Title 6 — Title 6 — Banks and Trust Companies

Application for license; approval or disapproval. A. Every international banking corporation, before being licensed by the Commissioner to act in a liaison capacity or to transact a banking business in this state, or before maintaining in this state any office to carry on such bu…

Licenses; permissible activities. A. An international banking corporation licensed to operate an international bank agency, representative office, or administrative office may engage in the business authorized by the International Bank Act at the office specified in such license …

International administrative offices. A. Any international banking corporation having capital accounts in excess of Twenty-five Million Dollars ($25,000,000.00) may establish one office in this state for the purposes of: 1. Administering its personnel and operations outside the U…

Asset maintenance or capital equivalency. A. Each international bank agency shall hold, in this state, assets which bear such relationships as the Board shall by rule prescribe to the aggregate liabilities of the international bank agency payable in this state or resulting from t…

Certification of capital accounts. Before opening an office in this state, and annually thereafter so long as a bank office is maintained in this state, an international banking corporation licensed pursuant to the International Bank Act shall certify to the Board the amount of i…

Lending limits. A. The Board shall by rule prescribe the limits of drafts or bills of exchange which an international bank agency may accept relative to the capital accounts of the international banking corporation. These limits shall take into account all transactions which are …

Reports and records. A. Every international banking corporation doing business in this state shall, at such times and in such form as the Board shall prescribe, make written reports in the English language to the Board, under the oath of one of its officers, managers, or agents t…

agency and the reverse. Conversion from a federal agency to a state chartered agency and the reverse. A. An international banking corporation desiring to convert its existing federal agency or representative office into a state chartered agency or representative office shall subm…

Dissolution. A. In the event an international banking corporation which is licensed to maintain an international bank agency in this state is dissolved, or its authority or existence is otherwise terminated, canceled, or suspended in the jurisdiction of its incorporation, oral no…

Representative offices; limitations; licenses; fees. No representative office shall conduct any banking business in this state. Each representative office shall be licensed by the Board, shall provide the Board with such information as the Board, by rule, deems necessary, and sha…

requirements. Rules; exemption from economic impact statement requirements. In addition to any other rulemaking authority it has under the Oklahoma Banking Code, the Board is authorized to promulgate reasonable rules which it deems advisable for the administration of internationa…

Foreign travel expenses. A. Fees, assessments and reimbursements of actual expenses by the department and department representatives shall be set by rule of the Board which shall, in all cases, be no less than that for state banks. B. If foreign travel is deemed necessary by the …

6 O.S. § 1621 Repealed by Laws 2025, c. 63, § 1, eff. Nov. 1, 2025

A. This act shall be known and may be cited as the "Multistate Trust Institutions Act". B. It is the express intent of this act to permit banks and other depository institutions, foreign banks and trust companies to engage in the trust business on a multistate and international b…

As used in this act: 1. "Account" means the client relationship established with a trust company involving the transfer of funds or property to the trust company, including a relationship in which the trust company acts as trustee, executor, administrator, guardian, custodian, co…

The Commissioner may promulgate such rules as the Commissioner determines to be necessary or appropriate in order to implement the provisions of this act. Added by Laws 1998, c. 104, § 3, eff. Nov. 1, 1998.

If any provision of this act or the application of such provision is found by any court of competent jurisdiction in the United States to be invalid as to any trust institution or other person or circumstance, or to be superseded by federal law, the remaining provisions of this a…

A. No company shall act as a fiduciary in this state except: 1. A state trust company; 2. A state bank; 3. A savings association organized under the laws of this state and authorized to act as a fiduciary pursuant to state law; 4. A national bank having its principal office in th…

Notwithstanding any other provision of the Multistate Trust Institutions Act, a company does not engage in the trust business or in any other business in a manner requiring a charter, license or registration under this act or in an unauthorized trust activity by: 1. Acting in a m…

A. A state trust institution may act as a fiduciary or otherwise engage in a trust business in this or any other state or foreign country, subject to complying with applicable laws of such state or foreign country, at an office established and maintained pursuant to this act, at …

An out-of-state trust institution which establishes or maintains one or more offices in this state under this act may conduct any activity at each such office which would be authorized under the laws of this state for a state trust institution to conduct at such an office. Added …

A state trust company or out-of-state trust institution may register any name with the Commissioner in connection with establishing a principal office, trust office or representative trust office in this state pursuant to this act. However, the Commissioner may determine that a n…

A state trust company or a state bank may: 1. Perform any act as a fiduciary; 2. Engage in any trust business; and 3. Exercise any incidental power that is necessary to enable it to fully exercise, according to commonly accepted fiduciary customs and usages, a power conferred in …

Certain business at representative trust offices prohibited - Limitations on business at out-of-state offices. A. A state trust institution may act as a fiduciary and engage in a trust business at each trust office as permitted by this act and at a branch. B. A state trust instit…

A. Each state trust company shall have and continuously maintain a principal office in this state. B. Each executive officer at the principal office shall be an agent of the state trust company for service of process. C. A state trust company may change its principal office to an…

A. A state trust institution may establish or acquire and maintain trust offices or representative trust offices anywhere in this state. A state trust institution desiring to establish or acquire and maintain such an office shall file a written notice with the Commissioner settin…

