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 Code of 1997 and in other legislation conferring jurisdiction upon the Department.
B. The head of the Department shall be the Commissioner. The Commissioner shall be appointed by the Governor with the advice and consent of the Senate. The Commissioner shall have been a qualified elector of the state for at least three (3) years prior to the appointment, shall be at least thirty-five (35) years old and shall have had ten (10) years' experience as a bank officer or employee, or five (5) years' experience as a bank president or managing officer of a bank, or five (5) years' experience as a state or federal bank examiner. The Commissioner shall be appointed for a term of four (4) years. The Commissioner shall continue to serve until a successor is duly appointed, confirmed and qualified. The Commissioner may be removed by the Governor for cause after notice and hearing. A successor to a Commissioner who dies, resigns or is removed shall be appointed in the same manner as provided in this section.
C. 1. The Commissioner shall appoint a Deputy Commissioner who may also serve as secretary to the Board hereinafter created. The Deputy Commissioner shall have been a qualified elector of the state for at least three (3) years prior to the appointment, shall be at least thirty (30) years old and shall have had five (5) years' experience as a bank officer or employee, or three (3) years' experience as a bank president or managing officer of a bank, or five (5) years' experience as a state or federal bank examiner, Assistant Deputy Commissioner, or other Department employee. If the office of the Commissioner is vacant or if the Commissioner is absent or unable to act, the Deputy Commissioner shall be the acting Commissioner.
2. The Commissioner may appoint Administrative Assistants whose administrative duties shall be prescribed by the Commissioner.
3. The Attorney General is hereby authorized to appoint an Assistant Attorney General, in addition to those now provided by law, to be assigned to the Department. The Assistant Attorney General shall perform such additional duties as may be assigned by the Attorney General, and shall otherwise be subject to all provisions of the statutes relating to Assistant Attorneys General. The Banking Department is authorized to pay all or any part of the salary of the Assistant Attorney General.
4. The Commissioner may also appoint a Budget Director for the Department, a Credit Union Administrator and Assistant Deputy Commissioners. The Budget Director, Credit Union Administrator and Assistant Deputy Commissioners shall have the duties and authority as prescribed by the Commissioner.
5. The Commissioner shall prepare in writing a manual of all employee positions for the Department, including job classifications, seniority status, personnel qualifications, duties, maximum and minimum salary schedules and other personnel information for approval by the Board. The Commissioner may select, appoint and employ such accountants, attorneys, auditors, examiners, clerks, secretaries, stenographers and other personnel as the Commissioner deems necessary for the proper administration of the Department and any other statutory duties of the Commissioner.
D. All officers and employees of the Department shall be in the exempt unclassified service as provided for in Section 840-5.5 of Title 74 of the Oklahoma Statutes. All future appointees to such positions shall be in the exempt unclassified service. Except as provided in subsection B of this section, officers and employees of the Department shall not be terminable except for cause as defined by the Board.
E. The Commissioner may delegate to any officer or employee of the Department any of the powers of the Commissioner and may designate any officer or employee of the Department to perform any of the duties of the Commissioner.
F. The Commissioner, Deputy Commissioner, Assistants to the Commissioner, credit union administrator, budget director, Assistant Deputy Commissioners, examiners, examiner-trainees, and all other personnel shall, before entering upon the discharge of their duties, take and subscribe to the oath of office required of state officers as provided by Section 36.2A of Title 51 of the Oklahoma Statutes.
G. 1. The Commissioner shall adopt an appropriate seal as the Seal of the State Banking Commissioner.
2. Every certificate, assignment and conveyance executed by the Commissioner, in pursuance of the authority conferred upon the Commissioner by law and sealed with the seal of the Department, shall be received in evidence and recorded in the proper recording offices in the same manner as a deed regularly acknowledged, as required by law.
3. Whenever it is necessary for the Commissioner to approve any instrument or to affix the official seal thereto, the Commissioner may charge a fee for affixing the approval of the Commissioner or the official seal to such instrument. Copies of all records and papers in the office of the Department, certified by the Commissioner and authenticated by the seal, shall be received in evidence in all cases equally and of like effect as the original. Whenever it is proper to furnish a copy of any paper filed in the Department or to certify such paper, the Commissioner may charge a fee for furnishing such copy, for affixing the official seal on such copy and/or for certifying the same.
