{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-90.5","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-90.5","heading":"Conditions for making loans - Review of applications -","body":"Certification of good standing.\n\nA. A participating financial institution that desires to make a\n\nrural economic development loan shall accept and review applications\n\nfor loans in connection with qualified economic development\n\nprojects. A package of more than one rural economic development\n\nloan may be developed by a development company certified by the U.S.\n\nSmall Business Administration or a political subdivision of this\n\nstate or an agency thereof, and such entity may submit an\n\napplication for one or more loans. The financial institution shall\n\napply all usual lending standards and shall exercise due diligence\n\nto determine the creditworthiness of each applicant and to determine\n\nif the loan should be granted. Loans made under the Rural Economic\n\nDevelopment Loan Act shall conform to the following conditions:\n\n1. The maximum amount of loans under the Rural Economic\n\nDevelopment Loan Act in connection with a particular qualified\n\neconomic development project shall be determined by need in the\n\nrural area in which the project is located and the number of jobs\n\ncreated. The Oklahoma Department of Agriculture, Food, and Forestry\n\nshall have final decision-making authority as to the maximum amount\n\nof each loan;\n\n2. The applicant shall certify on the loan application that the\n\nloan will be used exclusively in connection with the qualified\n\neconomic development project in accordance with the purpose of the\n\nRural Economic Development Loan Act;\n\n3. No loan shall be approved for any otherwise eligible\n\nrecipient when fifty percent (50%) or more of the interest in or\n\ncontrol of such otherwise eligible recipient is owned directly or\n\nindirectly by a person who owns directly or indirectly fifty percent\n\n(50%) or more of or controls another participating recipient;\n\n4. No loan shall be made to any officer or director of the\n\nfinancial institution making the loan or to any entity in which any\n\nsuch officer or director maintains a controlling interest;\n\n5. No loan shall be made to any employee of the Oklahoma\n\nDepartment of Agriculture, Food, and Forestry or to any entity in\n\nwhich any employee maintains a controlling interest;\n\n6. Whoever knowingly makes a false statement concerning a rural\n\neconomic development loan application shall be prohibited from\n\nparticipating in the Rural Economic Development Loan Program; and\n\n7. Rural economic development loans may be renewed if the\n\namount of principal has been reduced by a minimum of five percent\n\n(5%) per year and all interest has been paid from the time of the\n\noriginal loan.\n\nB. The participating financial institution shall forward to the\n\nState Treasurer a rural economic development loan application in the\n\nform and manner prescribed and approved by the Department. The\n\napplication shall include information regarding the amount of the\n\nloan requested by each applicant, the number of jobs to be created,\n\nand such other information the Department requires.\n\nC. Upon receipt of a completed rural economic development loan\n\napplication, the Department shall forward the loan application to\n\nthe Oklahoma Tax Commission and the Oklahoma Employment Security\n\nCommission. The Department shall review the loan package to\n\ndetermine if the loan requested meets the requirements set forth\n\nunder the Rural Economic Development Loan Act. Within ten (10) days\n\nof receipt of the loan package, the Tax Commission and the Oklahoma\n\nEmployment Security Commission shall determine and certify whether\n\nor not the applicant is in good standing. The Department shall make\n\na recommendation concerning the application to the State Board of\n\nAgriculture, after receipt of the responses from the Tax Commission\n\nand the Oklahoma Employment Security Commission. No applicant shall\n\nbe approved without certification of good standing with the Tax\n\nCommission and Oklahoma Employment Security Commission. Rejected\nnot the applicant is in good standing. The Department shall make\n\na recommendation concerning the application to the State Board of\n\nAgriculture, after receipt of the responses from the Tax Commission\n\nand the Oklahoma Employment Security Commission. No applicant shall\n\nbe approved without certification of good standing with the Tax\n\nCommission and Oklahoma Employment Security Commission. Rejected\n\napplications may be resubmitted after reasons for rejection have\n\nbeen addressed.","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":"2093868787d80f12f3f080998c77f4125579528796708730a12275db536c093f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-90.3","next":"us-ok/okla.-stat.-tit.-62-62-90.6"},"notice":"GroundRules: Original legal text. Not legal advice."}