Banking, Finance & Securities


SB 369(1) (Henry/Toure): Increases the maximum maturity period for credit union loans from 12 to 15 years. The bill also defines "nonprobate transfer" for purposes of securities laws relating to transfers on death, provides that transferees of nonprobate transfers are subject to liability to the estate for allowed claims against the estate and allowances to the decedent's spouse and children to the extent the estate is insufficient. The order of priority of liabilities is specified. The bill allows a provision made in one instrument to direct the apportionment of liability among nonprobate transferees, with the later instrument prevailing in case of a conflict, and provides for enforcement of the liability and proceedings. Effective 11-1-99

HB 1326(1) (Weaver/Fisher): Modifies various provisions relating to the State Banking Department, as follows:

  • Allows, rather than requires, the Deputy Banking Commissioner to serve as secretary to the State Banking Board;

  • Allows the State Banking Commissioner to appoint secretaries as well as other personnel;

  • Modifies employees required to take the oath of office for state officers;

  • Allows, rather than requires, the Commissioner to charge a fee for approving and sealing instruments;

  • Provides that the Commissioner's compensation is set by the Board from legislative appropriations;

  • Allows the Commissioner to enter into agreements with state thrifts;

  • Modifies time requirements for publication of notices of location of proposed bank or trust company;

  • Prohibits establishment or operation of a branch bank unless issued a certificate by the Commissioner, rather than the Board;

  • Modifies requirements relating to fees for management of common trust funds;

  • Provides that a nonprofit corporation does not engage in the trust business by exercising powers under the Oklahoma Charitable Fiduciary Act;

  • Requires licensees under the Sale of Checks Act to provide a copy of the original license certificate at each location for display;

  • Modifies requirements relating to financial statements for purposes of the Sale of Checks Act;

  • Provides that reports not be required under Section 2111 of Title 6 unless specifically requested by the Commissioner; and

  • Allows the Commissioner to examine licensee books and records under the Sale of Checks Act as often as deemed advisable (currently at least once a year).

Effective 7-1-99

HB 1327(1) (Weaver/Dickerson): Modifies requirements relating to supervisory committees of credit unions. Supervisory committees must meet as often as necessary to conduct their business and at such other times as required by the State Banking Commissioner. Minutes must be kept of all meetings and no member may be excluded from meetings of the board of directors. Dividends may be paid from current income after required transfers, plus undivided earnings, rather than from net earnings. Effective 4-5-99

HB 1356(1) (Thornbrugh/Fisher): Modifies time periods required for notice in changes in the terms of revolving loan accounts. Under current law, notice must be given at least three times with the first notice at least four months before the effective date of the change. Under HB 1356, for interest rate changes, notice must be given at least once and at least one billing cycle (not less than 30 days) before the effective date of the change. For other terms, at least two notices must be given, with the first at least two billing cycles (not less than 60 days) before the effective date of the change. If the debtor has previously consented in writing to the kind of change made, at least 30 days' notice is required. If the change applies only to debts incurred after a specific date, at least 30 days' notice is required. Effective 4-19-99

(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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