Oklahoma Administrative Code Title 625 - Oklahoma Savings and Loan Board
Oklahoma Administrative Code Title 625 – Oklahoma Savings and Loan Board
Title 625 of the Oklahoma Administrative Code originally governed the operations and regulations of the Oklahoma Savings and Loan Board. However, as of July 1, 1993, the Oklahoma Savings and Loan Board was abolished, and its powers, duties, and responsibilities were transferred to the State Banking Commissioner. This transition was mandated by Senate Bill 31 (1993), which stipulated that the rules promulgated by the Oklahoma Savings and Loan Board would continue in effect until amended or repealed by the State Banking Commissioner.
Subsequently, the rules from Title 625 were editorially renumbered and moved to Chapter 25 of the Oklahoma Administrative Code Title 85, which pertains to the State Banking Department. This reorganization aimed to consolidate banking regulations under the State Banking Commissioner.
Key Provisions Under Title 625 (Now Codified in Title 85, Chapter 25)
Charters, Branches, Agencies, Loan Production Offices, and Service Corporations: Savings and loan associations were required to obtain approval from the State Banking Commissioner before establishing new branches or service offices. This ensured that expansions were in line with regulatory standards and did not compromise the financial stability of the institutions.
Departmental Requirements for Reports, Requests, and Applications: Associations had to submit regular reports detailing their financial status, operations, and compliance with regulatory requirements. This facilitated oversight and allowed for timely interventions if necessary.
Substantive Guidelines and Restrictions: Specific guidelines were established to govern the operations of savings and loan associations, including lending practices, investment strategies, and capital requirements. These restrictions aimed to maintain the solvency and integrity of the institutions.
Mergers and Conversions: The rules outlined the procedures for mergers between savings and loan associations or conversions into other types of financial institutions. These processes required approval from the State Banking Commissioner to ensure that they were conducted fairly and did not adversely affect stakeholders.
Legal Authority and Rulemaking
The authority for the regulations under Title 625 stemmed from Oklahoma Statutes, specifically Title 18, Section 381.5, which authorized the Oklahoma Savings and Loan Board to promulgate rules governing the operations of savings and loan associations. Following the board's dissolution, the State Banking Commissioner inherited this authority and continued to enforce the existing rules until they were amended or repealed.
Case Law and Legal Precedents
While specific case law directly interpreting Title 625 is limited, the regulations were subject to judicial review under the Oklahoma Administrative Procedures Act (APA), Title 75, Section 250.3 et seq. of the Oklahoma Statutes. This means that decisions made by the Oklahoma Savings and Loan Board or the State Banking Commissioner could be contested in court if they were believed to be unlawful or unjust.
Current Status
As of the latest available information, the rules that were once codified under Title 625 have been incorporated into Title 85, Chapter 25 of the Oklahoma Administrative Code. This chapter continues to govern the operations of savings and loan associations in Oklahoma, with the State Banking Commissioner serving as the primary regulatory authority.
Summary
Oklahoma Administrative Code Title 625 provided the regulatory framework for the operations of the Oklahoma Savings and Loan Board. Following the board's dissolution in 1993, its functions were transferred to the State Banking Commissioner, and the associated rules were moved to Title 85, Chapter 25. These regulations continue to oversee the activities of savings and loan associations in Oklahoma, ensuring their sound operation and compliance with state laws.
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