Banking, Finance & Securities

 

SB 1341(1) (Monson/Nance): Increases the percentage of assets of a credit union which may be held in real estate, buildings, fixtures, equipment, furniture and furnishings from 5% to 7% and provides that interest income will not be considered valuable consideration for negotiation services. Effective 4-14-00.

SB 1344(1) (Monson/Weaver): Allows credit unions, as well as banks, to enter into deposit accounts with minors. The same terms, conditions and provisions applicable to banks are extended to credit unions with respect to such accounts. Powers of the State Credit Union Board are modified to include the powers to regulate its own procedures and practice, define terms, and charge certain application and processing fees. Categories for credit union membership are limited to groups with a common bond of occupation or association, persons or organizations within a well-defined community, neighborhood or rural district or groups which have, as to each individual group, a common bond or occupation or association but need not have the same bond as other groups within the credit union. Certain requirements relating to examinations by and reports to the Board are modified. Requires that the Credit Union Administrator's annual financial report be published in the State Banking Commissioner's annual report. Effective 4-14-00.

SB 1448(1) (Smith/Braddock): Increases the amount of fees that may be charged for returned checks by certain sellers and lenders under the Consumer Credit Code, from $10 to the amount that the Tax Commission or a motor license agent may charge under Section 1121 of Title 47 (currently $25). Effective 11-1-00.

SB 1481(1) (Henry/Bryant): Contains the following provisions relating to consumer credit and mortgages:

  • Modifies accounts for which delinquency charges may be contracted;

  • Authorizes certain amounts to be adjusted;

  • Requires that certain minimum fee be contracted for and deletes authority to contract for certain charges on certain revolving accounts;

  • Modifies advertisement requirements for a consumer lease and sets forth advertising requirements for radio broadcasts;

  • Modifies additional charges which a lender may contract for and receive and permits lender to contract for and receive certain charges;

  • Deletes certain limitation on amount of delinquency charges, over-limit charges, and return-item charges;

  • Sets forth information deemed to be accurate for purposes of certain disclosure and treatment of the disclosure of finance charge and other disclosures affected by any finance charge;

  • Requires lender to give debtor information regarding certain payments involving variable interest rate residential mortgages;

  • Exempts reverse mortgage transactions from certain index or rate of interest;

  • Requires disclosures by creditor on certain mortgages and requires such disclosures to be given within certain time frame;

  • Prohibits certain terms regarding the payment of a prepayment penalty, requires certain computation to be considered a prepayment penalty under certain circumstances, and permits certain prepayment penalty for certain mortgages under certain circum stances;

  • Prohibits certain mortgages from providing for interest rate after default and from including certain terms;

  • Prohibits creditors from engaging in certain credit practices or making certain payments and providing exceptions;

  • Modifies duties and powers of the Administrator of the Department of Consumer Credit;

  • Requires creditor to disclose estimate of reverse mortgage costs;

  • Allows Administrator to initiate administrative action against unlicensed persons and to conduct certain criminal history checks;

  • Modifies time period to grant or deny application for license to make supervised loans;

  • Modifies findings for which action may be taken against licensee and requires licensee to notify Administrator of certain convictions or pleas;

  • Authorizes Administrator to bill the licensee for certain fees and late charges;

  • Modifies various fees and charges and specifies late fee for annual report received after certain date;

  • Deletes requirements that rules refer to certain part or section and be a public record and that certain rules become effective after certain time period;

  • Assesses administrative service fee for returned checks;

  • Specifies liability limits and other compliance requirements for certain open-ended credit plan;

  • States that certain obligor shall have no rescission rights under certain circumstances and permits certain right of rescission for obligor under certain circumstances;

  • Prohibits liability of creditor or assignee under certain closed-end consumer credit transactions and extends rescission rights of consumer with respect to certain circumstances;

  • Modifies statutory references subject to rules on limits on additional charges and deletes reference to certain credit card lenders;

  • Provides for certain hearings and judicial review of such hearings; and

  • Modifies person required to pay real estate mortgage tax.

Effective 7-1-00.

HB 1469(1) (Adair/Littlefield): Provides that subchapter S corporations are not subject to the tax levied in Section 2370 of Title 68 of the Oklahoma Statutes for tax years beginning after 12-31-96 and specifies the basis for taxation for state or national banking associations which are subchapter S corporations. Effective 3-14-00.

HB 2427(1) (Braddock/Capps): Adds master conservancy districts established pursuant to the Conservancy Act of Oklahoma to those entities to which a bank may pledge its assets. Includes the master conservancy district within the definition of "political subdivision" for purposes of the Governmental Tort Claims Act. Provides for relief for injuries sustained by any person or public corporation due to an act performed by any official or agent of a master conservancy district, and subjects the remedy to the provisions of the Governmental Tort Claims Act. Effective 4-14-00.

