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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
SENATE BILL 785 By: Jett
AS INTRODUCED
An Act relating to Oklahoma Banking Code; amending 6
O.S. 2021, Section 102, which relates to definitions;
defining terms; updating statuto ry language; updating
statutory references; and providing an effective
date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 6 O.S. 2021, Section 102, is
amended to read as follows:
Section 102. As used in the Oklahoma Banking Code unless the
context otherwise requi res:
1. “Acquisition” or “acquire” means any act or action with
respect to the ownership or control of a bank or the purchase of its
assets and the assumption of its liabilities which would require the
approval of the Federal Deposit Insurance Corporation, the Office of
the Comptroller of the Currency, the Board of Governors of the
Federal Reserve System or other supervisory authority having
jurisdiction and approval authority ov er the bank;
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2. “Action” in the sense of a judicial proceeding includes
recoupment, counterclaim, third -party claims, cross claims, setoff,
suit in equity, arbitration and any other proceedings in which
rights are determined;
3. “Bank” means any bank authorized and chartered by the laws
of this state to engage in the banking business, or any bank
chartered by the office Office of the Comptroller of the Currency
with its main office in this state;
4. “Banking company” means any bank;
5. “Bank holding company” means any Oklahoma corporation which
directly or indirectly owns or cont rols at least one bank or out -of-
state bank as defined in this section;
6. “Board” when used with an initial capital letter means the
Banking Board of this state;
7. “Branch bank” means any place of business separated from the
main office of a bank at which deposits are received, or checks paid
or money lent;
8. “Capital” shall include the paid -in common capital stock
account, preferred stock account, surplus account, undivided profits
account, capital reserves (other than contingency reserves),
allowance for possible loan losses and mandatory convertible
instruments that are convertible into common stock. “Capital”
Capital shall also include all other approved subordinated not es and
debentures, having an original weighted average maturity of at least
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seven (7) years, to the extent their maturity date exceeds five (5)
years. As such notes and debentures approach maturity of less than
five (5) years, they shall be considered “capital” in proportion to
their years to maturity as it bears to five (5) years;
9. “Central bank digital currency ” means a digital currency, a
digital medium of exchange, or a digital monetary unit of account
issued by the United States Federal Reserve Sys tem, a federal
agency, a foreign government, a foreign central bank, or a foreign
reserve system, that is made directly available to a consumer by
such entities. The term includes a digital currency, a digital
medium of exchange, or a digital monetary uni t of account issued by
the United States Federal Reserve System, a federal age ncy, or a
foreign reserve system that is processed or validated directly by
such entity;
10. “Commissioner” means the State Banking Commissioner
appointed and serving pursuant t o this act, who shall be the
Commissioner of Banking and who shall administer and enforce the
applicable provisions of this act;
10. 11. “Community” means a city, town or incorporated village
of this state, or a trade area in this state in unincorporated
territory;
11. 12. “Company” means any corporation, association,
partnership, business trust or similar organization, but shall not
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include any corporation, the majority of the shares of which are
owned by the United States or by any state;
12. 13. “Compliance review committee ” means:
a. an audit, loan review or compliance committee
appointed by the Board of Directors board of directors
of an insured depository institution, or
b. any other person to the extent the person acts in an
investigatory capacity at the direction of a
compliance review committee;
13. 14. “Compliance review documents” means documents prepared
for or created by a compliance review committee;
14. 15. “Confusingly similar name ” means:
a. as applied to the name of any bank, a name whi ch is
identical to that of any other bank located within
this state, or a name which:
(1) contains one or more of the following words with
or without the words “State,” “National,” or
“Trust”: American, Central, Citizens, City,
Commerce, Commercial, Commun ity, Exchange,
Farmers & Merchants, First, Guaranty, Oklahoma,
Peoples, Security or United,
(2) does not contain a geographical name (other than
“Oklahoma”) descriptive of the immediate location
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of the bank (street, town, city, county or other
local geographical name),
(3) does not contain other unique or clearly
distinguished words or marks, and
(4) is not a federally registered trade name,
trademark or service mark owned by or licensed to
the particular bank,
b. as applied to the name of any person not a bank, a
name which is confusingly similar in spelling or
wording or sound to t he name of any bank located
anywhere within this state, if such name would tend to
suggest falsely to the public that the person is a
bank or is affiliated with the bank, directl y or
indirectly. However, nothing contained in this
subsection shall prohibit the use of a similar name by
a corporation which is in a relationship to the bank
of parent, subsidiary, brother -sister corporation or
other commonly controlled company, or
c. notwithstanding anything to the contrary in
subparagraph a or b of this paragra ph, the name or
shortened name of a bank shall not be considered
confusingly similar when used in conjunction with a
federally registered trademark or service mark owned
by or licensed to the particular bank. Proof of
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ownership or license of a federally registered mark
must be provided to the Banking Department.
