Title 6, Title 6 — Banks and Trust Companies

A. Credit union membership shall consist of the incorporators, and such other persons and incorporated and unincorporated organizations and their employees, as may be elected to membership. Each member shall subscribe to at least one share of the credit union’s stock and pay the …

Alternative examination or report - Failure to make and transmit or publish report - Certificate and bylaw forms - Annual financial report. A. A regular examination of credit unions organized under the laws of this state shall be made by or under the supervision of the Administra…

The fiscal year of all credit unions shall end December thirty- first (31st). The annual meeting of each credit union shall be held at such time and at such place as its bylaws shall prescribe. Special meetings may be held in the manner indicated in the bylaws. No member shall be…

A. There shall be a Banking Department, with a main office located at 2900 North Lincoln Boulevard, Oklahoma City, Oklahoma, which shall be a separate department of the state government charged with supervision of the activities in this state as provided in the Oklahoma Banking C…

A. The annual compensation, payable monthly, of the Commissioner, shall be fixed by the Banking Board. Unless otherwise disapproved by the Legislature, and notwithstanding any other prescription of salary limits including the ranges set forth in Section 3601.2 of Title 74 of the …

Supervisory committee - Officers. A. 1. The business affairs of a credit union shall be managed by a board of not less than seven (7) members, elected by the members of the credit union, from their number, at their annual meeting, the organizational meeting being the first annual…

(A) A member may be expelled by a two-thirds (2/3) vote of the members present at the annual or a special meeting called to consider the matter, but only after an opportunity has been given to the member to be heard at said meeting. Any member may withdraw from the credit union a…

As the bylaws may provide and, pursuant to such regulations as may be issued by the Oklahoma State Credit Union Board, the board of directors of a credit union may declare a dividend to be paid at different rates on different types of accounts from any available balances in undiv…

to stock transfer tax. When any shares shall be purchased by or deposits made in the name of any minor, the same shall be held for the exclusive right and benefit of such minor, and free from the control or lien of all other persons, except creditors, and shall be paid, together …

repeal. (A) If any provision of this act, or the application thereof to any person or circumstance, is held invalid, the remainder of the act, and the application of such provisions to other persons or circumstances, shall not be affected thereby. (B) The right to alter, amend, o…

family members - Space in public buildings. Credit unions composed exclusively of state, county, city and school district employees and retirees and members of their families may be allotted space in public buildings as space is available, without charge for rent or services. Add…

Each credit union organized under this act when requested by the Treasurer of the State of Oklahoma, shall act as fiscal agent of the State of Oklahoma, and shall perform such services as the Treasurer may require in connection with the collection of taxes and other obligations o…

A credit union may elect to dissolve voluntarily and liquidate its affairs. The process of voluntary dissolution shall be as follows: (A) The board of directors shall adopt a resolution recommending the credit union be dissolved voluntarily, and directing that the question of dis…

certificate - Liquidation - Disposition of assets. (A) If it appears that any credit union organized under the laws of this state is bankrupt or insolvent, or that it has willfully violated the laws of this state relating to credit unions, or is operating in an unsafe or unsound …

- Term of conservatorship - Expenses - Commissioner's authority. (A) The Bank Commissioner may, with the approval of the State Credit Union Board and without advance notice, self-appoint or appoint an insuring organization or any other person as conservator to immediately take po…

procedures - Destruction of records - Records as evidence. (A) A credit union shall maintain all books, records, accounting systems, and procedures in accordance with such regulations as the State Credit Union Board from time to time prescribes. In prescribing such regulations, t…

A. The Board shall consist of seven (7) members. The Commissioner shall be Chairman and vote only in case of a tie on any question requiring action by the Board. B. Board - Qualifications. Other than the Commissioner, five members of the Board shall be active officers of state ba…

Any money deposited to a member's account which has not matured to at least an amount equal to the par value of shares as established by the credit union's certificate of incorporation within a three-year period may be transferred to a Special Reserve for Dormant Accounts if the …

A credit union chartered under the laws of the State of Oklahoma may be converted to a state credit union under the laws of any other state, or to a federal credit union either within or without the State of Oklahoma. A credit union chartered under the laws of the United States o…

Any credit union may, with the approval of the State Credit Union Board, merge with another credit union under the existing charter of the other credit union, pursuant to any plan agreed upon by the majority of the board of directors of each credit union joining in the merger, an…

Exceptions. A credit union chartered under the laws of the State of Oklahoma, the member accounts of which are insured under Title II of the Federal Credit Union Act, may exercise any of the powers of a federally chartered credit union doing business in this state, until otherwis…

When shares are owned or a deposit is made in the joint names of a member and one or more persons, payable to any of them or the survivor, such shares or deposit, or any part thereof, or any dividends or interest thereon, may be paid to any of the persons, whether one of those pe…

A. Share and deposit account proceeds that are payable to a beneficiary upon the death of the account owner shall be offered pursuant to the following provisions: 1. When shares are owned or a deposit has been made or shall hereafter be made in any credit union using the terms "P…

Shares or deposits may be held in the name of a member in trust for a beneficiary, or in the name of a nonmember in trust for a beneficiary who is a member. Payment of all or part of such trust funds to the person in whose name the shares or deposits are held shall, to the extent…

Confidential records - Disclosure of confidential information. (A) The following records of the State Credit Union Board, the Bank Commissioner, Administrator and State Banking Department are designated as public records: (1) All applications for credit union charters and support…

