Oklahoma § 6-1740 - Application of act - Exemptions

§ 6-1740. Application of act - Exemptions

A. A private trust company engaging in the trust business in

this state shall comply with each and every provision of this act

and Sections 101 through 1417 of the Oklahoma Banking Code

applicable to a trust company unless expressly exempted therefrom in

writing by the Commissioner pursuant to this section, by rule

adopted by the Department or under a predecessor statute.

B. A private trust company or proposed private trust company

may request in writing that it be exempted from specified provisions

of this act and Sections 101 through 1417 of the Oklahoma Banking

Code. The Commissioner may grant the exemption in whole or in part

if the Commissioner finds that the private trust company does not

and will not transact business with the general public. For

purposes of this section:

1. "Transact business with the general public" means any sales,

solicitations, arrangements, agreements, or transactions to provide

trust or other business services, whether for a fee, commission or

any other type of remuneration, with any client that is not a family

member or a sole proprietorship, partnership, joint venture,

association, trust, estate, business trust or other company that is

not one hundred percent (100%) owned by one or more family members;

and

2. "Family member" means any individual who is related within

the fourth degree of affinity or consanguinity to an individual or

individuals who control a private trust company or which is

controlled by one or more trusts or charitable organizations

established by such individual or individuals.

C. All individuals who control a private trust company or

establish trusts or charitable organizations controlling such

private trust company must be related within the second degree of

affinity or consanguinity.

D. At the expense of the private trust company, the

Commissioner may examine or investigate the private trust company in

connection with an application for exemption. Unless the

application presents novel or unusual questions, the Commissioner

shall approve the application for exemption or set the application

for hearing not later than the sixty-first day after the date the

Commissioner considers the application complete and accepted for

Oklahoma Statutes - Title 6. Banks and Trust Companies

filing. The Commissioner may require the submission of additional

information as considered necessary to an informed decision.

E. Any exemption granted under this section may be made subject

to conditions or limitations imposed by the Commissioner consistent

with this act.

F. The Department may adopt rules defining other circumstances

that do not constitute transaction of business with the public,

specifying the provisions of this act and Sections 101 through 1417

of the Oklahoma Banking Code that are subject to an exemption

request, and establishing procedures and requirements for obtaining,

maintaining or revoking exempt status.

Added by Laws 1998, c. 104, § 36, eff. Nov. 1, 1998. Amended by

Laws 2005, c. 48, § 18, eff. Nov. 1, 2005.