{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-71","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-71","heading":"State Treasurer - Selection of depositories - Out-of-state","body":"depositories - Relationship with financial institutions -\n\nLimitations on deposits - Reports.\n\nA. The State Treasurer is authorized and directed to select a\n\nnumber of banks, savings banks or savings and loan associations and\n\ncredit unions within the State of Oklahoma as depositories for all\n\nmonies and funds coming into the hands of the State Treasurer as the\n\nofficial depository. Such banks, savings banks or savings and loan\n\nassociations and credit unions shall be in good standing and\n\nconducting a regular banking business and shall collect such drafts,\n\nbills of exchange, and checks as may be deposited by the state in\n\nthe regular course of business, and shall pay all checks and drafts\n\nlegally authorized and duly drawn on the funds deposited in such\n\nbanks, savings banks or savings and loan associations and credit\n\nunions.\n\nB. At the request of state agencies or state institutions\n\nconducting operations or transacting state business outside the\n\nState of Oklahoma, the State Treasurer is hereby authorized to name\n\nand designate financial institutions located without the State of\n\nOklahoma as official depositories of state monies and funds where it\n\nis shown to the satisfaction of the State Treasurer that the need\n\nfor such out-of-state depository is required for the orderly and\n\nexpeditious deposit of monies and funds coming into the possession\n\nof the requesting state agency or state institution. For purposes\n\nof this section, the State Treasurer shall not designate any\n\nfinancial institution outside the United States for the deposit of\n\npublic funds, monies, securities, or any other financial assets\n\nsubject to the control of the State Treasurer. Any out-of-state\n\nfinancial institution designated as an official depository of the\n\nState Treasurer shall have a service agent in the State of Oklahoma\n\nso that service of summons or legal notice may be had on such\n\ndesignated agent as is now or may hereafter be provided by law.\n\nBefore designating any financial institution outside the State of\n\nOklahoma as an official depository, the State Treasurer shall, if\n\nthe State Treasurer deems it necessary, require a bond to be given\n\nby such financial institution to the State of Oklahoma in double the\n\namount of monies which the requesting state agency or institution\n\nanticipates will be the maximum amount of money or funds on deposit\n\nat any one time with the financial institution. Such bond will be\n\napproved by the State Treasurer and filed with the Secretary of\n\nState. Any out-of-state financial institution designated as an\n\nofficial depository shall in all respects conform to and comply with\n\nthe provisions of this section, the Security for Public Deposits\n\nAct, and any and all laws pertaining to financial institutions\n\nreceiving deposits of public monies or funds.\n\nC. The State Treasurer shall establish procedures which provide\n\nminimum standards for establishing and maintaining relationships\n\nbetween state entities and financial institutions. As used in this\n\nsubsection, “financial institutions” means those institutions\n\ndescribed in subsection E of this section, companies that provide\n\nalternative direct deposit services known as payroll card or\n\npaycard, credit card processing companies and other companies which\n\nhandle or process financial transactions. Any agreements between\n\nstate agencies and financial institutions, as defined in this\n\nsubsection, shall be subject to prior approval by the State\n\nTreasurer. If the State Treasurer has an agreement with a financial\n\ninstitution to provide services to the State Treasurer, a state\n\nagency may pay the institution directly for services performed for\n\nthe agency under the same terms, if the services are services not\n\npreviously provided to the agency through the State Treasurer.\n\nState agencies may enter into agreements with the State Treasurer to\nreasurer. If the State Treasurer has an agreement with a financial\n\ninstitution to provide services to the State Treasurer, a state\n\nagency may pay the institution directly for services performed for\n\nthe agency under the same terms, if the services are services not\n\npreviously provided to the agency through the State Treasurer.\n\nState agencies may enter into agreements with the State Treasurer to\n\nparticipate in any agreements entered into by the State Treasurer\n\nwith financial institutions or companies which handle or process\n\nfinancial transactions as described in this subsection. Any state\n\nagency participating in such an agreement may pay the vendor\n\ndirectly for any fees owed on transactions associated with that\n\nagency. The State Treasurer is authorized to prescribe formats and\n\nissue all state vouchers, warrants and checks drawn on state\n\ntreasury funds. The State Treasurer may compensate financial\n\ninstitutions for services rendered to the state by direct fee\n\ncharges or through compensating balances. Any financial institution\n\nreceiving payment for services from the state through compensating\n\nbalances shall file a report quarterly with the State Treasurer\n\ndetailing the services rendered to the state and the charges for\n\nsuch services. Such charges shall not exceed those made for similar\n\nservices to other customers of the financial institution. If the\n\nquarterly value of the compensating balance arrangement is above or\n\nbelow the quarterly charges for the services rendered to the state\n\nhad service charges been separately billed, the difference in amount\n\nof the quarterly charges for the services rendered and the amount of\n\nthe compensating balance shall be applied to the subsequent quarter.\n\nAny compensation arrangements made with financial institutions\n\npursuant to this subsection shall not be subject to the provisions\n\nof The Oklahoma Central Purchasing Act.\n\nD. Of the public funds in the hands of the State Treasurer,\n\nthere shall not be deposited in any one of such banks, savings banks\n\nor savings and loan associations and credit unions an amount to\n\nexceed the combined amount of insured deposits plus approved legal\n\nsecurities pledged by such banks, savings banks or savings and loan\n\nassociations and credit unions therefor. Such banks, savings banks\n\nor savings and loan associations and credit unions shall make\n\nquarterly reports of the amount deposited, checked out, or withdrawn\n\nand the balances on hand for the fiscal year.\n\nE. All provisions of this title relating to depositories for\n\npublic funds shall include, in addition to banks, all financial\n\ninstitutions of this state. As used in this subsection, the term\n\n“financial institutions” means banks, savings banks, savings and\n\nloan associations and credit unions in this state whose deposits are\n\ninsured by the Federal Deposit Insurance Corporation, the National\n\nCredit Union Administration or any successor institutions.\n\nF. The State Treasurer may permit treasurers of local\n\ngovernmental entities to place public funds under their control into\n\ninvestments used by the State Treasurer for state funds, if the\n\nlocal treasurer has appropriate investment authority.\n\nR.L. 1910, § 6779. Amended by Laws 1923-24, c. 59, p. 76, § 5,\n\nemerg. eff. March 22, 1924; Laws 1933, c. 207, p. 493, § 1, emerg.\n\neff. July 20, 1933; Laws 1935, p. 105, § 1, emerg. eff. April 6,\n\n1935; Laws 1937, p. 120, § 1, emerg. eff. March 26, 1937; Laws 1983,\n\nc. 182, § 1, operative July 1, 1983; Laws 1986, c. 235, § 1; Laws\n\n1987, c. 194, § 2, operative July 1, 1987; Laws 1989, c. 343, § 24,\n\noperative July 1, 1989; Laws 1990, c. 168, § 2, eff. Sept. 1, 1990;","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"a4824fbbab1b5ac6aa59065cebcb4d947907446937958cf5f3dea99ebb4ec20c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-7005","next":"us-ok/okla.-stat.-tit.-62-62-71.1"},"notice":"GroundRules: Original legal text. Not legal advice."}