{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-1741","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-1741","heading":"Application for exemption - Maintenance of exempt status -","body":"Change of control - Revocation of exempt status - Enforcement\n\nproceedings.\n\nA. 1. A private trust company requesting an exemption from the\n\nprovisions of this act, pursuant to Section 1740 of this title,\n\nshall file an application with the Commissioner containing the\n\nfollowing:\n\na. a nonrefundable application fee as set by the\n\nDepartment. If the exemption request is made at the\n\nsame time as the charter application is filed, no\n\nadditional fee shall be required in connection with\n\nthe exemption request. If an exemption request is\n\nmade after the private trust company charter has been\n\nissued, the fee for an exemption request shall be\n\nequal to that imposed by the Department in connection\n\nwith branch bank applications,\n\nb. a detailed statement under oath showing the private\n\ntrust company's assets and liabilities as of the end\n\nof the month previous to the filing of the\n\napplication,\n\nc. a statement under oath of the reason for requesting\n\nthe exemption,\n\nd. a statement under oath that the private trust company\n\nis not currently transacting business with the public\n\nand that the company will not conduct business with\n\nthe public without the prior written permission of the\n\nCommissioner,\n\ne. the current street mailing address and telephone\n\nnumber of the physical location in this state at which\n\nthe private trust company will maintain its books and\n\nrecords, together with a statement under oath that the\n\naddress given is true and correct and is not a U.S.\n\nPostal Service post office box or a private mail box,\n\npostal box or mail drop, and\n\nf. listing of the specific provisions of the act and\n\nSections 101 through 1417 of the Oklahoma Banking Code\n\nfor which the request for exemption is made.\n\n2. The Commissioner shall not approve a private trust company\n\nexemption unless the application is completed as required in\n\nparagraph 1 of this subsection.\n\nB. To maintain status as an exempt private trust company under\n\nthis act, the private trust company:\n\n1. Shall not transact business with the public;\n\n2. Shall file an annual certification that it is maintaining\n\nthe conditions and limitations of its exempt status. This annual\n\ncertification shall be filed on a form provided by the Commissioner\n\nand be accompanied by a fee equal to that imposed by the Department\n\nfor registration statements filed under Section 104 of this title.\n\nThe annual certification shall be filed on or before June 30 of each\n\nyear. No annual certification shall be valid unless it bears an\n\nacknowledgment stamped by the Department. The Department shall have\n\nthirty (30) days from the date of receipt to return a copy of the\n\nacknowledged annual certification to the private trust company. The\n\nburden shall be on the exempt private trust company to notify the\n\nDepartment of any failure to return an acknowledged copy of any\n\nannual certification within the thirty-day period. The Commissioner\n\nmay examine or investigate the private trust company periodically as\n\nnecessary to verify the certification;\n\n3. Shall comply with the principal office provisions of Section\n\n1712 of this title and with the address and telephone requirements\n\nof subparagraph e of paragraph 1 of subsection A of this section;\n\nand\n\n4. Shall pay the corporate franchise tax, as certified by the\n\nOklahoma Tax Commission.\n\nC. Control of an exempt private trust company may not be\n\ntransferred or sold with exempt status. In any change of control,\n\nthe acquiring control person must comply with the provisions of this\n\nact, and the exempt status of the private trust company shall\n\nautomatically terminate upon the effective date of the transfer. A\n\nseparate application for exempt status shall be filed if the\n\nacquiring person wishes to obtain or continue an exemption pursuant\n\nto this section.\n\nD. The Commissioner shall have authority to revoke the exempt\n\nstatus of a private trust company in the following circumstances:\nthe exempt status of the private trust company shall\n\nautomatically terminate upon the effective date of the transfer. A\n\nseparate application for exempt status shall be filed if the\n\nacquiring person wishes to obtain or continue an exemption pursuant\n\nto this section.\n\nD. The Commissioner shall have authority to revoke the exempt\n\nstatus of a private trust company in the following circumstances:\n\n1. The exempt private trust company makes a false statement\n\nunder oath on any document required to be filed by the act or by any\n\nrule promulgated by the Department;\n\n2. The exempt private trust company fails to submit to an\n\nexamination of its books and records by the Commissioner;\n\n3. The exempt private trust company withholds requested\n\ninformation from the Commissioner; or\n\n4. The exempt private trust company violates any provision of\n\nthis section applicable to exempt private trust companies.\n\nE. If the Commissioner determines from examination or other\n\ncredible evidence that an exempt private trust company has violated\n\nany of the requirements of this section, the Commissioner may, by\n\npersonal delivery or registered or certified mail, return receipt\n\nrequested, notify the exempt private trust company in writing that\n\nthe private trust company's exempt status has been revoked. The\n\nnotification shall state grounds for the revocation with reasonable\n\ncertainty. The notice shall state its effective date, which may not\n\nbe before the fifth day after the date the notification is mailed or\n\ndelivered. The revocation takes effect for the private trust\n\ncompany if the private trust company does not request a hearing in\n\nwriting before the effective date. After taking effect, the\n\nrevocation is final and nonappealable as to that private trust\n\ncompany, and the private trust company shall be subject to all of\n\nthe requirements and provisions of the act and the Oklahoma Banking\n\nCode applicable to nonexempt state trust companies.\n\nF. A private trust company shall have five (5) calendar days\n\nafter the revocation is effective to comply with the provisions of\n\nthis act from which it was formerly exempt. If, however, the\n\nCommissioner determines, at the time of revocation, that the private\n\ntrust company has been engaging in or attempting to engage in acts\n\nintended or designed to deceive or defraud the public, the\n\nCommissioner may shorten or eliminate, in the Commissioner's sole\n\ndiscretion, the five-calendar-day compliance period.\n\nG. If the private trust company does not comply with all of the\n\nprovisions of this act, including such capitalization requirements\n\nas have been determined by the Commissioner as necessary to assure\n\nthe safety and soundness of the private trust company, within the\n\nprescribed time period, the Commissioner may:\n\n1. Institute any action or remedy prescribed by this act and\n\nthe Oklahoma Banking Code, or any applicable rule or regulation; or\n\n2. Refer the private trust company to the Attorney General for\n\ninstitution of a quo warranto proceeding to revoke the charter.","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":"aaf57b55b50cd795a9622f57dd6cee03d187828819da299db91a2cb99a1c6e23","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-1740","next":"us-ok/okla.-stat.-tit.-6-6-1755"},"notice":"GroundRules: Original legal text. Not legal advice."}