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Can you summarize OKAC 85:10-9-7?
New Banks, Branches, and Other Facilities > Loan production office/Deposit origination office
Short Summary
This legal document, found in the Oklahoma Administrative Code, specifically in the State Banking Department section, pertains to the supervision, regulation, and administration of banks, trust companies, and the Oklahoma Banking Code. It defines the terms ‘main office’ and ‘branch office’ in relation to loan decision and loan funding, to include ‘back office facility’ operations. A ‘back office facility’ refers to a bank facility that is not accessible to or visited by the public. The document outlines the activities that can be conducted at a back office facility, including loan origination, loan approval, and receipt of loan funds. It clarifies that loan funds cannot be received by customers at the back office facility, but can be credited to the borrower’s deposit account at the bank through electronic methods. The document was added to the Oklahoma Administrative Code in 1998 and amended in 2008.
Whom does it apply to?
Banks
What does it govern?
Loan production office/Deposit origination office
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Oklahoma