In addition to other powers conferred by the Oklahoma Banking Code, the Board shall have power to: 1. Regulate its own procedures and practice, except as may be hereafter provided by law; 2. Define any term not defined in the Oklahoma Banking Code; 3. Adopt and promulgate reasona…

A. In addition to other powers conferred by this Code, the State Banking Commissioner shall have the power to require a bank, bank holding company or trust company or shareholder, officer, director, or bank employee to: 1. Maintain its accounting system in accordance with such re…

insured loans and credit advances. Banks, savings banks, trust companies, life insurance companies, fire insurance companies, mutual casualty insurance companies, and other insurance companies and investment companies, building and loan associations, trustees, guardians, executor…

corporations, etc. - Investment of public funds. (a) It shall be lawful for banks, savings banks, trust companies, life insurance companies, fire insurance companies, mutual casualty insurance companies, and other insurance companies and investment companies, building and loan as…

authorized. No law of this state requiring security upon which loans or investments may be made, or prescribing the nature, amount or form of such security, or prescribing or limiting interest rates upon loans or investments, or prescribing or limiting the period for which loans …

The Commissioner, Deputy Commissioner and the Board shall have access to any record of the Department. Added by Laws 1965, c. 161, § 205.

faith as a defense. A. Witnesses - Subpoena. The Commissioner and the Board shall have the power to subpoena witnesses, compel their attendance, require the production of evidence, administer an oath and examine any person under oath in connection with any subject relating to dut…

A. Final orders of the Board or the State Banking Commissioner may be appealed to the Supreme Court of Oklahoma by any party directly affected and showing aggrievement by the order. A mere increase in competition resulting from the order shall not constitute aggrievement. B. An a…

– Electronic storage. A. The following records in the Oklahoma State Banking Department are designated as public records: 1. All applications for state bank charters and supporting information with the exception of personal financial records of individual applicants; 2. All recor…

Definitions. A. A supervisory agency shall make available to a requesting agency any data obtained or generated by, and in the possession of, the supervisory agency and that the requesting agency deems necessary for review in connection with the supervision of any person over whi…

A. 1. The State Banking Commissioner shall, at least every eighteen (18) months or as often as the Commissioner deems advisable, examine every bank and trust company, and for the purpose of making such examinations and special examinations, shall have full access to all books, pa…

company by Commissioner. Any officer, director or employee of a bank or trust company found by the Commissioner to be dishonest, reckless, unfit to participate in the conduct of the affairs of the institution, or to have engaged or participated in any unsafe or unsound practice i…

Sections 2101 through 2121 of this title and Sections 13 and 14 of this act shall be known and may be cited as the "Sale of Checks Act". Added by Laws 1961, p. 426, § 1. Amended by Laws 1988, c. 216, § 1, eff. Nov. 1, 1988.

Unless the context otherwise requires: 1. "Commissioner" means the State Bank Commissioner; 2. "Check" means any check, draft, money order, stored value instrument or card, or other written instrument for the transmission or payment of money or credit, except that it does not mea…

(a) No person shall engage in the business of selling or issuing checks as a service or for a fee or other consideration without first securing a license to do so from the Commissioner, except that no license under this act shall be required of any agent, subagent or representati…

A. Nothing in the Sale of Checks Act shall apply to the receipt of money by any incorporated telegraph company at any agency or office of the company for immediate transmission by telegraph, or to the receipt of money for the purpose of transmitting or transferring it to foreign …

(a) Application for a license shall be made to the Commissioner on forms prepared by him and shall be under oath. (b) The application for a license shall: 1. State the name of the applicant and the street address of his principal office, as well as the mailing address if such mai…

(a) Upon the filing of an application, the Commissioner shall investigate the applicant and if he finds that the applicant is of good moral character and financially responsible and can meet the requirements of this act, he shall give notice in writing of his approval of said app…

certificate - Exception. A. Before any license is issued or renewed, the applicant or licensee shall pay an annual license fee in the amount of Two Hundred Dollars ($200.00), plus Ten Dollars ($10.00) for each location within this state at which checks of the licensee are issued …

Each approved applicant shall furnish a corporate surety bond in the principal sum of One Hundred Thousand Dollars ($100,000.00) for one (1) to fifteen (15) locations within this state at which checks of the licensee are issued or sold, Two Hundred Fifty Thousand Dollars ($250,00…

(a) If the Commissioner shall find at any time that any bond required under this act is insecure or exhausted, an additional bond to be approved by the Commissioner shall be filed by the licensee within ten (10) days after written demand therefor by the Commissioner. (b) In lieu …

A. 1. The Banking Board shall charge and collect from each bank and trust company under its supervision an annual fee of One Thousand Dollars ($1,000.00) which shall be deposited in the Oklahoma State Banking Department revolving fund pursuant to Section 211.1 of this title. 2. T…

There is hereby created in the State Treasury a revolving fund for the Oklahoma State Banking Department. The revolving fund shall consist of all fees and assessments paid to or collected by the Department, including all monies received by the Commissioner under Sections 104, 204…

Each licensee under the Sale of Checks 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 issue or sell checks at one (1) to three hundred (300) locations, Five Hundred Thousand Dollars ($500,000.00)…

Unless a licensee shall have on file in the office of the Commissioner a bond in the maximum amount required under Section 2108 of this title, or shall have deposited securities equal to such amount as provided in subsection (b) of Section 2109 of this title, such licensee shall …