{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-91.7","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-91.7","heading":"Acceptance or rejection of loan package – Rural housing","body":"linked deposit agreements.\n\nA. The State Treasurer may accept or reject a rural housing\n\nlinked deposit loan package or any portion thereof, which has been\n\nrecommended for approval by the certifying agency based on the State\n\nTreasurer's evaluation of the eligible rural housing developer\n\nincluded in the package, and the amount of the package. If the\n\nState Treasurer rejects the application, the written notice of\n\nrejection shall include reasons for said rejection in a report to\n\nthe certifying agency. The Treasurer shall also forward a copy of\n\nthe rejection notice to the lending institution and the borrower.\n\nThe borrower may be allowed to bring the application into compliance\n\nwith the State Treasurer's requirements and resubmit the\n\napplication. If the State Treasurer rejects the application because\n\nsufficient funds are not available for a linked deposit, then the\n\ncompleted application may be considered in the order received when\n\nfunds are once again available subject to a review by the certifying\n\nagency and the lending institution. In evaluating the eligible\n\nrural housing developers, the State Treasurer shall consider the\n\nrecommendation of the certifying agency and the economic needs of\n\nthe area where the business is located.\n\nB. Upon acceptance of the rural housing linked deposit loan\n\npackage or any portion thereof, the State Treasurer shall notify the\n\ncertifying agency, the lending institution, and the borrower. Upon\n\nacceptance, the State Treasurer may place certificates of deposit\n\nwith the eligible lending institution at a rate no more than three\n\npercent (3%) below current market rates, or may invest in bonds,\n\nnotes, debentures, or other obligations or securities issued by the\n\nfederal farm credit bank with respect to the eligible lending\n\ninstitution at a rate no more than three percent (3%) below current\n\nmarket rates. When necessary, the State Treasurer may place\n\ncertificates of deposit or may invest in such obligations or\n\nsecurities prior to acceptance of a rural housing linked deposit\n\nloan package.\n\nC. The eligible lending institution shall enter into a rural\n\nhousing linked deposit agreement with the State Treasurer, which\n\nshall include requirements necessary to implement the purposes of\n\nthe Oklahoma Rural and Affordable Housing Linked Deposit Program.\n\nSuch requirements shall include an agreement by the eligible lending\n\ninstitution to lend an amount equal to the rural housing linked\n\ndeposit to eligible rural housing developers at an interest rate\n\nthat reflects a percentage-rate reduction below the present\n\nborrowing rate applicable to each specific rural housing developer\n\nin the accepted loan package that is equal to the percentage-rate\n\nreduction below market rates at which the certificates of deposit\n\nthat constitute the rural housing linked deposit were placed or at\n\nwhich the investments in bonds, notes, debentures or other\n\nobligations or securities that constitute the rural housing linked\n\ndeposit were made. Such requirements shall also reflect the market\n\nconditions prevailing in the eligible lending institution's lending\n\narea. The agreement shall also include a specification of the\n\nperiod of time in which the lending institution is to lend funds\n\nupon the placement of a linked deposit, and shall include provisions\n\nfor the certificates of deposit to be placed or the investment in\n\nbonds, notes, debentures, obligations, or securities to be made for\n\nany maturity considered appropriate by the State Treasurer not to\n\nexceed two (2) years and may be renewed once for up to an additional\n\nyear, at the option of the State Treasurer. Interest shall be paid\n\nat the times determined by the State Treasurer.","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":"8bcbc60748fc29a590f72f8fcce35626cb18d5e7c2339f92fe94485fb7bb789e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-91.6","next":"us-ok/okla.-stat.-tit.-62-62-91.8"},"notice":"GroundRules: Original legal text. Not legal advice."}