{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-91.6","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-91.6","heading":"Loan packages - Review of applications by lending","body":"institutions - Loan restrictions - Review of loan packages.\n\nA. The State Treasurer shall provide rural housing linked\n\ndeposit loan packages upon request to the lending institutions\n\neligible for participation in the Oklahoma Rural and Affordable\n\nHousing Linked Deposit Program.\n\nB. The rural housing linked deposit loan package shall be\n\ncompleted by the developer before being forwarded to the lending\n\ninstitution for consideration.\n\nC. 1. An eligible lending institution that desires to receive\n\na rural housing linked deposit shall accept and review applications\n\nfor loans from eligible rural housing developers. The lending\n\ninstitution shall apply all usual lending standards to determine the\n\ncreditworthiness of each eligible developer. No single linked\n\ndeposit for an Oklahoma rural housing linked deposit loan shall\n\nexceed Two Million Dollars ($2,000,000.00).\n\n2. Only one linked deposit loan shall be made and be\n\noutstanding at any one time to any developer. However, the linked\n\ndeposit loan may be renewed subject to the time limitations for\n\nparticipation set forth in subsection C of Section 91.7 of this\n\ntitle.\n\n3. No loan shall be made to any officer or director of the\n\nlending institution making the loan.\n\n4. No loan shall be made to any employee of the State\n\nTreasurer’s office or to any officer, director or employee of the\n\ncertifying agency, or to any entity in which such officer, director\n\nor employee maintains a controlling interest, or to an immediate\n\nfamily member of the employees, officers, or directors of the State\n\nTreasurer or the certifying agency.\n\n5. No loan shall be made prior to July 1, 2004, and no deposit\n\nof funds shall be made in connection with a rural housing linked\n\ndeposit loan prior to July 1, 2004.\n\nD. An eligible rural housing developer shall certify on its\n\nloan application that the reduced rate loan will be used exclusively\n\nfor the purposes outlined in Section 91.2 of this title.\n\nE. In considering which eligible rural housing developers to\n\ninclude in the rural housing linked deposit loan package for reduced\n\nrate loans, the eligible lending institution shall give priority to\n\nthe economic needs of the area in which the development to be\n\nfinanced is located and other factors the eligible lending\n\ninstitution considers appropriate to determine the relative\n\nfinancial need of the developer.\n\nF. 1. The eligible lending institution shall forward to the\n\ncertifying agency a rural housing linked deposit loan package, in\n\nthe form and manner prescribed and approved by the State Treasurer.\n\nThe package shall include information regarding the amount of the\n\nloan requested by each eligible developer and any other information\n\nregarding each development the State Treasurer requires. The\n\ninstitution shall, for each development, certify the present\n\nborrowing rate applicable to similar borrowers for similar projects,\n\nas well as the rate that would be charged to the applicant but for\n\nparticipation in the linked deposit program.\n\n2. The institution and applicant shall certify that each\n\napplicant is an eligible rural housing developer.\n\n3. Whoever knowingly makes a false statement concerning a\n\nlinked deposit loan application shall be prohibited from\n\nparticipating in the linked deposit loan program.\n\nG. The certifying agency shall examine the completed rural\n\nhousing linked deposit loan package for possible certification. The\n\ncertifying agency may charge an applicant a reasonable filing fee.\n\nA uniform fee may be established to cover its administrative costs\n\nof review. Any filing fee must be approved by the State Treasurer.\n\nThe certifying agency shall review the linked deposit loan package\n\nto determine if the package satisfies the requirements of this act\n\nand guidelines adopted pursuant to this act. The certifying agency\n\nshall make a recommendation concerning the package within thirty\niform fee may be established to cover its administrative costs\n\nof review. Any filing fee must be approved by the State Treasurer.\n\nThe certifying agency shall review the linked deposit loan package\n\nto determine if the package satisfies the requirements of this act\n\nand guidelines adopted pursuant to this act. The certifying agency\n\nshall make a recommendation concerning the package within thirty\n\n(30) business days. The certifying agency shall forward the package\n\nto the State Treasurer with a written recommendation of approval or\n\nrejection. If the certifying agency recommends rejection, the\n\nwritten recommendation shall include reasons for the rejection. The\n\ncertifying agency shall forward a copy of its rejection notice to\n\nthe lending institution and the borrower. The State Treasurer shall\n\nkeep a chronological list of applications forwarded by the\n\ncertifying agency for approval or rejection. Upon receipt of a\n\ncompleted rural housing linked deposit loan package, the State\n\nTreasurer may review or audit the information contained in the\n\ncompleted rural housing linked deposit loan package.","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":"7e5631bb9ddbe9cff5d403d9774744704e7bf05df7de1c56444605e12449cb7f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-91.5","next":"us-ok/okla.-stat.-tit.-62-62-91.7"},"notice":"GroundRules: Original legal text. Not legal advice."}