Added by Laws 1965, c. 161, § 201. Amended by Laws 1967, c. 52, § 1, emerg. eff. April 14, 1967; Laws 1967, c. 365, § 1, emerg. eff. May 22, 1967; Laws 1970, c. 321, § 1; Laws 1971, c. 352, § 2; Laws 1975, c. 109, § 1, emerg. eff. May 7, 1975; Laws 1976, c. 280, § 3, emerg. eff. June 15, 1976; Laws 1977, c. 66, § 3, emerg. eff. May 23, 1977; Laws 1979, c. 173, § 1; Laws 1980, c. 159, § 2, emerg. eff. April 2, 1980; Laws 1980, c. 360, § 2, emerg. eff. June 27, 1980; Laws 1981, c. 209, § 6, emerg. eff. May 29, 1981; Laws 1982, c. 223, § 3; Laws 1985, c. 331, § 4, emerg. eff. July 29, 1985; Laws 1992, c. 367, § 13, eff. July 1, 1992; Laws 1993, c. 183, § 2, eff. July 1, 1993; Laws 1995, c. 36, § 1, eff. July 1, 1995; Laws 1997, c. 111, § 4, eff. July 1, 1997; Laws 1999, c. 27, § 1, eff. July 1, 1999; Laws 2005, c. 48, § 2, eff. Nov. 1, 2005; Laws 2008, c. 275, § 1, eff. July 1, 2008; Laws 2009, c. 3, § 1, eff. July 1, 2009; Laws 2010, c. 62, § 1, emerg. eff. April 9, 2010.
Structure Oklahoma Statutes
Title 6. Banks and Trust Companies
§6-201. Establishment - Officers and employees.
§6-201.1. Compensation of Commissioner.
§6-202. Board membership and meetings.
§6-204. Powers of Commissioner – Review of orders.
§6-205. Access of Commissioner and Board to records of Department.
§6-206. Power to subpoena witnesses - Declaratory order - Good faith as a defense.
§6-207. Judicial review of orders of the Board or Commissioner.
§6-208. Records of Department - Public inspection – Confidentiality – Electronic storage.
§6-208.1. Availability of personnel data – Confidentiality - Definitions.
§6-209. Bank and trust companies - Examinations and reports.
§6-210. Removal of officer, director or employee of bank or trust company by Commissioner.
§6-211.1. Revolving fund - Creation.
§6-212. Commissioner's annual report.
§6-213. Interests of department officers or employees in banks or trust companies.
§6-214. Bank and trust company records - Preservation - Reproduction.
§6-215. Limitation of liability.
§6-216. Standards in regulations, orders and rules.
§6-218. Transfer of stock or controlling interest - Notice to and approval by Commissioner.
§6-219. Changes in chief executive officer and directors.
§6-220. Impairment of capital - Assessments - Limitations.
§6-301. Certificate of authority.
§6-303.1. Capital structure - Preferred stock.
§6-304. Expenses of organization.
§6-306.1. Commissioner – Certificate of authority – Recommendation of action.
§6-306.2. Acceptance of application for filing - Notice.
§6-307.1. Objectives of Commissioner and Banking Board - Comments or objections.
§6-308. Hearing before Commissioner.
§6-310. Board hearing on application - Condition - Approval - Notice.
§6-311. Appeal of Board's decision.
§6-401. Organization of new bank or trust company.
§6-402. Powers of banks and trust companies.
§6-402.1. Chartering of banker's bank.
§6-403.1. Membership in Federal Reserve System.
§6-404. Federal Deposit Insurance Corporation Act - Acts permitted for compliance therewith.
§6-405.1. Authorized but unissued stock.
§6-405.2. Employee stock option and stock purchase plans.
§6-407. Amendment - Trust powers.
§6-408. Amendment of existing articles of incorporation with certificate of incorporation.
§6-410. Capital debentures - Rediscounting notes to Federal Reserve.
§6-411. Pledge of assets - Banks.
§6-415. Drive-in or walk-up facilities.
§6-416. Bank service corporations.
§6-421. Military banking facilities.
§6-422. Consumer banking electronic facilities.
§6-425. Fiduciary relationships.
§6-426. Agency relationships between subsidiary banks.
§6-502. Bank holding companies.
§6-503. Trust companies - Branch offices.
§6-506. Out-of-state bank holding companies - Acquisitions.
§6-511. Industrial loan company - Industrial bank - Definition.
§6-601. Business days and hours.
§6-702. Liability of fiduciaries owning stock.
§6-703. Liability of preferred shareholders.
§6-705. Transfer of shares - Law governing.
§6-708. Common stock dividend on retirement of preferred stock.
§6-709. Rights of preferred shareholders - Dividends - Voting and conversion rights.
§6-711. Directors and officers - Banks and trust companies.
§6-711.1. Transferred employees - Purchase of former residence by bank.