HB 2675(1) (Weaver/Fisher): Revises the Oklahoma Savings and Loan Code to include the following provisions:

  1. Terminology used in the Code is updated to include definitions of "branch" and "consumer banking electronic facility", among other terms, and to delete
    obsolete definitions;

  2. Certain records of the State Banking Department are made public, including applications for association charters and branches, certain records introduced at public hearings, information disclosing failure of certain associations and branches, reports of certain completed investigations, names of stockholders and officers and regular financial call reports. All other Department records are held confidential, but may be divulged under certain circumstances;

  3. The State Banking Commissioner is required to examine all associations at least every 18 months and semiannual reports are required;

  4. Documents may be retained in electronic formats;

  5. The Commissioner is given the power to issue certain orders to associations, holding companies, or other persons after notice and opportunity for a hearing and to enter into certain agreements with supervisory or regulatory agencies. The Commissioner may also require increased capital if an association is to be uninsured;

  6. Assessments and fees in amounts as set by the Commissioner (subject to certain limits) are required to be collected annually;

  7. Savings associations may be operated under trade names;

  8. Prior restrictions on branches and detached facilities are removed, and the deposit cap is increased from 11% to 15% to correspond with the bank deposit cap;

  9. Associations may establish operations centers and loan production offices, and may act as agents for affiliated banks and associations;

  10. The General Corporation Act may apply to savings associations on matters on which the Code is silent;

  11. Several sections of law are amended to correspond with revised provisions in the Banking Code;

  12. Associations are permitted to open joint accounts and certain other accounts, and may transfer funds to heirs upon receipt of an authorizing affidavit. Associations are required to pay conversion application fees and must apply to the FDIC to be insured. Associations are given parity with banks regarding types of authorized deposit accounts and may purchase their own stock as treasury stock;

  13. Certain requirements are specified for banks that convert to savings associations, for savings associations that convert to banks, and for mutual associations that convert to stock associations;

  14. The Department is authorized to receive into and pay fees from its revolving account for the purpose of examining association offices in other states or foreign association offices in Oklahoma;

  15. Certain procedures for liquidation of associations are modified; and

  16. Prohibited acts, penalties, and enforcement and appeal procedures are modified to conform with similar provisions in the Banking Code.

Effective 11-1-00

HB 2676(1) (Weaver/Fisher): Contains the following provisions relating to banks and trust companies:

  • Includes trust companies in certain interpretive statements and opinions;

  • Modifies the setting of certain bond, obligates certain persons to request bond amount, and prohibits such request from postponing or extending certain time period;

  • Permits prevailing party in certain orders from the Banking Board or the State Banking Commissioner to make certain application;

  • Permits Oklahoma State Banking Department to retain and preserve records electronically in lieu of retaining original records or copies and states that electronically stored documents shall have same force and effect as originals;

  • Requires supervisory agencies to make available certain data, provides for the sharing of certain information between agencies, requires information to be confidential, provides for requests for inspection of such information, and states that supervisory agency is not required to share original documents;

  • Modifies time period certain examinations and reports must be preserved;

  • Modifies provisions for certain fees and assessments levied by Oklahoma State Banking Department;

  • Modifies provisions relating to the Oklahoma State Banking Department Revolving Fund and the Bank Examination Revolving Fund;

  • Permits revolving fund to include certain amounts received by the Oklahoma State Banking Department;

  • Modifies persons eligible to organize a bank or trust company;

  • Increases amount of capital necessary to obtain a state charter or for consideration of application to exercise trust powers;

  • Grants certain powers to operating or financial subsidiaries of banks;

  • Permits state banks to purchase real estate for certain purposes after certain approval and provides exception to prohibition against holding real estate;

  • Requires detached facilities to be on certain property and deletes certain restrictions on detached facilities;

  • Deletes certain branch banking restrictions and procedures relating to the application and establishment of branch banks, modifies requirements relating to banks' locations and mobile facilities on the campus of an institution of higher education, deletes certain procedures for banks to acquire other banks, deletes prohibition against banks' from being acquired until in existence for a certain time period;

  • Permits out-of-state banks to establish de novo branches under certain circumstances;

  • Sets forth procedures, standards and requirements relating to branch banking;

  • Allows banks to opt-out certain detached facilities and sets forth procedure therefor;

  • Authorizes banks and savings associations to operate on the campuses of institutions of higher education;

  • Permits board members to participate in board meetings by electronic means and authorizes board meeting minutes to be transmitted electronically;

  • Modifies requirements relating to annual license fees, renewals, license certificates and examinations pursuant to the Sale of Checks Act;

  • Modifies provisions relating to Perpetual Care Fund annual report and examination of books and records and requires payment of certain annual fee;

  • Allows Attorney General to initiate certain action to recover certain monies and to seek certain injunction;

  • Increases amount of fees for permit and annual reports for cemetery merchandise trust and modifies date of permit expiration;

  • Modifies various provisions relating to licensure as insurance agency; and

  • Makes various changes to the Oklahoma Securities Act.

Effective 5-17-00.


(1) Passed, signed by Governor (2) Passed, pending Governor's approval/disapproval (3) Vetoed by Governor
(4) Pending in Legislature (5) Failed in Legislature (6) Enrolled with the Sec. of State


 
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