{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-2004.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-2004.1","heading":"Out-of-state credit union - Requirements to conduct","body":"business in state - Revocation of approval - Cancellation of\n\ncertificate.\n\n(A) A credit union not organized under the laws of this state\n\nor of the United States may conduct business as a credit union in\n\nthis state only with the approval of the State Credit Union Board\n\nand upon receiving a certificate from the Secretary of State in\n\ncompliance with Section 1130 of Title 18 of the Oklahoma Statutes,\n\nprovided credit unions incorporated under the laws of this state are\n\nallowed to conduct business in another state under conditions\n\nsimilar to these provisions. Before granting the approval, the\n\nState Credit Union Board must find that the out-of-state credit\n\nunion:\n\n(1) Is a credit union organized under laws similar to the laws\n\nof this state;\n\n(2) Is financially solvent;\n\n(3) Has share and deposit account insurance with the National\n\nCredit Union Administration to the extent provided by federal law;\n\n(4) Is examined and supervised by a regulatory agency of the\n\nstate in which it is organized;\n\n(5) Needs to conduct business in this state to adequately serve\n\nits members in this state; and\n\n(6) Does not have a field of membership that will materially\n\nand substantially overlap the field of membership of a credit union\n\norganized under the laws of this state or permitted to conduct\n\nbusiness in this state.\n\n(B) No credit union organized under the laws of a state other\n\nthan this state may conduct business in this state unless:\n\n(1) Such credit union charges interest in compliance with the\n\nlaws of this state when making loans in this state;\n\n(2) Such credit union complies with the consumer protection\n\nstatutes and rules applicable to credit unions incorporated or\n\norganized under the laws of this state; and\n\n(3) Such credit union's most recent report of examination by\n\nits regulatory agency is furnished to the Administrator or such\n\ncredit union agrees to submit to an examination by the Bank\n\nCommissioner or Administrator.\n\n(C) The State Credit Union Board may revoke the approval of a\n\ncredit union to conduct business in this state if it finds that:\n\n(1) The credit union no longer meets the requirements of\n\nsubsection (A) of this section;\n\n(2) The credit union has violated the laws of this state or\n\nlawful rules or orders issued by the State Credit Union Board or the\n\nBank Commissioner;\n\n(3) The credit union has engaged in a pattern of unsafe or\n\nunsound credit union practices; or\n\n(4) Continued operation by the credit union is likely to have a\n\nsubstantially adverse impact on the financial, economic or other\n\ninterests of residents of this state.\n\n(D) In the event of revocation as provided in subsection (C) of\n\nthis section, the Secretary of State shall cancel the certificate of\n\ndomestication of the credit union.","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":"ebe7babb1b68ec43993ff1f6087039f1b74261bf664781d773339e6de1850aa7","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-2003","next":"us-ok/okla.-stat.-tit.-6-6-2005"},"notice":"GroundRules: Original legal text. Not legal advice."}