The Board shall promulgate rules which govern the use of
“confusingly similar names ” confusingly similar names as defined in
this paragraph;
15. 16. “Consumer banking electronic facility ” means any
electronic device owned, operated, leased by or on the behalf of a
bank, savings association, or credit union other than a telephone or
modem operated by a customer of a deposi tory institution, to which a
person may initiate an electronic fund transfer. The term includes
without limitations, a point -of-sale terminal, automatic teller
machines, automated loan machines, video banking centers, or any
other similar electronic devic es;
16. 17. “Continuing bank” means a merging bank the charter of
which becomes the charter of the resulting bank;
17. 18. “Control” means control as such term is defined under
the Federal Bank Holding Company Act of 1956, as amended, 12 U.S.C.,
Section 1841;
18. 19. “Converting bank” means a bank converting from a state
to a national bank, or the reverse;
19. 20. “Court” means a court of competent jurisdiction;
20. 21. “Currency” or “funds” means the coin and paper money of
the United States or of any other country that is designated as
legal tender and that circulates and is c ustomarily used and
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accepted as a medium of exchange in the country of issuance.
Currency includes U.S. silver certificates, U.S. notes, and Federal
Reserve notes. Currency als o includes official foreign bank notes
that are customarily used and accepted as a medium of exchange in a
foreign country. This term shall not include a central bank digital
currency;
22. “Department” means the Oklahoma State Banking Department
created by this Code;
21. 23. “Deposits” means all demand, time and savings deposits
of individuals, partnerships, corporations, the United States and
states and political subdivisions of the United States, deposits of
banks, foreign governments, institutions, de posits held by foreign
banking offices or corporations organized pursuant to 12 U.S.C.,
Sections 601 through 604a, or Sections 611 through 631, as amended.
Determinations of deposits shall be made by the Commissioner by
reference to regulatory reports of condition or similar reports
filed by banks or savings associations with state or federal
regulatory agencies;
22. 24. “Emergency” means any condition or occurrence which may
interfere physically with the conduct of normal business operations
at one or more or all of the offices of a bank or an out -of-state
bank, or which poses an imminent or existing threat to the safety or
security of persons or property, or both. Without limiting the
generality of the foregoing, an emergency may arise as a result of
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any one or more of the following: fires; floods; earthquakes;
hurricanes; wind, rain or snow storms; labor disputes and strikes;
power failures; transportation failures; interruptions of
communication facilities; shortages of fuel, housing, food,
transportation or labor; robberies or attempted robberies; actual or
threatened enemy attack; epidemics or other catastrophes; riots,
civil commotions and other acts of lawlessness or violence, actual
or threatened;
23. 25. “Executive officer”, when referring to a bank, out-of-
state bank, or trust company, means any person designated as such in
the bylaws and includes, whether or not so designated, the chairman
chair of the board of directors, chairman chair of the executive
committee, the president, any vice-president vice president, the
trust officer, the treasurer, the cashier, the comptroller and the
secretary, or any person who performs the duties appropriate to
those offices;
24. 26. “Federal Reserve Act” means the Act of Congress
approved December 23, 1913, ( 38 Stat. 251), as amended;
25. 27. “Federal Reserve Bank ” means the Federal Reserve Banks
created and organized under authority of the Federal Reserve Act;
26. 28. “Federal Reserve Board ” means the Board of Governors of
the Federal Reserve System created and described in the Federal
Reserve Act, as amended;
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27. 29. “Fiduciary” means original or successor trustee of an
expressed or implied trust, including, but not limited to, a
resulting or constructive trust, special administrator, executor,
administrator, administrator common trust agreement, guardian,
guardian-trustee or conservator for a minor or other incompetent
person, receiver, trustee in bankruptcy, assignee for creditors or
any holder of a similar position of trust acting alone or with
others;
28. 30. “General obligation” means obligations of the State of
Oklahoma or a political subdivision of this state and of any other
state or political subdivision thereof supported by the full faith
and credit of the obligor. It includes all obligations pay able from
a special fund when the full faith and credit of a state or any
political subdivision of a state is obligated for payment into the
fund of amounts which will be sufficient to provide for all required
payments in connection with the obligation. I t implies an obligor
possessing resources sufficient to justify faith and credit;
29. 31. “Good faith” means honesty in fact in the transaction
and some reasonable ground for belief that the transaction is
rightful or authorized;
30. 32. “Insolvent” means that the actual cash market value of
a bank’s assets is insufficient to pay its liabilities other than
its capital stock, surplus and undivided profits, or that the bank
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is unable to meet the demands of its creditors in the usual course
of business;
31. 33. “Insured depository institution ” means any bank or
savings association the deposits of which are insured by the Federal
Deposit Insurance Corporation;
32. 34. “Interstate merger transaction ” means a merger between
two banks, two savings associations or a bank and a savings
association, one of which is chartered by or has its m ain office
located in this state, and the other of which is an out -of-state
bank as defined in this section;
33. 35. “Investment securities ” means marketable obligations in
the form of bonds, notes or debentures which are commonly regarded
as investment securities. It does not include investments which are
predominantly speculative in nature;
34. 36. “Item” means any instrument for the payment of money
even though not negotiabl e, but does not include money;
35. 37. “Legal newspaper” means a newspaper qu alified to
publish legal notices under the provisions of Section 106 of Title