§6-712. Liability of directors, officers, and other persons - Overdrafts.
§6-712.1. Indemnification for defending suits - Directors' personal liability eliminated or limited.
§6-713. Fidelity bonds and other insurance.
§6-714. Directors - Meetings and duties.
§6-715. Applicability of Oklahoma General Corporation Act.
§6-802. Limitations on maximum indebtedness to bank - Exceptions.
§6-806. Investments - Underwriting - Limitations.
§6-807. Sale and purchase of loans.
§6-808. Banks prohibited from making political contributions - Penalties.
§6-809. Prohibited acts - Penalties - Injunctions.
§6-902. Trustee deposit accounts.
§6-903.1. Deposit accounts for minors.
§6-905. Adverse claims to deposits - Restraining order or injunction - Indemnity bond.
§6-907. Husband and wife deposit for business purpose - Sole proprietorship account.
§6-908. Banks and credit unions authorized to offer savings promotion raffles.
§6-909. Powers of authorized signer.
§6-1001. Powers of trust companies.
§6-1001.1. Temporary borrowing powers of trust companies.
§6-1002. Restrictions on acting in certain fiduciary capacities - Reciprocity.
§6-1003. Advertising performance of legal services prohibited.
§6-1004. Deposits of securities with Commissioner.
§6-1007. Lien and claim upon bank failure.
§6-1008. Investments - Acceptance as securities by public officials of this state.
§6-1009. Official's oath or affidavit.
§6-1011. Loans of trust funds to officers and employees prohibited.
§6-1013. Disclosure of communications and writings prohibited - Exceptions.
§6-1014. Closing of trust unduly delayed.
§6-1015. Banks authorized to engage in trust business - Powers - Restrictions.
§6-1016. Service charges not part of interest on loans.
§6-1017. Voluntary relinquishment of trust powers.
§6-1018. Voluntary or involuntary liquidation or receivership.
§6-1019. Merger, consolidation and sale of assets.
§6-1020. Existing trust powers of religious, charitable, etc. corporations not denied.
§6-1021. Liquidation, dissolution and reorganization of trust companies.
§6-1023. Deposit of securities in clearing corporation or Federal Reserve Bank.
§6-1024. Acquisition of control of trust company - Notice - Approval - Review - Penalties.
§6-1101. Merger or conversion.
§6-1102. Approval of merger by directors and merger agreement.
§6-1105. Effective date of merger, filing of approved agreement, certificate of merger as evidence.
§6-1106. Continuation of corporate entity.
§6-1107. Conversion from state bank to national and of national to state bank, and trust powers.
§6-1108. Nonconforming assets of business.
§6-1109.1. Sale of assets other than in the ordinary course of business.
§6-1110. Book value of assets.
§6-1201. Voluntary liquidation and dissolution.
§6-1202. Involuntary liquidation by Commissioner - Reorganization.
§6-1204. Liquidation by Commissioner - Procedure.
§6-1205. Federal Deposit Insurance Corporation as liquidator.
§6-1207. Transfer or conveyance of title to mineral interests or leases.
§6-1301.1. Appointment of deputy.
§6-1301.2. Authorization for access to safe deposit box upon death of lessee.
§6-1302. Authority to lease safe deposit boxes.
§6-1303. Access by fiduciaries.
§6-1304. Effect of lessee's death or incompetence.
§6-1306. Lease to corporation, general or limited partnership, or limited liability company.
§6-1308. Search procedure on death - Removal of certain contents.
§6-1309. Adverse claims to contents of safe deposit box.
§6-1310. Lien of lessor, special remedies and proceedings for nonpayment of rent.
§6-1311. Limitation of liability - Requirements or policies.
§6-1312. Garnishment - Proceedings in aid of execution.
§6-1313. Estate taxes or rights of state or tax commission not affected.
§6-1403. Unlawful use of words "safe deposit".
§6-1405. Unlawful gratuity or compensation - Transactions of persons connected with bank.
§6-1406. Receipt of deposit after notification of insolvency.
§6-1407. Unlawful service as officer or director.
§6-1409. Unlawful concealment of transactions.
§6-1410. Improper maintenance of accounts - False or deceptive entries and statements.
§6-1412. Embezzlement or misapplication of funds.
§6-1416. Prohibitions relating to control of banks - Remedies.
§6-1514. Information-sharing agreements - Records.
§6-1515. Rules - Interpretive statements and opinions.
§6-1600. International Bank Act - Short title.
§6-1602. Applicability of state banking laws.
§6-1603. Applicability of Oklahoma General Corporation Act.
§6-1604. Requirements for carrying on banking business.
