{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-1740","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-1740","heading":"Application of act - Exemptions","body":"A. A private trust company engaging in the trust business in\n\nthis state shall comply with each and every provision of this act\n\nand Sections 101 through 1417 of the Oklahoma Banking Code\n\napplicable to a trust company unless expressly exempted therefrom in\n\nwriting by the Commissioner pursuant to this section, by rule\n\nadopted by the Department or under a predecessor statute.\n\nB. A private trust company or proposed private trust company\n\nmay request in writing that it be exempted from specified provisions\n\nof this act and Sections 101 through 1417 of the Oklahoma Banking\n\nCode. The Commissioner may grant the exemption in whole or in part\n\nif the Commissioner finds that the private trust company does not\n\nand will not transact business with the general public. For\n\npurposes of this section:\n\n1. \"Transact business with the general public\" means any sales,\n\nsolicitations, arrangements, agreements, or transactions to provide\n\ntrust or other business services, whether for a fee, commission or\n\nany other type of remuneration, with any client that is not a family\n\nmember or a sole proprietorship, partnership, joint venture,\n\nassociation, trust, estate, business trust or other company that is\n\nnot one hundred percent (100%) owned by one or more family members;\n\nand\n\n2. \"Family member\" means any individual who is related within\n\nthe fourth degree of affinity or consanguinity to an individual or\n\nindividuals who control a private trust company or which is\n\ncontrolled by one or more trusts or charitable organizations\n\nestablished by such individual or individuals.\n\nC. All individuals who control a private trust company or\n\nestablish trusts or charitable organizations controlling such\n\nprivate trust company must be related within the second degree of\n\naffinity or consanguinity.\n\nD. At the expense of the private trust company, the\n\nCommissioner may examine or investigate the private trust company in\n\nconnection with an application for exemption. Unless the\n\napplication presents novel or unusual questions, the Commissioner\n\nshall approve the application for exemption or set the application\n\nfor hearing not later than the sixty-first day after the date the\n\nCommissioner considers the application complete and accepted for\n\nfiling. The Commissioner may require the submission of additional\n\ninformation as considered necessary to an informed decision.\n\nE. Any exemption granted under this section may be made subject\n\nto conditions or limitations imposed by the Commissioner consistent\n\nwith this act.\n\nF. The Department may adopt rules defining other circumstances\n\nthat do not constitute transaction of business with the public,\n\nspecifying the provisions of this act and Sections 101 through 1417\n\nof the Oklahoma Banking Code that are subject to an exemption\n\nrequest, and establishing procedures and requirements for obtaining,\n\nmaintaining or revoking exempt status.","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":"ee6cc1d7328012bffe0978ef4aaa5b6ff3ad9d3e624da04af852c13b115c57c1","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-1739","next":"us-ok/okla.-stat.-tit.-6-6-1741"},"notice":"GroundRules: Original legal text. Not legal advice."}