{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-416","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-416","heading":"Bank service corporations","body":"A. Definitions.\n\n1. The term \"bank services\" means those services authorized\n\nunder subsections C and D of this section;\n\n2. The term \"bank service corporation\" means a corporation or\n\nlimited liability company organized to perform services, all of the\n\ncapital stock of which is owned by one or more depository\n\ninstitutions, and at least one of which is subject to examination by\n\nthe Commissioner;\n\n3. The term \"depository institution\" means a bank or another\n\nfinancial institution subject to examination by the Federal Home\n\nLoan Bank Board or the National Credit Union Administration Board;\n\nand\n\n4. The term \"invest\" includes any advance of funds to a bank\n\nservice corporation, whether by the purchase of stock, the making of\n\na loan, or otherwise, except a payment for rent earned, goods sold\n\nand delivered, or services rendered prior to the making of such\n\npayment.\n\nB. Amount of bank investment in service corporations.\n\n1. No limitation or prohibition otherwise imposed by any\n\nprovision of this Code exclusively relating to banks shall prevent\n\nany bank from investing not more than ten percent (10%) of its\n\ncapital in a bank service corporation; and\n\n2. If stock in a bank service corporation has been held by two\n\nor more banks, or institutions, and one of such banks, or\n\ninstitutions, ceases to utilize the services of the corporation and\n\nceases to hold stock in it, and leaves the other as the sole\n\nstockholding bank, or institution, the corporation may nevertheless\n\ncontinue to function as such and the other bank or institution may\n\ncontinue to hold stock in it.\n\nC. Services to depository institutions. A bank service\n\ncorporation may perform the following services for depository\n\ninstitutions and for such other persons as the Board shall permit by\n\nregulation: Check and deposit sorting and posting, computation and\n\nposting of interest and other credits and charges, preparation and\n\nmailing of checks, statements, notices and similar items or any\n\nother clerical, computer, information systems, electronic\n\ncommunications, bookkeeping, accounting, statistical or similar\n\nfunctions performed for a depository institution.\n\nD. Services to other persons. A bank service corporation may\n\nprovide to any person any of the following services and any other\n\nservices as the Banking Board shall permit:\n\n1. Any service which a bank shareholder is authorized to\n\nperform; and\n\n2. Any services which the Federal Reserve Board has determined\n\nby regulation to be permissible for a bank holding company under\n\nSection 4(c)(8) of the Bank Holding Company Act.\n\nE. Regulation and examination of services - Banks and trust\n\ncompanies. No bank or trust company subject to examination by the\n\nState Banking Commissioner may cause to be performed, by contract or\n\notherwise, any bank or trust company services for itself, whether on\n\nor off its premises, unless assurances satisfactory to the\n\nCommissioner are furnished to the Commissioner by both the bank or\n\ntrust company and the party performing such services that the\n\nperformance thereof will be subject to regulation and examination by\n\nthe Commissioner to the same extent as if such services were being\n\nperformed by the bank or trust company itself on its own premises.","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":"b438ea8e72385b0e71a0ba5840c6a893081a0f40367b5026fc6198009a003882","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-415","next":"us-ok/okla.-stat.-tit.-6-6-421"},"notice":"GroundRules: Original legal text. Not legal advice."}