{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-88.5","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-88.5","heading":"Dissemination of information and loan packages -","body":"Completing loan package - Acceptance and review of loan applications\n\n- Conditions of loans - Forwarding loan packages to State Treasurer\n\nand Board.\n\nA. The State Treasurer and the Department of Commerce are\n\nhereby authorized to disseminate information and to provide small\n\nbusiness linked deposit loan packages to the lending institutions\n\neligible for participation under this act.\n\nB. The small business linked deposit loan package shall be\n\ncompleted by the borrower before being forwarded to the lending\n\ninstitution for consideration. Any technical assistance in\n\ncompleting such loan package shall be provided by the State\n\nTreasurer.\n\nC. An eligible lending institution that desires to receive a\n\nsmall business linked deposit shall accept and review applications\n\nfor loans from eligible participants. The lending institution shall\n\napply all usual lending standards to determine the creditworthiness\n\nof each eligible participant. Loans under this act shall conform to\n\nthe following conditions:\n\n1. Maximum loan amounts under the Oklahoma Small Business\n\nLinked Deposit Act shall:\n\na. not exceed One Million Two Hundred Thousand Dollars\n\n($1,200,000.00) for an eligible small business,\n\nb. not exceed Six Million Dollars ($6,000,000.00) for an\n\neligible industrial park or any public trust\n\nauthorized in accordance with Section 176 of Title 60\n\nof the Oklahoma Statutes engaged in industrial\n\ndevelopment as determined by the Oklahoma Linked\n\nDeposit Review Board. Such public trusts are limited\n\nto fifteen percent (15%) of the total available funds\n\nand a nonrenewable term not to exceed six (6) months\n\nunless their purpose is to make package passthrough\n\nloans to other private recipients for industrial\n\ndevelopment purposes. Loans made by an eligible trust\n\ncannot exceed the interest rate established by this\n\nact. Any recipient of a loan through an eligible\n\ntrust must meet the criteria of this act to receive a\n\nsmall business linked deposit loan;\n\n2. An eligible participant shall certify on the loan\n\napplication that the reduced rate loan will be used exclusively to\n\ncreate new jobs or preserve existing jobs and employment\n\nopportunities in accordance with the purpose of this section;\n\n3. Only one linked deposit loan shall be made and be\n\noutstanding at any time to any eligible participant; provided that\n\nthe linked deposit loan may be refinanced;\n\n4. No linked deposit loan shall be approved for any otherwise\n\neligible participant when fifty percent (50%) or more of the\n\ninterest in or control of such otherwise eligible participant is\n\nowned directly or indirectly by a person who owns directly or\n\nindirectly fifty percent (50%) or more of or controls another\n\nparticipating eligible participant;\n\n5. No loan shall be made to any officer or director of the\n\nlending institution making the loan or to any entity in which any\n\nsuch officer or director maintains a controlling interest;\n\n6. No loan shall be made to any employee of the State\n\nTreasurer's office or members of the Board or to any entity in which\n\nany such officer or director maintains a controlling interest;\n\n7. The criteria for the amount of loans used for refinance\n\nshall be established by the Oklahoma Linked Deposit Review Board to\n\nreflect legislative intent to tighten previous criteria on\n\nrefinancing;\n\n8. The criteria for the amount of loans per job ratio shall be\n\nestablished by the Oklahoma Linked Deposit Review Board to reflect\n\nlegislative intent to maximize the program in terms of the jobs\n\ncreated or saved;\n\n9. Whoever knowingly makes a false statement concerning a\n\nlinked deposit loan application shall be prohibited from entering\n\ninto the linked deposit loan program; and\n\n10. Linked deposits may be made for any maturity considered\n\nappropriate by the State Treasurer not to exceed two (2) years and\nw Board to reflect\n\nlegislative intent to maximize the program in terms of the jobs\n\ncreated or saved;\n\n9. Whoever knowingly makes a false statement concerning a\n\nlinked deposit loan application shall be prohibited from entering\n\ninto the linked deposit loan program; and\n\n10. Linked deposits may be made for any maturity considered\n\nappropriate by the State Treasurer not to exceed two (2) years and\n\nmay be renewed for up to an additional three renewals not to exceed\n\ntwo (2) years each at the discretion of the State Treasurer with the\n\napproval of the lending institution. No renewals will be allowed\n\nunless the amount of