Okla. Admin. Code § 85:10-3-20

Current through Vol. 42, No. 4, November 1, 2024

Section 85:10-3-20 - Registration of bank or trust related activities

(a)Definition of "Bank or Trust-Related Activities. The phrase "bank or trust-related activities" shall be defined as follows:

(1) With respect to activities conducted by banks, bank holding companies or trust companies, or any affiliate thereof, domiciled outside the State of Oklahoma, directed to or offered to residents of Oklahoma in a public manner, "bank or trust-related activities" shall mean:

(A) soliciting or receiving deposits;

(B) offering or making loans;

(C) issuing debentures, certificates or other evidences of debt;

(D) offering transaction accounts;

(E) holding funds or other property in trust;

(F) acting in a fiduciary capacity;

(G) installation of automated teller and/or cash dispensing machines; or

(H) other activities deemed by the Bank Commissioner to be bank or trust related.

(2) With respect to activities conducted by business organizations which are not banks, bank holding companies or trust companies, or any affiliate thereof, directed to or offered to residents of Oklahoma in a public manner, "bank or trust-related activities" shall mean:

(A) soliciting or receiving deposits;

(B) issuing certificate-type evidences of debt incorporating terminologies utilized by banking and other rate-regulated financial institutions;

(C) offering transaction accounts;

(D) holding funds or other property in trust;

(E) acting in a fiduciary capacity;

(F) installation of automated teller and/or cash dispensing machines; or

(G) other activities deemed by the Commissioner to be bank or trust-related.

(b)Registration requirement. Each institution or organization conducting bank or trust-related activities and not holding a certificate of authority to engage in the banking or trust company business in Oklahoma must file with the Commissioner a Registration Statement prior to engaging in bank or trust related activities and annually thereafter. Annual statements shall be filed on or before April 1 of each year.

(c)Forms. Registration forms may be obtained from the office of the Commissioner.

(d)Fee. Each Registrant shall pay annually a fee in an amount as set forth in rule 85:10-3-21.

(e)Exemption. Open-end investment companies and broker dealers which are registered or have securities registered with the Oklahoma Department of Securities and place on file with the Oklahoma Department of Securities on an annual basis the information required by the Registration Statement are excused from compliance with this Section, provided aggregate data for such entities is made available to the Commissioner on an annual basis.

(f)Definition of "Deposit" and Transaction Account". As used in this section, the terms "deposit" and "transaction account" shall have the same meaning that is given those terms in Title 12 C.F.R. section 204.2.

(g)Definition of "Business Association". As used in section 104 of the Code, the term "business association" shall be interpreted to exclude insured depository institutions, as defined by Section 103 of the Depository Institutions Deregulation and Monetary Control Act of 1980, and uninsured savings and loan associations and credit unions supervised by and reporting to the Department. "Business Association" shall not include entities licensed by the State of Oklahoma which license authorizes such activities to be engaged in by the licensed entity.

Okla. Admin. Code § 85:10-3-20

Amended at 10 Ok Reg 1969, eff 5-27-93; Amended at 13 Ok Reg 1901, eff 6-27-96; Amended at 15 Ok Reg 2952, eff 7-15-98; Amended at 25 Ok Reg 1064, eff 5-25-08