A. A state bank, a state trust company, or a savings association chartered under the laws of this state may establish and maintain a new trust office or a representative trust office or acquire and maintain an office in a state other than this state. Such a trust institution desi…

trust business. An out-of-state trust institution may act as a fiduciary in this state or engage in a trust business at an office in this state only if it maintains: 1. A trust office in this state as permitted by this section through Section 20 of this act; or 2. A branch in thi…

institutions permitted. An out-of-state trust institution which does not operate a trust office in this state and which meets the requirements of Sections 15 through 20 of this act may establish and maintain a new trust office in this state. Added by Laws 1998, c. 104, § 16, eff.…

institutions permitted. An out-of-state trust institution which does not operate a trust office in this state and which meets the requirements of Sections 15 through 20 of this act may acquire and maintain a trust office in this state. Added by Laws 1998, c. 104, § 17, eff. Nov. …

out-of-state trust institution. An out-of-state trust institution desiring to establish and maintain a new trust office or acquire and maintain a trust office in this state pursuant to Sections 1715 through 1720 of this title shall provide, or cause its home state regulator to pr…

of-state institution. A. No trust office of an out-of-state trust institution may be acquired or established in this state pursuant to Sections 15 through 20 of this act unless: 1. The out-of-state trust institution shall have confirmed in writing to the Commissioner that for as …

institutions. An out-of-state trust institution that maintains a trust office in this state pursuant to Sections 15 through 20 of this act may establish or acquire additional trust offices or representative trust offices in this state to the same extent that a state trust institu…

fiduciaries - Engaging in trust business at representative trust office permitted. A. An out-of-state trust institution may not act as a fiduciary, but may otherwise engage in a trust business, at a representative trust office as permitted by this section and Section 22 of this a…

offices. A. An out-of-state trust institution may establish or acquire and maintain a representative trust office in this state. An out- of-state trust institution desiring to establish or acquire and maintain a representative trust office shall file a notice on a form prescribed…

A. To the extent consistent with subsection C of this section, the Commissioner may make such examinations of any office established and maintained in this state pursuant to Sections 10 through 25 of this act by an out-of-state trust institution as the Commissioner may deem neces…

Consistent with the Administrative Procedures Act, after notice and opportunity for a hearing: 1. The Commissioner may determine: a. that an office maintained by an out-of-state trust institution in this state is being operated in violation of any provision of the laws of this st…

assets or closure. Each out-of-state trust institution that maintains an office in this state pursuant to Sections 10 through 25 of this act, or the home state regulator of such trust institution, shall give at least thirty days' prior written notice or, in the case of an emergen…

A. Sections 26 through 35 of this act shall be known and may be cited as the "State Trust Institution Charter Modernization Act". B. The express purposes of this act are to: 1. Provide for the chartering of trust companies and to permit trust companies to act as fiduciaries and o…

The definitions contained in Section 2 of the Multistate Trust Institutions Act shall apply to this act unless the context otherwise requires. Added by Laws 1998, c. 104, § 27, eff. Nov. 1, 1998.

Any person residing in this state may designate any trust institution to act as a fiduciary on behalf of such person. Added by Laws 1998, c. 104, § 28, eff. Nov. 1, 1998.

governing. Any trust institution that maintains a trust office or representative trust office in this state and its affected clients may designate this state, a state where affected clients reside, or the state where such trust institution has its principal office, as the state w…

governing. Any trust institution that maintains a trust office or representative trust office in this state and its affected clients may designate this state, a state where affected clients reside, or the state where such trust institution has its principal office, as the state w…

A. Any person acting as a trustee or as any other fiduciary under the laws of this state may delegate any investment, management or administrative function if such person exercises reasonable care, judgment and caution in: 1. Selecting the delegate, taking into account the delega…

A. Any person acting as a trustee or in any other fiduciary capacity pursuant to Section 31 of this act may hire and compensate, as a delegate, an affiliate of such person if: 1. Authorized by a trust or fiduciary instrument; 2. Authorized by court order; 3. Authorized in writing…

The compensation arrangement between a client and any person acting as a trustee or as any other fiduciary pursuant to this act shall be at arm's length and any compensation pursuant to such arrangement shall be a reasonable amount with respect to the services rendered. Added by …

A. Any company, proposing to act as a trustee or in any other fiduciary capacity pursuant to a written agreement to be entered into with a prospective client after the effective date of this act, which company has any potential or actual conflict of interest which may reasonably …

A. Subject to the provisions of this section, a trust institution may purchase assets of a state trust company or trust- related assets of another trust institution, including the right to control accounts established with the trust institution. Except as otherwise expressly prov…

A. A private trust company engaging in the trust business in this state shall comply with each and every provision of this act and Sections 101 through 1417 of the Oklahoma Banking Code applicable to a trust company unless expressly exempted therefrom in writing by the Commission…

Change of control - Revocation of exempt status - Enforcement proceedings. A. 1. A private trust company requesting an exemption from the provisions of this act, pursuant to Section 1740 of this title, shall file an application with the Commissioner containing the following: a. a…