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Can you summarize OKAC 85:10-3-20?
Departmental Requirements > Registration of bank or trust related activities
Short Summary
This legal document governs bank or trust-related activities conducted by institutions or organizations directed to or offered to residents of Oklahoma in a public manner. It defines bank or trust-related activities for banks, bank holding companies, trust companies, and their affiliates domiciled outside Oklahoma, as well as for business organizations that are not banks, bank holding companies, or trust companies. The document requires institutions or organizations conducting bank or trust-related activities without a certificate of authority in Oklahoma to file a Registration Statement with the Commissioner prior to engaging in such activities and annually thereafter. The document also provides forms for registration and specifies the annual fee to be paid by registrants. Exemptions are provided for open-end investment companies and broker dealers registered with the Oklahoma Department of Securities. The document further defines the terms ‘deposit’ and ’transaction account’ and excludes certain entities from the definition of ‘business association’. No specific penalties are mentioned in this document.
Whom does it apply to?
Institutions or organizations conducting bank or trust-related activities and not holding a certificate of authority to engage in the banking or trust company business in Oklahoma
What does it govern?
Bank or trust-related activities
What are exemptions?
Open-end investment companies and broker dealers registered with the Oklahoma Department of Securities and providing the required information annually
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Oklahoma