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Oklahoma OK
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2025 Regular Session
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SB785
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Oklahoma Senate Bill SB785

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Oklahoma 2025 Regular Session

Oklahoma Senate Bill SB785 Compare Versions

Only one version of the bill is available at this time.

Version 1 (Old)

Version 2 (New)

Old	New		Differences
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4	4		Req. No. 1560 Page 1 1
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53	53		STATE OF OKLAHOMA
54	54
55	55		1st Session of the 60th Legislature (2025)
56	56
57	57		SENATE BILL 785 By: Jett
58	58
59	59
60	60
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62	62
63	63		AS INTRODUCED
64	64
65	65		An Act relating to Oklahoma Banking Code; amending 6
66	66		O.S. 2021, Section 102, which relates to definitions;
67	67		defining terms; updating statuto ry language; updating
68	68		statutory references; and providing an effective
69	69		date.
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75	75		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
76	76		SECTION 1. AMENDATORY 6 O.S. 2021, Section 102, is
77	77		amended to read as follows:
78	78		Section 102. As used in the Oklahoma Banking Code unless the
79	79		context otherwise requi res:
80	80		1. “Acquisition” or “acquire” means any act or action with
81	81		respect to the ownership or control of a bank or the purchase of its
82	82		assets and the assumption of its liabilities which would require the
83	83		approval of the Federal Deposit Insurance Corporation, the Office of
84	84		the Comptroller of the Currency, the Board of Governors of the
85	85		Federal Reserve System or other supervisory authority having
86	86		jurisdiction and approval authority ov er the bank;
87	87
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138	138		2. “Action” in the sense of a judicial proceeding includes
139	139		recoupment, counterclaim, third -party claims, cross claims, setoff,
140	140		suit in equity, arbitration and any other proceedings in which
141	141		rights are determined;
142	142		3. “Bank” means any bank authorized and chartered by the laws
143	143		of this state to engage in the banking business, or any bank
144	144		chartered by the office Office of the Comptroller of the Currency
145	145		with its main office in this state;
146	146		4. “Banking company” means any bank;
147	147		5. “Bank holding company” means any Oklahoma corporation which
148	148		directly or indirectly owns or cont rols at least one bank or out -of-
149	149		state bank as defined in this section;
150	150		6. “Board” when used with an initial capital letter means the
151	151		Banking Board of this state;
152	152		7. “Branch bank” means any place of business separated from the
153	153		main office of a bank at which deposits are received, or checks paid
154	154		or money lent;
155	155		8. “Capital” shall include the paid -in common capital stock
156	156		account, preferred stock account, surplus account, undivided profits
157	157		account, capital reserves (other than contingency reserves),
158	158		allowance for possible loan losses and mandatory convertible
159	159		instruments that are convertible into common stock. “Capital”
160	160		Capital shall also include all other approved subordinated not es and
161	161		debentures, having an original weighted average maturity of at least
162	162
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213	213		seven (7) years, to the extent their maturity date exceeds five (5)
214	214		years. As such notes and debentures approach maturity of less than
215	215		five (5) years, they shall be considered “capital” in proportion to
216	216		their years to maturity as it bears to five (5) years;
217	217		9. “Central bank digital currency ” means a digital currency, a
218	218		digital medium of exchange, or a digital monetary unit of account
219	219		issued by the United States Federal Reserve Sys tem, a federal
220	220		agency, a foreign government, a foreign central bank, or a foreign
221	221		reserve system, that is made directly available to a consumer by
222	222		such entities. The term includes a digital currency, a digital
223	223		medium of exchange, or a digital monetary uni t of account issued by
224	224		the United States Federal Reserve System, a federal age ncy, or a
225	225		foreign reserve system that is processed or validated directly by
226	226		such entity;
227	227		10. “Commissioner” means the State Banking Commissioner
228	228		appointed and serving pursuant t o this act, who shall be the
229	229		Commissioner of Banking and who shall administer and enforce the
230	230		applicable provisions of this act;
