{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-802","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-802","heading":"Limitations on maximum indebtedness to bank - Exceptions","body":"A. 1. The total obligations to any bank or trust company of\n\nany person, copartnership, association or corporation shall at no\n\ntime exceed thirty percent (30%) of the capital, less intangible\n\nassets, of the bank or trust company. For purposes of this section,\n\nthe calculation of capital shall be made as of the date the bank or\n\ntrust company enters into a binding commitment using data from the\n\nmost recent quarterly report of condition of the bank or trust\n\ncompany.\n\n2. a. The term \"obligations\" shall mean the direct\n\nliability, exclusive of interest, of the maker or\n\nacceptor of paper discounted with or sold to such bank\n\nand the liability, exclusive of interest, of the\n\nendorser, drawer or guarantor who obtains a loan from\n\nor discounts paper with or sells paper under the\n\nguaranty of the endorser, drawer or guarantor to such\n\nbank or trust company.\n\nb. Loans or other extensions of credit to an industrial\n\ndevelopment authority, or similar public entity\n\ncreated for the purpose of constructing and leasing a\n\nplant facility to an occupant, are not an obligation\n\nof the authority for the purpose of this section if:\n\n(1) the bank relies on the credit of the occupant in\n\nmaking the loan,\n\n(2) the authority's liability with respect to the\n\nloan is limited solely to whatever interest it\n\nhas in the particular facility,\n\n(3) the authority's interest is assigned to the bank\n\nas security for the loan, and\n\n(4) the occupant's lease rentals are assigned and\n\npaid directly to the bank.\n\nB. The limitation set forth in paragraph 1 of subsection A of\n\nthis section shall be subject to the following exceptions:\n\n1. Loans or extensions of credit secured by not less than a\n\nlike amount of bonds or notes of the United States or certificates\n\nof indebtedness of the United States, treasury bills of the United\n\nStates or obligations fully guaranteed both as to principal and\n\ninterest by the United States shall not be subject to any limitation\n\nbased upon capital;\n\n2. Obligations shall not be subject under this section to any\n\nlimitation based upon such capital to the extent that such\n\nobligations are secured or covered by guaranties, or by commitments\n\nor agreements to take over or to purchase, made by any Federal\n\nReserve Bank or by the United States or any department, bureau,\n\nboard, commission or establishment of the United States, including\n\nany corporation wholly owned directly or indirectly by the United\n\nStates;\n\n3. Obligations secured by a segregated deposit account in the\n\nlending bank; and\n\n4. Obligations as may be approved by the Commissioner upon\n\nwritten request by the bank.\n\nC. The Board may promulgate rules to administer and implement\n\nthis section, including rules to define or further define terms used\n\nin this section and to establish limits or requirements other than\n\nthose specified in this section for particular classes or categories\n\nof obligations.","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":"112d7c85d77f9e964fb46a86f445c87d3a0bdb0ac237043c23a9b579a16d192f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-801","next":"us-ok/okla.-stat.-tit.-6-6-803"},"notice":"GroundRules: Original legal text. Not legal advice."}