{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-2018.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-2018.1","heading":"Suspension of operation of credit union - Revocation of","body":"certificate - Liquidation - Disposition of assets.\n\n(A) If it appears that any credit union organized under the\n\nlaws of this state is bankrupt or insolvent, or that it has\n\nwillfully violated the laws of this state relating to credit unions,\n\nor is operating in an unsafe or unsound manner, the Bank\n\nCommissioner, upon approval of the State Credit Union Board, may\n\nissue an order temporarily suspending all or part of a credit\n\nunion's operations for not more than sixty (60) days. The board of\n\ndirectors shall be given notice by registered mail of such\n\nsuspension, which notice shall include a list of the reasons for\n\nsuch suspension, and shall include a list of the specific violations\n\nof law, if any, and the operations suspended. The Bank Commissioner\n\nshall also notify the insuring organization of any suspension.\n\n(B) Upon receipt of such suspension notice, the credit union\n\nshall cease those operations identified by the Bank Commissioner in\n\nthe notice. The board of directors shall then file with the Bank\n\nCommissioner a reply to the suspension notice, and may request a\n\nhearing to present a plan of corrective actions proposed if the\n\nboard desires to continue operations. The board may request that\n\nthe credit union be declared insolvent and a liquidating agent be\n\nappointed.\n\n(C) Upon receipt from the suspended credit union of evidence\n\nthat the conditions causing the order of suspension have been\n\ncorrected, the Bank Commissioner may revoke the suspension notice,\n\npermit the credit union to resume normal operations, and notify the\n\ninsuring organization and the State Credit Union Board of such\n\nactions.\n\n(D) If the Bank Commissioner, after issuing notice of\n\nsuspension and providing an opportunity for a hearing, rejects the\n\ncredit union's plan to continue operations, the Bank Commissioner\n\nmay issue a notice of involuntary liquidation and appoint a\n\nliquidating agent. The credit union may request the appropriate\n\ncourt to stay execution of such action. Involuntary liquidation may\n\nnot be ordered prior to the conclusion of suspension procedures\n\noutlined in this section.\n\n(E) If, within the suspension period, the credit union fails to\n\nanswer the suspension notice or request a hearing, the Bank\n\nCommissioner may then revoke the credit union's certificate, appoint\n\na liquidating agent and liquidate the credit union.\n\n(F) In the event of liquidation, the assets of the credit union\n\nor the proceeds from any disposition of the assets shall be applied\n\nand distributed in the following sequence:\n\n(1) Secured creditors up to the value of their collateral;\n\n(2) Costs and expenses of liquidation;\n\n(3) Wages due the employees of the credit union;\n\n(4) Costs and expenses incurred by creditors in successfully\n\nopposing the release of the credit union from certain debts as\n\nallowed by the Bank Commissioner;\n\n(5) Taxes owed to the United States or any other governmental\n\nunit;\n\n(6) Debts owed to the United States;\n\n(7) General creditors, secured creditors to the extent their\n\nclaims exceed the value of their collateral and owners of deposit\n\naccounts to the extent such accounts are uninsured;\n\n(8) Members, to the extent of uninsured share accounts and the\n\norganization that insured the accounts of the credit union; and\n\n(9) Members, to the extent of membership shares.","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":"328c5efdd1de18e1ceb6fad5f3a4d6aa30ee73ba3a0c4b68c86e7fc4161f7a78","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-2018","next":"us-ok/okla.-stat.-tit.-6-6-2018.2"},"notice":"GroundRules: Original legal text. Not legal advice."}