231	231		10. 11. “Community” means a city, town or incorporated village
232	232		of this state, or a trade area in this state in unincorporated
233	233		territory;
234	234		11. 12. “Company” means any corporation, association,
235	235		partnership, business trust or similar organization, but shall not
236	236
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287	287		include any corporation, the majority of the shares of which are
288	288		owned by the United States or by any state;
289	289		12. 13. “Compliance review committee ” means:
290	290		a. an audit, loan review or compliance committee
291	291		appointed by the Board of Directors board of directors
292	292		of an insured depository institution, or
293	293		b. any other person to the extent the person acts in an
294	294		investigatory capacity at the direction of a
295	295		compliance review committee;
296	296		13. 14. “Compliance review documents” means documents prepared
297	297		for or created by a compliance review committee;
298	298		14. 15. “Confusingly similar name ” means:
299	299		a. as applied to the name of any bank, a name whi ch is
300	300		identical to that of any other bank located within
301	301		this state, or a name which:
302	302		(1) contains one or more of the following words with
303	303		or without the words “State,” “National,” or
304	304		“Trust”: American, Central, Citizens, City,
305	305		Commerce, Commercial, Commun ity, Exchange,
306	306		Farmers & Merchants, First, Guaranty, Oklahoma,
307	307		Peoples, Security or United,
308	308		(2) does not contain a geographical name (other than
309	309		“Oklahoma”) descriptive of the immediate location
310	310
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361	361		of the bank (street, town, city, county or other
362	362		local geographical name),
363	363		(3) does not contain other unique or clearly
364	364		distinguished words or marks, and
365	365		(4) is not a federally registered trade name,
366	366		trademark or service mark owned by or licensed to
367	367		the particular bank,
368	368		b. as applied to the name of any person not a bank, a
369	369		name which is confusingly similar in spelling or
370	370		wording or sound to t he name of any bank located
371	371		anywhere within this state, if such name would tend to
372	372		suggest falsely to the public that the person is a
373	373		bank or is affiliated with the bank, directl y or
374	374		indirectly. However, nothing contained in this
375	375		subsection shall prohibit the use of a similar name by
376	376		a corporation which is in a relationship to the bank
377	377		of parent, subsidiary, brother -sister corporation or
378	378		other commonly controlled company, or
379	379		c. notwithstanding anything to the contrary in
380	380		subparagraph a or b of this paragra ph, the name or
381	381		shortened name of a bank shall not be considered
382	382		confusingly similar when used in conjunction with a
383	383		federally registered trademark or service mark owned
384	384		by or licensed to the particular bank. Proof of
385	385
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436	436		ownership or license of a federally registered mark
437	437		must be provided to the Banking Department.
438	438		The Board shall promulgate rules which govern the use of
439	439		“confusingly similar names ” confusingly similar names as defined in
440	440		this paragraph;
441	441		15. 16. “Consumer banking electronic facility ” means any
442	442		electronic device owned, operated, leased by or on the behalf of a
443	443		bank, savings association, or credit union other than a telephone or
444	444		modem operated by a customer of a deposi tory institution, to which a
445	445		person may initiate an electronic fund transfer. The term includes
446	446		without limitations, a point -of-sale terminal, automatic teller
447	447		machines, automated loan machines, video banking centers, or any
448	448		other similar electronic devic es;
449	449		16. 17. “Continuing bank” means a merging bank the charter of
450	450		which becomes the charter of the resulting bank;
451	451		17. 18. “Control” means control as such term is defined under
452	452		the Federal Bank Holding Company Act of 1956, as amended, 12 U.S.C.,
453	453		Section 1841;
454	454		18. 19. “Converting bank” means a bank converting from a state
455	455		to a national bank, or the reverse;
456	456		19. 20. “Court” means a court of competent jurisdiction;
457	457		20. 21. “Currency” or “funds” means the coin and paper money of
458	458		the United States or of any other country that is designated as
459	459		legal tender and that circulates and is c ustomarily used and
460	460
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511	511		accepted as a medium of exchange in the country of issuance.
