Oklahoma § 6-424 Origination of loans at locations other than main office or

Oklahoma Statutes

§ 6-424 — Origination of loans at locations other than main office or

Oklahoma·Title 6 Banks And Trust Companies

branch office – Out-of-state banks – Loan and deposit production offices.

A.Subject to rules promulgated by the Banking Board, a bank or out-of-state bank may utilize employees or agents of the bank or out-of-state bank to originate loans or originate deposit accounts, or both, at locations other than the main office or a branch office of such bank or out-of-state bank, provided that the loan decision is made and the loan is funded at the main office or a branch office of the bank or out-of-state bank and provided that no deposits shall be accepted or received at the deposit origination office. A bank or out-of-state bank may establish an office location described in this section by making an application to the State Banking Commissioner on a form prescribed by the Commissioner. An applic

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branch office – Out-of-state banks – Loan and deposit production offices. A. Subject to rules promulgated by the Banking Board, a bank or out-of-state bank may utilize employees or agents of the bank or out-of-state bank to originate loans or originate deposit accounts, or both, at locations other than the main office or a branch office of such bank or out-of-state bank, provided that the loan decision is made and the loan is funded at the main office or a branch office of the bank or out-of-state bank and provided that no deposits shall be accepted or received at the deposit origination office. A bank or out-of-state bank may establish an office location described in this section by making an application to the State Banking Commissioner on a form prescribed by the Commissioner. An application fee of Five Hundred Dollars ($500.00) shall accompany the application. B. An office shall be considered to be a loan production office if it is open to the public, and employees or agents of the bank or out-of-state bank: 1. Provide loan applications to customers; 2. Facilitate the return of the loan application to the bank or out-of-state bank; 3. Provide promissory notes and/or disclosures to customers; 4. Receive executed notes from customers; or 5. Arrange for the loan proceeds to be delivered to the customer. C. An office shall be considered to be a deposit production office if it is open to the public, and employees or agents of the bank or out-of-state bank: 1. Provide deposit applications to customers; 2. Facilitate the return of the deposit application to the bank or out-of-state bank; 3. Provide deposit agreements and/or disclosures to customers; 4. Receive executed deposit agreements from customers; or 5. Arrange for the deposited funds to be delivered to the bank. D. The Commissioner or the Board may, upon written request of a bank or out-of-state bank, designate or approve of specified activities (including a limited number of those described in subsections B and C of this section) that a bank or out-of-state bank may conduct without the facility being considered a loan production office or deposit production office. For purposes of this section, the word “agent” shall include independent contractors, or any other “institution affiliated party” as that term is defined in 12 U.S.C., Section 1813(u).

Oklahoma § 6-424 (Origination of loans at locations other than main office or) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Added by Laws 1992, c. 295, § 3, eff. July 1, 1992. Amended by Laws 1996, c. 310, § 1, eff. July 1, 1996; Laws 1997, c. 111, § 53, eff. July 1, 1997; Laws 2000, c. 205, § 17, emerg. eff. May 17, 2000; Laws 2003, c. 180, § 3, eff. Nov. 1, 2003; Laws 2005, c. 48, § 13, eff. Nov. 1, 2005.