{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-90.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-90.2","heading":"Definitions","body":"As used in the Rural Economic Development Loan Act:\n\n1. \"Department\" means the Oklahoma Department of Agriculture,\n\nFood, and Forestry;\n\n2. \"Financial institution\" means any office or branch of a\n\nbank, savings bank, savings association, building and loan\n\nassociation, savings and loan association, credit union or nonprofit\n\nlender exempt from taxation pursuant to the provisions of Section\n\n501(c)(3) of the Internal Revenue Code of the United States located\n\nin the State of Oklahoma;\n\n3. \"Participating financial institution\" means a financial\n\ninstitution which pledges at least Three Million Dollars\n\n($3,000,000.00) but not to exceed Ten Million Dollars\n\n($10,000,000.00) to the Rural Economic Development Loan Revolving\n\nFund;\n\n4. \"Qualified economic development project\" means:\n\na. the development, construction, restoration, or\n\nreplacement of a physical facility located or to be\n\nlocated in a rural area of this state, which has been\n\ninitiated by a participating financial institution\n\nwhich has been certified by the Department, and\n\nb. the commencement or expansion of economic activities\n\nthat result in or that will, within three (3) years of\n\nthe commencement of such activities, result in the\n\nemployment of five (5) or more full-time-equivalent\n\nemployees at a location in a rural area of this state\n\nin positions that did not exist prior to the\n\ncommencement of such activities and which has been\n\ncertified by the Department; and\n\n5. \"Rural area\" means an area designated as such by the Office\n\nof Rural Development of the United States Department of Agriculture.","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":"b94b6a39873c982c0d41b8b14a6ca9983784033351e2bccdddcef39877cd00c6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-90.1","next":"us-ok/okla.-stat.-tit.-62-62-90.3"},"notice":"GroundRules: Original legal text. Not legal advice."}