512	512		Currency includes U.S. silver certificates, U.S. notes, and Federal
513	513		Reserve notes. Currency als o includes official foreign bank notes
514	514		that are customarily used and accepted as a medium of exchange in a
515	515		foreign country. This term shall not include a central bank digital
516	516		currency;
517	517		22. “Department” means the Oklahoma State Banking Department
518	518		created by this Code;
519	519		21. 23. “Deposits” means all demand, time and savings deposits
520	520		of individuals, partnerships, corporations, the United States and
521	521		states and political subdivisions of the United States, deposits of
522	522		banks, foreign governments, institutions, de posits held by foreign
523	523		banking offices or corporations organized pursuant to 12 U.S.C.,
524	524		Sections 601 through 604a, or Sections 611 through 631, as amended.
525	525		Determinations of deposits shall be made by the Commissioner by
526	526		reference to regulatory reports of condition or similar reports
527	527		filed by banks or savings associations with state or federal
528	528		regulatory agencies;
529	529		22. 24. “Emergency” means any condition or occurrence which may
530	530		interfere physically with the conduct of normal business operations
531	531		at one or more or all of the offices of a bank or an out -of-state
532	532		bank, or which poses an imminent or existing threat to the safety or
533	533		security of persons or property, or both. Without limiting the
534	534		generality of the foregoing, an emergency may arise as a result of
535	535
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586	586		any one or more of the following: fires; floods; earthquakes;
587	587		hurricanes; wind, rain or snow storms; labor disputes and strikes;
588	588		power failures; transportation failures; interruptions of
589	589		communication facilities; shortages of fuel, housing, food,
590	590		transportation or labor; robberies or attempted robberies; actual or
591	591		threatened enemy attack; epidemics or other catastrophes; riots,
592	592		civil commotions and other acts of lawlessness or violence, actual
593	593		or threatened;
594	594		23. 25. “Executive officer”, when referring to a bank, out-of-
595	595		state bank, or trust company, means any person designated as such in
596	596		the bylaws and includes, whether or not so designated, the chairman
597	597		chair of the board of directors, chairman chair of the executive
598	598		committee, the president, any vice-president vice president, the
599	599		trust officer, the treasurer, the cashier, the comptroller and the
600	600		secretary, or any person who performs the duties appropriate to
601	601		those offices;
602	602		24. 26. “Federal Reserve Act” means the Act of Congress
603	603		approved December 23, 1913, ( 38 Stat. 251), as amended;
604	604		25. 27. “Federal Reserve Bank ” means the Federal Reserve Banks
605	605		created and organized under authority of the Federal Reserve Act;
606	606		26. 28. “Federal Reserve Board ” means the Board of Governors of
607	607		the Federal Reserve System created and described in the Federal
608	608		Reserve Act, as amended;
609	609
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660	660		27. 29. “Fiduciary” means original or successor trustee of an
661	661		expressed or implied trust, including, but not limited to, a
662	662		resulting or constructive trust, special administrator, executor,
663	663		administrator, administrator common trust agreement, guardian,
664	664		guardian-trustee or conservator for a minor or other incompetent
665	665		person, receiver, trustee in bankruptcy, assignee for creditors or
666	666		any holder of a similar position of trust acting alone or with
667	667		others;
668	668		28. 30. “General obligation” means obligations of the State of
669	669		Oklahoma or a political subdivision of this state and of any other
670	670		state or political subdivision thereof supported by the full faith
671	671		and credit of the obligor. It includes all obligations pay able from
672	672		a special fund when the full faith and credit of a state or any
673	673		political subdivision of a state is obligated for payment into the
674	674		fund of amounts which will be sufficient to provide for all required
675	675		payments in connection with the obligation. I t implies an obligor
676	676		possessing resources sufficient to justify faith and credit;
677	677		29. 31. “Good faith” means honesty in fact in the transaction
678	678		and some reasonable ground for belief that the transaction is
679	679		rightful or authorized;
680	680		30. 32. “Insolvent” means that the actual cash market value of
