{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-88.6","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-88.6","heading":"Funding of approved loans","body":"A. Applications approved by the Board shall be subject to\n\navailable funds, and if a loan or loan package is not funded for\n\nsuch reason, it will be funded in the chronological order of its\n\napproval.\n\nB. The State Treasurer shall reject any small business linked\n\ndeposit loan package if the participant requesting such loan is not\n\nin good standing with the Oklahoma Tax Commission and the Oklahoma\n\nEmployment Security Commission. Notwithstanding any provision of\n\nlaw to the contrary, said agencies shall provide the State Treasurer\n\nwith such information as to the standing of each participant loan\n\napplicant within ten (10) days of the request for the information.\n\nC. Upon acceptance of the small business linked deposit loan\n\npackage or any portion thereof, the State Treasurer shall notify the\n\nBoard, the lending institution and the borrower. Upon acceptance\n\nthe State Treasurer may place certificates of deposit with the\n\neligible lending institution at up to three percent (3%) below the\n\ncomparable Treasury Bill rate, as determined and calculated by the\n\nState Treasurer. When necessary, the State Treasurer may place\n\ncertificates of deposit prior to acceptance of a small business\n\nlinked deposit loan package.\n\nD. Upon the placement of a small business linked deposit with\n\nan eligible lending institution, the institution shall fund the loan\n\nto each approved eligible participant listed in the small business\n\nlinked deposit loan package in accordance with the small business\n\nlinked deposit agreement between the institution and the State\n\nTreasurer. The percentage rate of the loan shall be reduced by at\n\nleast the same number of percentage points that the certificate of\n\ndeposit was reduced upon placement. A certification of compliance\n\nwith this subsection in the form and manner as prescribed by the\n\nState Treasurer shall be required of the eligible lending\n\ninstitution. Deposits placed by the State Treasurer shall be\n\nsecured by collateralization as determined by and in accordance with\n\nthe State Treasurer's policy for securing state deposits. The\n\nobjective of said policy shall be to adequately secure the\n\ncollateralization of deposits without requiring unnecessary over-\n\ncollateralization by the institution.","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":"94b972fa8d29b6db9566dfb9380b88c1a1a5a81149bcb2364758002d8d1117c2","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-88.5","next":"us-ok/okla.-stat.-tit.-62-62-88.7"},"notice":"GroundRules: Original legal text. Not legal advice."}