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Can you summarize 6 OKST 424?
Powers > Originating Loans or Deposit Accounts - Locations Other Than Main Office, Branch Office, or Out-of-State Bank
Short Summary
This legal document, part of the Oklahoma Banking Code, governs the ability of banks and out-of-state banks to originate loans or deposit accounts at locations other than their main office or branch office. It allows banks to utilize employees or agents to originate loans or deposit accounts, provided that the loan decision is made and funded at the main office or a branch office. However, no deposits can be accepted or received at the deposit origination office. Banks or out-of-state banks can establish such office locations by making an application to the State Banking Commissioner. The document also defines loan production offices and deposit production offices, specifying the activities that qualify as such. Additionally, it mentions that the Commissioner or the Board may designate or approve certain activities that do not classify as loan production offices or deposit production offices. The document does not mention any specific penalties for non-compliance or violations.
Whom does it apply to?
Banks and out-of-state banks
What does it govern?
Originating loans or deposit accounts at locations other than the main office, branch office, or out-of-state bank
What are exemptions?
The Commissioner or the Board may designate or approve specified activities that a bank or out-of-state bank may conduct without the facility being considered a loan production office or deposit production office.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Oklahoma