{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-381.65","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-381.65","heading":"Limited certificate of authority - Activities of","body":"unauthorized associations.\n\nA. A federal association not having its main office or any\n\nbranches in this state or any foreign association may apply to the\n\nState Banking Commissioner for a limited certificate of authority to\n\ntransact business in this state. The application shall explicitly\n\nlimit the purposes which the federal association not having its main\n\noffice or any branches in this state or foreign association may\n\npursue in this state. Such entity may apply to engage in any\n\nactivity reasonably necessary or desirable in order to deal with\n\nloans originated by it in interstate commerce or acquired by it by\n\nassignment from an originating lender qualified or otherwise\n\npermitted to do business in this state, or any collateral securing\n\nsuch loans, as well as any property, real or personal, acquired by\n\nit by foreclosure or otherwise in satisfaction of debt held by it.\n\nWithout limitation, a limited certificate of authority shall:\n\n1. Permit a federal association not having its main office or\n\nany branches in this state or a foreign association to have full\n\naccess to the courts of this state;\n\n2. Allow it to refinance, renew, extend or work out loans which\n\nit has originated in interstate commerce or which it has acquired by\n\nassignment;\n\n3. Allow it to take all steps reasonably necessary to monitor\n\ncollateral and the credit quality of its debtors; and\n\n4. Allow it to manage, rent, sell or finance any property\n\nacquired by it by foreclosure or otherwise in satisfaction of debt\n\nheld by it.\n\nThe Commissioner shall have authority to approve under a limited\n\ncertificate of authority other specific purposes that such entity\n\napplies to engage in, provided that those purposes are incidental to\n\nor reasonably necessary in connection with the purposes more\n\nspecifically permitted by this subsection. A federal association\n\nnot having its main office or any branches in this state, or a\n\nforeign association, as part of its application for a limited\n\ncertificate of authority shall commit that it will not originate\n\nloans or solicit or accept applications for loans at any place\n\nwithin this state, nor shall it, directly or indirectly, receive\n\napplications for or payments or deposits to deposit accounts or\n\ninvestment securities of any kind at any place within this state.\n\nSuch entity shall commit in its application that when doing business\n\nin this state it shall use a specified fictitious name not\n\ncontaining any of the terms forbidden by Section 381.23 of this\n\ntitle and, without limitation, it shall not use such terms on any\n\noffice, advertising, telephone listing or other medium of holding\n\nitself out to the public within this state. However, in executing\n\nany legal documents or participating in court proceedings, the\n\nfederal association not having its main office or any branches in\n\nthis state or foreign association shall use its actual name. The\n\nCommissioner shall establish a list of items of information required\n\nto be contained in or submitted with an application for a limited\n\ncertificate of authority, and shall fix a reasonable filing fee to\n\ndefray the cost of processing such applications. The Commissioner\n\nshall act upon and issue an order granting or denying each\n\napplication for a limited certificate of authority. If and when all\n\nrequirements of the Commissioner are met, a limited certificate of\n\nauthority shall be issued and the applying entity shall comply with\n\nall steps necessary in order to qualify to do business in this state\n\nin accordance with the provisions of Section 1130 of this title.\n\nThe Secretary of State shall not allow such entity to qualify to do\n\nbusiness until it furnishes proof that it holds a limited\n\ncertificate of authority issued by the Commissioner.\n\nB. A federal association not having its main office or any\n\nbranches in this state or a foreign association shall not be\ny to do business in this state\n\nin accordance with the provisions of Section 1130 of this title.\n\nThe Secretary of State shall not allow such entity to qualify to do\n\nbusiness until it furnishes proof that it holds a limited\n\ncertificate of authority issued by the Commissioner.\n\nB. A federal association not having its main office or any\n\nbranches in this state or a foreign association shall not be\n\ndetermined to be transacting or engaging in business in this state,\n\neither for the purposes of this act or for the purposes of Sections\n\n1130 and 1131 of this title, solely by reason of the activities of\n\nits majority-owned subsidiary which is incorporated or qualified to\n\ndo business within this state. The provisions of this subsection\n\nshall have no application to the question of whether the majority-\n\nowned subsidiary's parent company is:\n\n1. Subject to service of process and suit in this state\n\npursuant to the laws of this state; or\n\n2. Subject to the taxation laws of this state.\n\nC. A foreign association which does not have a certificate of\n\nauthority or limited certificate of authority from the Commissioner,\n\nor a federal association which does not have permission from the\n\nDirector of the Office of Thrift Supervision to operate its main\n\noffice or any branches in this state, shall not be deemed to be\n\ntransacting or engaging in business in this state, for the purposes\n\nof this act, by reason of the purchase or acquisition, holding or\n\nsale of loans secured by mortgages on Oklahoma real estate, or\n\nparticipating interests therein, or the foreclosure thereof and\n\nacquiring of title to such mortgaged real estate in satisfaction of\n\nthe mortgage indebtedness.\n\nD. If a certificate of authority or limited certificate of\n\nauthority to transact business has not been issued by the\n\nCommissioner to a federal association not having permission from the\n\nDirector of the Office of Thrift Supervision to operate its main\n\noffice or any branches in this state, or to a foreign association,\n\nthen such unauthorized entity shall not maintain any office in this\n\nstate and shall not directly or indirectly through brokers, agents\n\nor others:\n\n1. Receive applications for or payments or deposits to deposit\n\naccounts or investment securities of any kind at any place within\n\nthis state;\n\n2. Assert or imply directly or by means of the mail, radio,\n\ntelevision, newspapers, magazines or other media originating from\n\nany place within this state that it has agents or representatives in\n\nthis state with whom its deposit accounts and investments may be\n\ndiscussed;\n\n3. Distribute any of its advertising material from any place\n\nwithin this state;\n\n4. Display its name by signs or other wording on windows, doors\n\nor placards, or otherwise represent that it does business within\n\nthis state or is represented for transaction of business at any\n\nlocation in this state; or\n\n5. Hold assets in this state other than those permitted by\n\nsubsection C of this section.\n\nE. The Commissioner may obtain an injunction or take any other\n\naction necessary to prevent any federal association not having its\n\nmain office or any branches in this state or any foreign association\n\nfrom violating any provision of this act or the rules of the\n\nCommissioner. Any such entity which violates any provision of this\n\nact and any agent or representative who transacts or solicits\n\nbusiness for such entity which is acting in violation of this act\n\nshall forfeit and pay to the State of Oklahoma, to be recovered in a\n\ncivil action in the name of the State of Oklahoma, the sum of Five\n\nThousand Dollars ($5,000.00).","path":["OK Code","Title 18"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os18.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"c21a85ef00c0e2f805943a4a9f6fafa96a65a8aba9bfb9766163dd58bd419c79","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-381.64","next":"us-ok/okla.-stat.-tit.-18-18-381.66"},"notice":"GroundRules: Original legal text. Not legal advice."}