Oklahoma § 6-2004.1 - Out-of-state credit union - Requirements to conduct

§ 6-2004.1. Out-of-state credit union - Requirements to conduct

business in state - Revocation of approval - Cancellation of

certificate.

(A) A credit union not organized under the laws of this state

or of the United States may conduct business as a credit union in

this state only with the approval of the State Credit Union Board

and upon receiving a certificate from the Secretary of State in

compliance with Section 1130 of Title 18 of the Oklahoma Statutes,

provided credit unions incorporated under the laws of this state are

allowed to conduct business in another state under conditions

similar to these provisions. Before granting the approval, the

State Credit Union Board must find that the out-of-state credit

union:

(1) Is a credit union organized under laws similar to the laws

of this state;

(2) Is financially solvent;

(3) Has share and deposit account insurance with the National

Credit Union Administration to the extent provided by federal law;

(4) Is examined and supervised by a regulatory agency of the

state in which it is organized;

(5) Needs to conduct business in this state to adequately serve

its members in this state; and

(6) Does not have a field of membership that will materially

and substantially overlap the field of membership of a credit union

organized under the laws of this state or permitted to conduct

business in this state.

Oklahoma Statutes - Title 6. Banks and Trust Companies

(B) No credit union organized under the laws of a state other

than this state may conduct business in this state unless:

(1) Such credit union charges interest in compliance with the

laws of this state when making loans in this state;

(2) Such credit union complies with the consumer protection

statutes and rules applicable to credit unions incorporated or

organized under the laws of this state; and

(3) Such credit union's most recent report of examination by

its regulatory agency is furnished to the Administrator or such

credit union agrees to submit to an examination by the Bank

Commissioner or Administrator.

(C) The State Credit Union Board may revoke the approval of a

credit union to conduct business in this state if it finds that:

(1) The credit union no longer meets the requirements of

subsection (A) of this section;

(2) The credit union has violated the laws of this state or

lawful rules or orders issued by the State Credit Union Board or the

Bank Commissioner;

(3) The credit union has engaged in a pattern of unsafe or

unsound credit union practices; or

(4) Continued operation by the credit union is likely to have a

substantially adverse impact on the financial, economic or other

interests of residents of this state.

(D) In the event of revocation as provided in subsection (C) of

this section, the Secretary of State shall cancel the certificate of

domestication of the credit union.

Added by Laws 1992, c. 90, § 6, eff. July 1, 1992.