A. Except as otherwise provided by this section, a bank or credit union lawfully doing business in this state may enter into a deposit account with a minor as the sole and absolute owner of the account and may pay checks and withdrawals and otherwise act with respect to the account on the order of the minor. A payment or delivery of rights to a minor who holds a deposit account evidenced by a receipt or other acquittance signed by the minor discharges the bank or credit union to the extent of the payment made or rights delivered.
B. If the minor is the sole and absolute owner of the deposit account, the disabilities of minority are removed for the limited purposes of enabling:
1. The minor to enter into a depository contract with a bank or credit union; and
2. The bank or credit union to enforce the contract against the minor, including collection of overdrafts and account fees and submission of account history to account reporting agencies and credit reporting bureaus.
C. A parent or legal guardian of a minor may deny the minor's authority to control, transfer, draft on, or make withdrawals from the minor's deposit account by notifying the bank or credit union in writing. On receipt of the notice by the bank or credit union, the minor may not control, transfer, draft on, or make withdrawals from the account during minority except with the joinder of a parent or legal guardian of the minor.
D. If a minor with a deposit account dies, the receipt or other acquittance of the minor's parent or legal guardian discharges the liability of the bank or credit union to the extent of the receipt or other acquittance, except that the aggregate discharges under this subsection may not exceed Three Thousand Dollars ($3,000.00).
E. Subsection A of this section does not authorize a loan to the minor by the bank or credit union, whether on pledge of the minor's savings account or otherwise, or bind the minor to repay a loan made except as provided by subsection B of this section or other law or unless the depository institution has obtained the express consent and joinder of a parent or legal guardian of the minor. This subsection does not apply to an inadvertent extension of credit because of an overdraft from insufficient funds, returned checks or deposits, or other shortages in a depository account resulting from normal banking or credit union operations.
Added by Laws 1997, c. 111, § 78, eff. July 1, 1997. Amended by Laws 2000, c. 77, § 1, emerg. eff. April 14, 2000.
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.