Oklahoma § 6-1724 - Enforcement actions

§ 6-1724. Enforcement actions

Consistent with the Administrative Procedures Act, after notice

and opportunity for a hearing:

1. The Commissioner may determine:

a.

that an office maintained by an out-of-state trust

institution in this state is being operated in

violation of any provision of the laws of this state

or in an unsafe and unsound manner, or

b.

that a company is engaged in an unauthorized trust

activity.

In either event, the Commissioner shall have the authority to take

all such enforcement actions as the Commissioner would be empowered

to take if the office or the company were a state trust company

including, but not limited to, issuing an order temporarily or

permanently prohibiting the company from engaging in a trust

business in this state;

2. The Commissioner may determine by order that an out-of-state

trust institution engaging in or proposing to engage in a trust

business in this state does not meet the requirements for

establishing a representative trust office in this state pursuant to

Section 22 of this act, which order shall be effective on the date

of issuance or such other date as the Commissioner shall determine;

and

3. In cases involving extraordinary circumstances requiring

immediate action, the Commissioner may take any action permitted by

paragraph 1 or 2 of this section without notice or opportunity for

hearing, but shall promptly afford a subsequent hearing upon an

application to rescind the action taken. The Commissioner shall

promptly give notice to the home state regulator of each enforcement

action taken against an out-of-state trust institution and, to the

extent practicable, shall consult and cooperate with the home state

regulator in pursuing and resolving said enforcement action.

Added by Laws 1998, c. 104, § 24, eff. Nov. 1, 1998.

Oklahoma Statutes - Title 6. Banks and Trust Companies