§6-1605. Application for license - Approval or disapproval.
§6-1606. Licenses - Permissible activities.
§6-1607. International administrative offices.
§6-1608. Asset maintenance or capital equivalency.
§6-1609. Certification of capital accounts.
§6-1612. Conversion from a federal agency to a state chartered agency and the reverse.
§6-1614. Representative offices - Limitations - Licenses - Fees.
§6-1615. Rules - Exemption from economic impact statement requirements.
§6-1616. Foreign travel expenses.
§6-1621. Task Force for the Study of State Banking Services.
§6-1701. Short title - Intent.
§6-1705. Companies authorized to act as fiduciary.
§6-1706. Certain activities not requiring charter.
§6-1707. State trust institutions - Business locations.
§6-1708. Out-of-state trust institutions - Business locations.
§6-1709. Registration of name.
§6-1710. Authority to operate trust business.
§6-1713. Establishment of additional offices in this state.
§6-1714. Establishment of additional offices outside of this state.
§6-1715. Out-of-state trust institutions permitted to engage in trust business.
§6-1716. Establishment of new trust offices by out-of-state institutions permitted.
§6-1717. Acquisition of trust offices by out-of-state trust institutions permitted.
§6-1718. Notice of intent to establish or acquire trust office by out-of-state trust institution.
§6-1719. Approval of establishment or acquisition of office by out-of-state institution.
§6-1720. Establishment of additional offices by out-of-state institutions.
§6-1722. Establishment or acquisition of representative trust offices.
§6-1723. Examination of out-of-state trust institutions.
§6-1725. Notice of change of control, substantial transfer of trust assets or closure.
§6-1730. Short title - Purpose.
§6-1732. Designation of trust institution as fiduciary.
§6-1733. Written agreements or instruments - Designation of law governing.
§6-1734. Fiduciary investment standards - Designation of law governing.
§6-1735. Delegation of fiduciary functions.
§6-1736. Hiring and compensation of affiliates.
§6-1737. Compensation arrangements between clients and fiduciaries.
§6-1738. Disclosure of conflicts of interest.
§6-1739. Acquisition of state trust company or trust institution.
§6-1740. Application of act - Exemptions.
§6-1755. Conversion to public trust company.
§6-2001.1. Oklahoma State Credit Union Board - Creation.
§6-2001.3. Meetings of Board - Quorum.
§6-2001.4. Civil liability of State Credit Union Board members.
§6-2007. Membership - Central credit unions.
§6-2009. Fiscal year - Meetings - Voting.
§6-2010. Board of directors - Credit committee or credit manager - Supervisory committee - Officers.
§6-2012. Expulsions and withdrawals.
§6-2014. Shares and deposits in name of minors - Shares not subject to stock transfer tax.
§6-2015. Partial invalidity - Right of alteration, amendment or repeal.
§6-2017. Fiscal agency for state.
§6-2018. Voluntary dissolution.
§6-2020. Special Reserve for Dormant Accounts.
§6-2021. Conversion of credit unions.
§6-2022. Merger of credit unions.
§6-2023. Exercising power of federally chartered credit union - Exceptions.
§6-2024. Joint tenancy shares and deposits.
§6-2025. Share or deposit account payable on death – Application.
§6-2041. Power to make and purchase obligations representing insured loans and credit advances.
§6-2043. Inconsistent laws inapplicable to loans or investments authorized.
§6-2103. Licenses - Requirement - Exceptions - Penalty.
§6-2105. Application for license.
§6-2106. Investigation of applicants.
§6-2107. Annual license fees - Renewals - Display of license certificate - Exception.
§6-2108. Surety bond or irrevocable letter of credit.
§6-2109. Additional bond - Deposit of securities in lieu of bond.
§6-2112. Books, accounts and records - Current financial statements.
§6-2113. Examination of books and records - Audits.
§6-2114. Investigation upon noncompliance with act.
§6-2115. Conduct of business - Location - Agents - Conditions.
§6-2116. Revocation of license - Hearing - Grounds.
§6-2117. Power of subpoena - Designation of hearing officer.
§6-2120. Rules and regulations.
§6-2124. Acts required of licensees - Deadline - Exception.
§6-2203. Financial institutions prohibited from disclosing financial records unless.
§6-2204. Subpoena of financial records.
§6-2205. Disclosures or releases authorized.
§6-2206. Costs of assembling, reproducing or providing financial records.
§6-3001. Records - Electronic or microphotographic reproduction - Evidence.
§6-3002. Compliance review documents - Confidentiality - Discovery or admissibility.
§6-3003. Negotiation services - Interest income as valuable consideration.