{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-1606","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-1606","heading":"Licenses - Permissible activities","body":"Licenses; permissible activities.\n\nA. An international banking corporation licensed to operate an\n\ninternational bank agency, representative office, or administrative\n\noffice may engage in the business authorized by the International\n\nBank Act at the office specified in such license for such period as\n\nis provided in subsection B or subsection C of this section. No\n\ninternational bank agency, representative office, or administrative\n\noffice may have more than one place of doing business; provided,\n\nnothing in this section or elsewhere in the Oklahoma Statutes shall\n\nbe construed to prevent an international banking corporation from\n\noperating more than one international bank agency or representative\n\noffice, each at a different place of business, provided each such\n\nagency or representative office is separately licensed. No license\n\nto operate an international bank agency, representative office, or\n\nadministrative office is transferable or assignable. Every such\n\nlicense shall be, at all times, conspicuously displayed in the place\n\nof business specified therein.\n\nB. Except as provided in subsection C of this section, a\n\nlicense to operate an international bank agency, representative\n\noffice, or administrative office shall be valid for a period of one\n\n(1) year, unless such license is suspended or revoked. Such license\n\nmay be renewed annually upon application to the Board, upon forms\n\navailable for that purpose, within thirty (30) days prior to the\n\nexpiration of the license. Such license may be renewed by the\n\nBoard, in its discretion, upon its determination, with or without\n\nexamination, that the international banking corporation is in a safe\n\nand sound condition and has complied with all requirements of law\n\nwith respect to the international bank agency, representative\n\noffice, or administrative office; that such renewal of the license\n\nwill not be detrimental to the public interest; and that the renewal\n\nhas been duly authorized by proper corporate action. Each\n\napplication for renewal of an international bank agency license\n\nshall be accompanied by an annual renewal fee in an amount set by\n\nrule of the Board.\n\nC. Notwithstanding the provisions of subsection B of this\n\nsection, the Board may, in its discretion, issue a license for an\n\nindefinite period if it finds that the international banking\n\ncorporation has satisfied the requirements for renewal of its\n\nlicense and has held a license for the previous three (3) years. A\n\nlicense issued for an indefinite period shall be valid without\n\nrenewal unless suspended or revoked. An international banking\n\ncorporation that is granted a license for an indefinite period shall\n\nfile with the Board such annual financial statements as the Board\n\nmay require and shall pay an annual fee equal in an amount to be set\n\nby rule of the Board. Such annual fee shall be paid in January of\n\neach year.\n\nD. An international banking corporation which proposes to\n\nterminate the operations of its international bank agency,\n\nrepresentative office, or administrative office shall comply with\n\nsuch procedures as the Board may prescribe by rule to ensure an\n\norderly cessation of business in a manner which is not harmful to\n\nthe public interest and shall surrender its license to the Board.\n\nE. An international banking agency, representative office, or\n\nadministrative office license may be suspended or revoked by the\n\nBoard, with or without examination, upon a determination that the\n\ninternational banking corporation does not meet all requirements for\n\noriginal licensing or any of the criteria established by subsection\n\nB of this section for renewal of a license.\n\nF. In the event any such license shall be suspended or revoked\n\nby the Board, or the renewal thereof shall be refused by the Board,\n\nall rights and privileges of the international banking corporation\n\nto transact the business thus licensed shall forthwith cease, and\nl requirements for\n\noriginal licensing or any of the criteria established by subsection\n\nB of this section for renewal of a license.\n\nF. In the event any such license shall be suspended or revoked\n\nby the Board, or the renewal thereof shall be refused by the Board,\n\nall rights and privileges of the international banking corporation\n\nto transact the business thus licensed shall forthwith cease, and\n\nsuch license shall be surrendered to the Board within twenty-four\n\n(24) hours after the Board has mailed or personally delivered\n\nwritten notice of such decision. The notice may be personally\n\ndelivered to any officer, director, employee, or agent of the\n\ncorporation who is physically present in this state.\n\nG. An international banking corporation licensed under the\n\nterms of the International Bank Act is authorized to transact only\n\nsuch limited business in this state as is clearly related to, and is\n\nusual in, international or foreign business and financing\n\ninternational commerce. No such international banking corporation\n\nmay exercise fiduciary powers. An international banking corporation\n\nmay furnish such investment advisory services as it may be\n\nauthorized to render under rules adopted by the Board with respect\n\nto nonresident entities or persons whose principal places of\n\nbusiness or domicile are outside the United States. No such\n\ninternational banking corporation may receive deposits in this state\n\nexcept:\n\n1. Deposits from nonresident entities or persons whose\n\nprincipal places of business or domicile are outside the United\n\nStates;\n\n2. Interbank deposits, interbank borrowing, or similar\n\nobligations; and\n\n3. International banking facility deposits as defined by rule\n\nof the Board.\n\nAn international banking corporation may maintain in this state, for\n\nthe account of others, credit balances necessarily incidental to, or\n\narising out of, the exercise of its lawful powers. Such credit\n\nbalances may be disbursed by check or other draft; however, the\n\nBoard shall by rule provide appropriate limitations upon such\n\ndisbursement to ensure that credit balances are not functionally\n\nequivalent to demand deposits.\n\nH. Notwithstanding any provision of the International Bank Act\n\nor the Oklahoma Banking Code to the contrary, an international\n\nbanking corporation licensed under the International Bank Act as an\n\ninternational bank agency may, if authorized by rules of the Board,\n\nmake any loan or investment or exercise any power which it could\n\nmake or exercise if it were operating in this state as a federal\n\nagency under the federal International Banking Act of 1978. The\n\nBoard shall, when promulgating such rules, consider the public\n\ninterest and convenience and the need to maintain a sound and\n\ncompetitive state banking system. Unless otherwise provided by\n\nstatute, an international bank agency may not exercise any powers\n\nthat a federal agency is not authorized to exercise.\n\nI. Notwithstanding the provisions of subsections G and H of\n\nthis section, any banking corporation organized and existing under\n\nthe laws of any other state and licensed pursuant to the provisions\n\nof this chapter shall engage only in those activities permissible\n\nfor an Edge Act corporation organized under Section 25(a) of the\n\nFederal Reserve Act, as amended, 12 U.S.C., Sections 611 through\n\n632.\n\nJ. It is the intent of the International Bank Act that an\n\ninternational bank agency may not be a \"state branch\" or a \"federal\n\nbranch\", as those terms are defined in the federal International\n\nBanking Act of 1978, and neither a foreign bank as defined in such\n\nfederal act nor an international banking corporation may establish\n\nor operate any such branch in this state.","path":["OK Code","Title 6"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os6.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"f44ba235bbe4f88302d765b0969594ec3bfdbe705ac309fd824947e5e239d4af","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-1605","next":"us-ok/okla.-stat.-tit.-6-6-1607"},"notice":"GroundRules: Original legal text. Not legal advice."}