Federal legislation enacted during the last two years prompted consideration of several changes to the Oklahoma Banking Code and the Oklahoma Securities Act. Proposals to increase the number and locations of de novo branch banks were considered and rejected. The following securities and banking legislation was enacted:
SB 303 (Henry/Toure): Changes securities law relating to the registration and regulation of investment advisers and registration of "federally covered securities" to conform with changes made by federal securities legislation enacted in 1996. The bill also rewrites language relating to procedures for issuance of summary orders to make these provisions consistent through-out the Securities Act and the Business Opportunity Sales Act. Grounds for denying and revoking an exemption from registration for a business opportunity are added. The bill reallocates fees to be deposited in the General Revenue Fund and in the Securities Department Revolving Fund.
HB 1760 (Weaver/Henry): Modifies provisions regarding fees that may be charged by a bank or trust company in connection with the investment of funds it holds in a fiduciary capacity in an investment company or investment trust.
HB 1792 (Weaver/Wilkerson): Allows the board of directors of a credit union to appoint a credit manager in lieu of a credit committee if its bylaws so provide. The bill enables the State Credit Union Board to approve bylaw amendments which authorize a credit union board to delegate specific powers to an executive committee of the board or designated officers of the credit union. The bill deletes a provision which requires that the credit committee must review an application for a loan disapproved by a loan officer. The required time for holding a meeting on a suspension of an officer or member is changed from 7 days to 14 days.
HB 2173 (Weaver/Fisher): Rewrites and updates the Oklahoma Banking Code. Among other changes, the bill redefines "electronic facility" and makes other technical amendments to conform with new technologies used in banking; modifies the authority of the State Banking Commissioner with regard to bank holding companies, shareholders, officers, bank employees, and other bank regulatory agencies; increases from $300 to $500 the annual fee paid by a bank or trust company; defines "change of control" to be consistent with federal law; simplifies the process used to charter a bank; increases the capital required for a trust company from $1.5 million to $2 million; modifies powers of and requirements for state-chartered banks to create parity with powers of and requirements for nationally-chartered banks; allows a state bank to operate a branch on a military installation regardless of geographic location; allows offices separate from a bank's main office to operate on different days and at different hours; modifies lending limits; increases from $2,000 to $5,000 the amount that can be released by a bank to the heirs of an intestate decedent who is the sole owner of an account; and makes several changes regarding safe deposit boxes.