Ask Reggi Your Question Now
Can you summarize 6 OKST 422?
Powers > Consumer Banking Electronic Facilities
Short Summary
This legal document governs the installation, operation, and utilization of consumer banking electronic facilities in the State of Oklahoma. It applies to banks, savings and loan associations, credit unions, and persons not holding a certificate of authority to operate as a bank, credit union, or savings association. The document requires written notice to be given to the Commissioner prior to the commencement of operations of each facility. It allows consumer banking electronic facilities to be operated exclusively by customers or with the assistance of non-employee persons. The document clarifies that such assistance does not constitute engaging in the business of banking. It also states that transactions conducted through consumer banking electronic facilities are considered as the conduct of banking transactions at the headquarters’ location of the respective financial institution. Persons not holding a certificate of authority must file a registration statement with the Banking Department to operate consumer banking electronic facilities. The document specifies a fee for registration. Historical data regarding amendments to this document is also provided.
Whom does it apply to?
Banks, savings and loan associations, credit unions, and persons not holding a certificate of authority to operate as a bank, credit union, or savings association
What does it govern?
Consumer banking electronic facilities
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Oklahoma