) a charge or conviction of the licensee or
				of an executive officer, manager, director, or person in control, of the
				licensee for a felony; or
(6) a
				charge or conviction of an authorized delegate for a felony.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 7 - Examinations; Reports; Records › Section 85:15-7-4 - Change of control

Current through Vol. 41, No. 20, July 1, 2024
(a) A
				licensee shall:
(1) give the Commissioner
				notice in a record of a proposed change of control within 15 days after
				learning of the proposed change of control;
(2) request approval of the acquisition;
				and
(3) submit a nonrefundable fee
				of $3,000 with the notice.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 7 - Examinations; Reports; Records › Section 85:15-7-5 - Records

Current through Vol. 41, No. 20, July 1, 2024
(a) A licensee shall
				maintain the following records for determining its compliance with the Act for
				at least three years:
(1) a general ledger
				posted at least monthly containing all asset, liability, capital, income, and
				expense accounts;
(2) bank
				statements and bank reconciliation records;
(3) a list of the last known names and
				addresses of all of the licensee's authorized delegates; and
(4) any other records the Commissioner
				reasonably requires.
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 7 - Examinations; Reports; Records › Section 85:15-7-6 - Money laundering reports

Current through Vol. 41, No. 20, July 1, 2024
A licensee and all authorized delegates shall file all
				  reports required by federal currency reporting, record keeping, and suspicious
				  transaction reporting requirements as set forth in
				  31 U.S.C. Section
				  5311, 31 C.F.R. Part 103, and other federal
				  and state laws pertaining to money laundering.
Added at 24 Ok Reg 843,
				  eff 5-11-07
Oklahoma Administrative Code › Title 85 - State Banking Department › Chapter 15 - Money Service Businesses › Subchapter 9 - Permissible Investments › Section 85:15-9-1 - Maintenance of permissible investments

Current through Vol. 41, No. 20, July 1, 2024
(a) A licensee shall maintain at all times
				permissible investments that have a market value computed in accordance with
				generally accepted accounting principles of not less than the aggregate amount
				of all of money transmitted from all states by the licensee.
(b) The Commissioner, with respect to any
				licensees, may limit the extent to which a type of investment within a class of
				permissible investments may be considered a permissible investment, except for
				money and certificates of deposit issued by a bank. The Commissioner may allow
				other types of investments that the Commissioner determines to have a safety
				substantially equivalent to other permissible investments.
Added at 24 Ok Reg 843,
				  eff 5-11-07