681	681		a bank’s assets is insufficient to pay its liabilities other than
682	682		its capital stock, surplus and undivided profits, or that the bank
683	683
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725	725		17
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733	733
734	734		is unable to meet the demands of its creditors in the usual course
735	735		of business;
736	736		31. 33. “Insured depository institution ” means any bank or
737	737		savings association the deposits of which are insured by the Federal
738	738		Deposit Insurance Corporation;
739	739		32. 34. “Interstate merger transaction ” means a merger between
740	740		two banks, two savings associations or a bank and a savings
741	741		association, one of which is chartered by or has its m ain office
742	742		located in this state, and the other of which is an out -of-state
743	743		bank as defined in this section;
744	744		33. 35. “Investment securities ” means marketable obligations in
745	745		the form of bonds, notes or debentures which are commonly regarded
746	746		as investment securities. It does not include investments which are
747	747		predominantly speculative in nature;
748	748		34. 36. “Item” means any instrument for the payment of money
749	749		even though not negotiabl e, but does not include money;
750	750		35. 37. “Legal newspaper” means a newspaper qu alified to
751	751		publish legal notices under the provisions of Section 106 of Title
752	752		25 of the Oklahoma Statutes;
753	753		36. 38. “Loan review committee ” means a person or group of
754	754		persons who, on behalf of an insured depository institution, reviews
755	755		loans held by such institution for the purpose of assessing the
756	756		credit quality of the loans, compliance with the loan policies of
757	757
758	758
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807	807
808	808		such institution, and compliance with the applicable state and
809	809		federal laws, regulations and rules;
810	810		37. 39. “Local media” means:
811	811		a. any newspaper, radio station or television station
812	812		with its main office located in the same city or town
813	813		in which a particular main office of a bank is
814	814		located, and
815	815		b. other means or media of advertising, including without
816	816		limitation any outdoor signage on the premises of the
817	817		bank, billboards, bulk mailings and other
818	818		solicitations to persons who are not customers of the
819	819		bank, but only to the extent that any such advertising
820	820		is strictly limited in geographical location or
821	821		distribution to the same city or town, including the
822	822		immediate surrounding unincorporated rural area, where
823	823		the particular main office of the bank is located;
824	824		38. 40. “Main bank” means the office location which has been
825	825		designated by the State Banking Commissioner or Comptroller of the
826	826		Currency as the main office of a bank;
827	827		39. 41. “Main office” means either the main bank or the main
828	828		office location of a savings association;
829	829		40. 42. “Managing officer” means the chief executiv e officer of
830	830		the bank;
831	831
832	832
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881	881
882	882		41. 43. “Member bank” means any national bank, state b ank or
883	883		banking and trust company which becomes a member of the Federal
884	884		Reserve System;
885	885		42. 44. “Merger” includes consolidation;
886	886		43. 45. “Military banking facility ” means a facility maintained
887	887		by a bank upon a military installation, provided the facility must
888	888		be within the confines of a military reservation and located upon
889	889		property owned or leased by the United States government;
890	890		44. 46. “Mobile” means the ability to be moved, picked up,
891	891		rolled, pulled or driven;
892	892		45. 47. “Multibank holding company ” means an Oklahoma
893	893		corporation which directly or indirectly owns or controls two or
894	894		more banks, two or more bank holding companies, or one or more of
895	895		each as defined in this section;
896	896		46. 48. “National Bank Examiner ” or “Federal Bank Examiner ”
897	897		means any person employed as a bank examiner by the Comptroller of
898	898		the Currency, the Federal Deposit Insurance Corporation and the
899	899		Federal Reserve Board or Bank;
900	900		47. 49. “Office” means any place at which a bank or an out -of-
901	901		state bank transacts its business or conducts op erations related to
902	902		its business;
903	903		48. 50. “Officer”, when referring to a bank, out -of-state bank
904	904		or trust company, means any person designated as such in the bylaws
