Oklahoma § 6-1722 - Establishment or acquisition of representative trust

§ 6-1722. Establishment or acquisition of representative trust

offices.

A. An out-of-state trust institution may establish or acquire

and maintain a representative trust office in this state. An outof-state trust institution desiring to establish or acquire and

maintain a representative trust office shall file a notice on a form

prescribed by the Commissioner which shall set forth the name of the

out-of-state trust institution, the location of the proposed office,

and satisfactory evidence that the notificant is a trust

institution. The out-of-state trust institution shall also furnish

a copy of the resolution adopted by the board authorizing the

representative trust office, and pay a fee equal to that for bank

loan production offices.

B. The notificant may commence business at the representative

office on the thirty-first day after the date the Commissioner

receives the notice, unless the Commissioner specifies an earlier or

later date.

C. The thirty-day period of review may be extended by the

Commissioner on a determination that the written notice raises

issues that require additional information or additional time for an

analysis. If the period of review is extended, the out-of-state

trust institution may establish the representative trust office only

on prior written approval by the Commissioner.

D. The Commissioner may deny approval of the representative

office if the Commissioner finds that the notificant lacks

sufficient financial resources to undertake the proposed expansion

without adversely affecting its safety or soundness or that the

proposed office would be contrary to the public interests. In

acting on the notice, the Commissioner shall consider the views of

the appropriate bank supervisory agencies.

Added by Laws 1998, c. 104, § 22, eff. Nov. 1, 1998. Amended by

Laws 2003, c. 180, § 9, eff. Nov. 1, 2003.