25 of the Oklahoma Statutes;
36. 38. “Loan review committee ” means a person or group of
persons who, on behalf of an insured depository institution, reviews
loans held by such institution for the purpose of assessing the
credit quality of the loans, compliance with the loan policies of
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such institution, and compliance with the applicable state and
federal laws, regulations and rules;
37. 39. “Local media” means:
a. any newspaper, radio station or television station
with its main office located in the same city or town
in which a particular main office of a bank is
located, and
b. other means or media of advertising, including without
limitation any outdoor signage on the premises of the
bank, billboards, bulk mailings and other
solicitations to persons who are not customers of the
bank, but only to the extent that any such advertising
is strictly limited in geographical location or
distribution to the same city or town, including the
immediate surrounding unincorporated rural area, where
the particular main office of the bank is located;
38. 40. “Main bank” means the office location which has been
designated by the State Banking Commissioner or Comptroller of the
Currency as the main office of a bank;
39. 41. “Main office” means either the main bank or the main
office location of a savings association;
40. 42. “Managing officer” means the chief executiv e officer of
the bank;
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41. 43. “Member bank” means any national bank, state b ank or
banking and trust company which becomes a member of the Federal
Reserve System;
42. 44. “Merger” includes consolidation;
43. 45. “Military banking facility ” means a facility maintained
by a bank upon a military installation, provided the facility must
be within the confines of a military reservation and located upon
property owned or leased by the United States government;
44. 46. “Mobile” means the ability to be moved, picked up,
rolled, pulled or driven;
45. 47. “Multibank holding company ” means an Oklahoma
corporation which directly or indirectly owns or controls two or
more banks, two or more bank holding companies, or one or more of
each as defined in this section;
46. 48. “National Bank Examiner ” or “Federal Bank Examiner ”
means any person employed as a bank examiner by the Comptroller of
the Currency, the Federal Deposit Insurance Corporation and the
Federal Reserve Board or Bank;
47. 49. “Office” means any place at which a bank or an out -of-
state bank transacts its business or conducts op erations related to
its business;
48. 50. “Officer”, when referring to a bank, out -of-state bank
or trust company, means any person designated as such in the bylaws
and includes, whether or not so designated, any executive officer,
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the chairman chair of the board of directors, the chairman chair of
the executive committee, and any trust officer, assistant trust
officer, assistant vice-president vice president, assistant
treasurer, assistant cashier, assistant comptroller, assistant
secretary, auditor or an y person who performs the duties appropriate
to those offices;
49. 51. “Order” means all, or any part, of the final
disposition, whether affirmative, negative, injunctive or
declaratory in form, by the Commissioner or the Banking Board, of
any matter other than the making of regulations of general
application;
50. 52. “Out-of-state bank” means a national bank or a state or
federal savings association which has its main office lo cated in a
state other than Oklahoma, or a bank chartered by a state other tha n
Oklahoma;
51. 53. “Out-of-state bank holding company ” means a bank
holding company which is not incorporated in this state and which
directly or indirectly owns or controls on e or more banks or out -of-
state banks as defined in this section;
52. 54. “Person” means an individual, group of individuals,
board, committee, partnership, firm, association, corporation or
other entity;
53. 55. “Political subdivision ” includes a county, city, town
or other municipal corporation, a public authority, and generally
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any publicly owned entity which is an instrumentality of the state
or a municipal corporation;
54. 56. “Principal place of business of a bank or a bank
holding company” means the state in which the total deposits of the
bank or the bank subsidiaries of the bank holding company are the
largest;
55. 57. “Reason to know” means that upon the information
available a person of ordinary intelligence in the particular
business, or of the superior intelligence or experience which the
person in question may have, would infer that the fact in question
exists or that there is such a substantial chance of its existence
that, if exercising reasonable care with reference to the matter in
question, conduct would be predicated upon the assumption of its
possible existence;
56. 58. “Resulting bank” means the combined banks and trust
companies carrying on business upon completion of a merger;
57. 59. “Retailer” means a person, corporation or part nership,
primarily engaged in the sale of goods at retail to the general
public;
58. 60. “Savings association” means any savings and loan
association or savings bank chartered under the laws of this state
or the laws of the United States authorized to eng age in the savings
and loan business with its main office located in this state;
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59. 61. “Savings association branch ” means any place of
business separated from the main office of a savings association at
which deposits are received, checks paid or money lent;
60. 62. “Subsidiary” with respect to a specified bank holding
company or multibank holding company means a subsidiary as the term
is defined in the Federal Reserve federal Bank Holding Company Act
of 1956, as amended, 12 U.S.C., Section 1841; and
61. 63. “Trust company” means:
a. any person doing a trust company business as set forth
in this Code except an incorporated or unincorporated
organization which is organized under Section
501(c)(3) of the Internal Revenue Code as being
organized and operat ed exclusively for educational,
religious, charitable, or other eleemosynary p urposes
when exercising powers pursuant to the Oklahoma
Charitable Fiduciary Act and the Oklahoma General
Corporation Act, and
b. the trust departments of banks authorized to eng age in
the trust company business.
SECTION 2. This act shall become effective November 1, 2025.
60-1-1560 CAD 1/15/2025 5:50:54 PM