905	905		and includes, whether or not so designated, any executive officer,
906	906
907	907
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957	957		the chairman chair of the board of directors, the chairman chair of
958	958		the executive committee, and any trust officer, assistant trust
959	959		officer, assistant vice-president vice president, assistant
960	960		treasurer, assistant cashier, assistant comptroller, assistant
961	961		secretary, auditor or an y person who performs the duties appropriate
962	962		to those offices;
963	963		49. 51. “Order” means all, or any part, of the final
964	964		disposition, whether affirmative, negative, injunctive or
965	965		declaratory in form, by the Commissioner or the Banking Board, of
966	966		any matter other than the making of regulations of general
967	967		application;
968	968		50. 52. “Out-of-state bank” means a national bank or a state or
969	969		federal savings association which has its main office lo cated in a
970	970		state other than Oklahoma, or a bank chartered by a state other tha n
971	971		Oklahoma;
972	972		51. 53. “Out-of-state bank holding company ” means a bank
973	973		holding company which is not incorporated in this state and which
974	974		directly or indirectly owns or controls on e or more banks or out -of-
975	975		state banks as defined in this section;
976	976		52. 54. “Person” means an individual, group of individuals,
977	977		board, committee, partnership, firm, association, corporation or
978	978		other entity;
979	979		53. 55. “Political subdivision ” includes a county, city, town
980	980		or other municipal corporation, a public authority, and generally
981	981
982	982
983	983		Req. No. 1560 Page 14 1
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1032	1032		any publicly owned entity which is an instrumentality of the state
1033	1033		or a municipal corporation;
1034	1034		54. 56. “Principal place of business of a bank or a bank
1035	1035		holding company” means the state in which the total deposits of the
1036	1036		bank or the bank subsidiaries of the bank holding company are the
1037	1037		largest;
1038	1038		55. 57. “Reason to know” means that upon the information
1039	1039		available a person of ordinary intelligence in the particular
1040	1040		business, or of the superior intelligence or experience which the
1041	1041		person in question may have, would infer that the fact in question
1042	1042		exists or that there is such a substantial chance of its existence
1043	1043		that, if exercising reasonable care with reference to the matter in
1044	1044		question, conduct would be predicated upon the assumption of its
1045	1045		possible existence;
1046	1046		56. 58. “Resulting bank” means the combined banks and trust
1047	1047		companies carrying on business upon completion of a merger;
1048	1048		57. 59. “Retailer” means a person, corporation or part nership,
1049	1049		primarily engaged in the sale of goods at retail to the general
1050	1050		public;
1051	1051		58. 60. “Savings association” means any savings and loan
1052	1052		association or savings bank chartered under the laws of this state
1053	1053		or the laws of the United States authorized to eng age in the savings
1054	1054		and loan business with its main office located in this state;
1055	1055
1056	1056
1057	1057		Req. No. 1560 Page 15 1
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1106	1106		59. 61. “Savings association branch ” means any place of
1107	1107		business separated from the main office of a savings association at
1108	1108		which deposits are received, checks paid or money lent;
1109	1109		60. 62. “Subsidiary” with respect to a specified bank holding
1110	1110		company or multibank holding company means a subsidiary as the term
1111	1111		is defined in the Federal Reserve federal Bank Holding Company Act
1112	1112		of 1956, as amended, 12 U.S.C., Section 1841; and
1113	1113		61. 63. “Trust company” means:
1114	1114		a. any person doing a trust company business as set forth
1115	1115		in this Code except an incorporated or unincorporated
1116	1116		organization which is organized under Section
1117	1117		501(c)(3) of the Internal Revenue Code as being
1118	1118		organized and operat ed exclusively for educational,
1119	1119		religious, charitable, or other eleemosynary p urposes
1120	1120		when exercising powers pursuant to the Oklahoma
1121	1121		Charitable Fiduciary Act and the Oklahoma General
1122	1122		Corporation Act, and
1123	1123		b. the trust departments of banks authorized to eng age in
1124	1124		the trust company business.
1125	1125		SECTION 2. This act shall become effective November 1, 2025.
1126	1126
1127	1127		60-1-1560 CAD 1/15/2025 5:50:54 PM