Oklahoma § 6-1706 - Certain activities not requiring charter

§ 6-1706. Certain activities not requiring charter

Notwithstanding any other provision of the Multistate Trust

Institutions Act, a company does not engage in the trust business or

Oklahoma Statutes - Title 6. Banks and Trust Companies

in any other business in a manner requiring a charter, license or

registration under this act or in an unauthorized trust activity by:

1. Acting in a manner authorized by law and in the scope of

authority as an agent of a trust institution with respect to an

activity which is not an unauthorized trust activity;

2. Rendering a service customarily performed as an attorney or

law firm in a manner approved and authorized by the Supreme Court of

this state;

3. Acting as trustee under a deed of trust delivered only as

security for the payment of money or for the performance of another

act;

4. Engaging in the sale of title insurance regulated by the

State Insurance Commission;

5. Receiving and distributing rents and proceeds of a sale as a

licensed real estate broker on behalf of a principal in a manner

authorized by state law;

6. Engaging in a securities transaction or providing an

investment advisory service as a licensed and registered brokerdealer, investment advisor or registered representative thereof,

provided the activity is regulated by the State Securities

Commission or the Securities and Exchange Commission;

7. Engaging in the sale and administration of an insurance

product by an insurance company or agent licensed by the Insurance

Department to the extent that the activity is regulated by the

Insurance Department;

8. Engaging in the lawful sale of prepaid funeral benefits

under a permit issued by the Oklahoma Funeral Board under state law,

or engaging in the lawful business of a perpetual care cemetery

corporation under state law;

9. Acting as trustee under a voting trust as provided by law;

10. Acting as trustee by a public, private, or independent

institution of higher education or a university system, as those

terms are defined by law, including its affiliated foundations or

corporations, with respect to endowment funds or other funds owned,

controlled, provided to or otherwise made available to such

institution with respect to its educational or research purposes;

11. Engaging in other activities expressly excluded from the

application of this act by rule of the Department;

12. Rendering services customarily performed by a certified

public accountant in a manner authorized by the Oklahoma Accountancy

Board;

13. Exercising powers pursuant to the Oklahoma Charitable

Fiduciary Act, and the company is a corporation which is recognized

pursuant to Section 501(c)(3) of the Internal Revenue Code as being

organized and operated exclusively for educational, religious,

charitable, or other eleemosynary purposes;

Oklahoma Statutes - Title 6. Banks and Trust Companies

14. Provided the company is a trust institution and is not

barred by order of the Commissioner from engaging in a trust

business in this state pursuant to paragraph 2 of Section 1724 of

this title:

a.

marketing or soliciting in this state through the

mails, telephone, any electronic means or in person

with respect to acting or proposing to act as a

fiduciary outside of this state,

b.

delivering money or other intangible assets and

receiving the same from a client or other person in

this state, or

c.

accepting or executing outside of this state a trust

of any client or otherwise acting as a fiduciary

outside of this state for any client; and

15. Acting as trustee of a trust company formed pursuant to the

laws of the state, and the sole purpose of which is to hold and

transfer title of aircraft registration or to be registered with the

Federal Aviation Administration; provided the company shall maintain

a performance bond of Fifty Thousand Dollars ($50,000.00) or more.

Added by Laws 1998, c. 104, § 6, eff. Nov. 1, 1998. Amended by Laws

1999, c. 27, § 9, eff. July 1, 1999; Laws 2013, c. 398, § 1, eff.

Nov. 1, 2013.