Oklahoma § 6-802 - Limitations on maximum indebtedness to bank - Exceptions

§ 6-802. Limitations on maximum indebtedness to bank - Exceptions

A. 1. The total obligations to any bank or trust company of

any person, copartnership, association or corporation shall at no

Oklahoma Statutes - Title 6. Banks and Trust Companies

time exceed thirty percent (30%) of the capital, less intangible

assets, of the bank or trust company. For purposes of this section,

the calculation of capital shall be made as of the date the bank or

trust company enters into a binding commitment using data from the

most recent quarterly report of condition of the bank or trust

company.

2.

a.

The term "obligations" shall mean the direct

liability, exclusive of interest, of the maker or

acceptor of paper discounted with or sold to such bank

and the liability, exclusive of interest, of the

endorser, drawer or guarantor who obtains a loan from

or discounts paper with or sells paper under the

guaranty of the endorser, drawer or guarantor to such

bank or trust company.

b.

Loans or other extensions of credit to an industrial

development authority, or similar public entity

created for the purpose of constructing and leasing a

plant facility to an occupant, are not an obligation

of the authority for the purpose of this section if:

(1) the bank relies on the credit of the occupant in

making the loan,

(2) the authority's liability with respect to the

loan is limited solely to whatever interest it

has in the particular facility,

(3) the authority's interest is assigned to the bank

as security for the loan, and

(4) the occupant's lease rentals are assigned and

paid directly to the bank.

B. The limitation set forth in paragraph 1 of subsection A of

this section shall be subject to the following exceptions:

1. Loans or extensions of credit secured by not less than a

like amount of bonds or notes of the United States or certificates

of indebtedness of the United States, treasury bills of the United

States or obligations fully guaranteed both as to principal and

interest by the United States shall not be subject to any limitation

based upon capital;

2. Obligations shall not be subject under this section to any

limitation based upon such capital to the extent that such

obligations are secured or covered by guaranties, or by commitments

or agreements to take over or to purchase, made by any Federal

Reserve Bank or by the United States or any department, bureau,

board, commission or establishment of the United States, including

any corporation wholly owned directly or indirectly by the United

States;

3. Obligations secured by a segregated deposit account in the

lending bank; and

Oklahoma Statutes - Title 6. Banks and Trust Companies

4. Obligations as may be approved by the Commissioner upon

written request by the bank.

C. The Board may promulgate rules to administer and implement

this section, including rules to define or further define terms used

in this section and to establish limits or requirements other than

those specified in this section for particular classes or categories

of obligations.

Added by Laws 1965, c. 161, § 802. Amended by Laws 1968, c. 93, §

8, emerg. eff. April 1, 1968; Laws 1968, c. 407, § 2, emerg. eff.

May 17, 1968; Laws 1972, c. 207, § 1, emerg. eff. March 31, 1972;

Laws 1975, c. 109, § 14, emerg. eff. May 7, 1975; Laws 1976, c. 66,

§ 1, emerg. eff. April 22, 1976; Laws 1979, c. 173, § 4; Laws 1982,

c. 223, § 11; Laws 1983, c. 73, § 11, emerg. eff. April 29, 1983;

Laws 1984, c. 133, § 7, eff. Oct. 1, 1984; Laws 1991, c. 128, § 5,

emerg. eff. April 29, 1991; Laws 1995, c. 36, § 17, eff. July 1,

1995; Laws 1997, c. 111, § 71, eff. July 1, 1997.