principal has been reduced by a minimum of five\n\npercent (5%) and all interest paid to date from the time of the\n\nprior loan or renewal. However, at renewal the Oklahoma Linked\n\nDeposit Review Board may approve an increase in the amount of\n\nprincipal, if the business is expanding and additional jobs will be\n\ncreated. An approval of such an increase in principal will not\n\nextend the maximum years of participation in the program. In\n\naddition, loans made to eligible participants where the loan is to\n\nbe used within an enterprise zone may be made for the maturity date\n\nof three (3) years with two additional renewals. The first renewal\n\nmay be for up to three (3) years and the last renewal may be for up\n\nto two (2) years. Loans made to be used within Priority Enterprise\n\nZones may be made with a maturity date of five (5) years and have\n\nanother three (3) years of renewal. Interest shall be paid at the\n\ntimes determined by the State Treasurer. The State Treasurer may\n\nplace a small business linked deposit with an eligible lending\n\ninstitution or decline to do so based on the cash flow needs of the\n\nstate, the security of state funds, investment needs of the state\n\nand the ratio of state funds deposited to jobs which would be\n\nsustained or created.\n\nD. In considering which eligible participants to include in the\n\nsmall business linked deposit loan package for reduced rate loans,\n\nthe eligible lending institution shall give priority to the economic\n\nneeds of the area in which the business is located and other factors\n\nit considers appropriate to determine the relative financial need of\n\nthe business including those criteria set forth in the Community\n\nReinvestment Act of the United States. Location in an enterprise\n\nzone shall be evidence of the economic needs of the area.\n\nE. The eligible lending institution shall forward to the State\n\nTreasurer a small business linked deposit loan package in the form\n\nand manner prescribed and approved by the State Treasurer. The\n\npackage shall include information regarding the amount of the loan\n\nrequested by each eligible participant, the number of jobs to be\n\ncreated or sustained, an estimate of the number of zone residents to\n\nbe employed in such jobs where the loan is to be used in an\n\nenterprise zone and such other information regarding each business\n\nthe State Treasurer and the Board requires. The institution shall\n\ncertify that each applicant is an eligible participant, and shall,\n\nfor each business, certify the present borrowing rate applicable to\n\neach specific eligible small business.\n\nF. Upon receipt of a completed small business linked deposit\n\nloan package, the State Treasurer shall forward the loan package to\n\nthe Board, Oklahoma Tax Commission and Oklahoma Employment Security\n\nCommission. The Board shall review the small business linked\n\ndeposit loan package to determine if said package is qualified under\n\nthis act. Within ten (10) days of receipt of the loan package, the\n\nOklahoma Tax Commission and the Oklahoma Employment Security\n\nCommission shall determine and certify with the Board whether or not\n\nthe applicant is in good standing. The Board shall make a\n\nrecommendation concerning the package at the next regularly\n\nscheduled Board meeting or at a special Board meeting, after receipt\nfied under\n\nthis act. Within ten (10) days of receipt of the loan package, the\n\nOklahoma Tax Commission and the Oklahoma Employment Security\n\nCommission shall determine and certify with the Board whether or not\n\nthe applicant is in good standing. The Board shall make a\n\nrecommendation concerning the package at the next regularly\n\nscheduled Board meeting or at a special Board meeting, after receipt\n\nof the responses from the Oklahoma Tax Commission and the Oklahoma\n\nEmployment Security Commission. No applicant will be approved\n\nwithout certification of good standing with the Oklahoma Tax\n\nCommission and Oklahoma Employment Security Commission. The Board\n\nshall return the package to the State Treasurer with a written\n\nrecommendation of approval or rejection. If the Board recommends\n\nrejection, the written recommendation shall include reasons for said\n\nrejection. The Board shall forward a copy of its rejection notice\n\nto the lending institution and the borrower. The State Treasurer\n\nshall keep a chronological list of applications forwarded by the\n\nBoard for approval or rejection.","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":"014e743f243b9fd36fbe149e67c67067b876c28a2ddc737911a514a0dda711be","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-88.4","next":"us-ok/okla.-stat.-tit.-62-62-88.6"},"notice":"GroundRules: Original legal text. Not legal advice."}