Requirements for carrying on banking business.

A. No international banking corporation may transact a banking business, or maintain in this state any office for carrying on such business, or any part thereof, unless such corporation has:

1. Been authorized by its charter to carry on such business and has complied with the laws of the country under which it is chartered;

2. Furnished to the Board such proof as to the nature and character of its business and as to its financial condition as the Board may require;

3. Filed with the Board a certified copy of that information required to be supplied to the Secretary of State by those provisions of the Oklahoma General Corporation Act which are applicable to foreign corporations;

4. Paid to the Board a nonrefundable application fee in an amount set by the Board; and

5. Received a license duly issued to it by the Commissioner.

B. The Commissioner may not issue a license to an international banking corporation unless:

1. It is chartered in a jurisdiction in which any bank having its principal place of business in this state may establish similar facilities or exercise similar powers; or

2. Under the Federal International Banking Act of 1978, the Comptroller of the Currency of the United States could issue a license to the corporation to operate a federal agency without considering whether the international banking corporation is chartered in a jurisdiction in which any bank having its principal place of business in this state may establish similar facilities or exercise similar powers.

Added by Laws 1992, c. 295, § 14, eff. July 1, 1992.