Banking, Finance & Securities

 

SB 1350 (Brown/Toure): Creates the Family Savings Initiative Act. The act allows the Department of Human Services to enter into contracts with fiduciary organizations to allow state residents with income under 200% of the federal poverty level to open individual development accounts (IDAs). The Department must make grants to contracting fiduciary organizations, of which at least 85% must be used for matching contributions to IDAs. The matching is dollar-for-dollar for IDA account holders with income equal to or less than the federal poverty level, $0.75 to the dollar for account holders with income of 100% to 150% of the federal poverty level, and $0.50 to the dollar for account holders with income of 150% to 200% of the federal poverty level. The amount of matching funds may not exceed $500 per account holder per year. If amounts appropriated for the program are insufficient to make the matches, amounts are reduced proportionally. IDAs may be used for home purchases, business capitalization, post secondary education, IRAs or automobile purchases or repairs. Penalties are provided for unauthorized withdrawals. Amounts in IDAs are protected from creditors and, up to $2,000, are not counted as resources for purposes of determining eligibility for assistance.

SB 1354 (Henry/Toure): This act relates to the regulation of securities and does the following: modifies registration exemption provisions; clarifies the length of time a registration is effective; provides the procedure by which a company may offer securities within the state; states additional sanction which may be imposed for a violation of the Oklahoma Securities Act; describes the computation of fees; defines effective service by certified mail and use of that service by the Administrator.

HB 2665 (Weaver/Mickle): Allows state-incorporated banks to become members of the Federal Reserve System. Such banks are vested with powers conferred on member banks by the Federal Reserve System, and compliance with the System's reserve requirements constitutes compliance with state requirements. Such banks continue to be under state supervision and regulations, but the Board of Governors of the Federal Reserve System may make examinations. State authorities may disclose information to the Board or federal examiners. These provisions are deemed to apply to banks electing to join the Federal Reserve System prior to the effective date of the act.

HB 2891 (Weaver/Mickle): Allows the State Banking Commissioner to accept examinations by the Office of Thrift Supervision in lieu of any three consecutive state banking examinations and allows the Commissioner to enter into cooperative, coordinating and information-sharing agreements with the Office with respect to examinations or supervision of state banks or trust companies. The bill also requires banks or trust institutions serving as trustees of public bond issues in Oklahoma to have a representative trust office in Oklahoma and a trust officer in the office.

HB 2894 (Weaver/Mickle): Creates the Multistate Trust Institutions Act. The purpose of the act is to permit banks and other depository institutions, foreign banks and trust companies to engage in the trust business on a multistate and international basis. The act includes the following provisions:

  • Limits entities that may act as a fiduciary;

  • Specifies activities not deemed to be engaging in the trust business;

  • Specifies conditions under which a state trust institution may act as a fiduciary or otherwise engage in a trust business, both in-state and out-of-state;

  • Requires registration with the State Banking Commissioner;

  • Specifies powers and duties of state trust companies, state banks, state trust institutions and state savings associations;

  • Specifies conditions under which an out-of-state trust institution may establish a trust office in Oklahoma and provides for examinations of such offices by the Commissioner;

  • Provides for enforcement of the act; and

  • Requires notice of mergers, consolidations, transfers or other transactions that would affect trust accounts or assets.

The bill also creates the State Trust Institution Charter Modernization Act. The purpose of this act is to provide for the chartering of trust companies, improve services and reduce costs for consumers and limit operations of private trust companies. The act includes the following provisions:

  • Provides for designation of and specifies certain requirements for trust institutions;

  • Specifies requirements for persons acting as trustees or fiduciaries;

  • Provides for compensation arrangements and requires certain agreements to be in writing;

  • Requires disclosure of conflicts of interest;

  • Provides procedures for purchase of assets of trust companies and trust institutions and requires approval of the Commissioner; and

  • Provides procedures for private trust companies to be exempted from portions of the act.

HB 3197 (Kinnamon/Easley): Amends the Sale of Checks Act to change the minimum net worth requirements for licensees from: (1) $250,000 to sell checks at up to 250 locations to $275,000 to sell checks at up to 300 locations; (2) $500,000 to sell checks at 251 to 500 locations to $500,000 to sell checks at 301 to 500 locations; (3) $1 million to sell checks at 501 to 1,000 locations to $1.5 million to sell checks at 501 to 800 locations; (4) $2.5 million to sell checks at more than 1,000 locations to $3 million to sell checks at more than 800 locations. Financial statements to demonstrate net worth must be audited.

 
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