Okla. Stat. tit. 15, § 15-272
This is the official text of Okla. Stat. tit. 15, § 15-272, part of Oklahoma’s Stat. tit. 15, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 15,." Browse the sections below, each linked to its official government source.
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Banks to report interest rates - Cancellation of charter
Official statutory text
for violating usury laws - Procedure.
It shall be the duty of the officers of all state banks,
organized and doing business under and by virtue of the laws of the
state, to make a sworn quarterly report to the Bank Commissioner,
setting forth the rate of interest charged, retained, reserved or
collected upon the loans made in excess of the legal or contract
rate of interest during the quarter for which said report is made,
and such other detailed information as the Bank Commissioner may
require concerning rates of interest charged, and all such reports
as show the rates of interest exceeding ten percent (10%) per annum
have been charged, shall be published in the annual report of the
Bank Commissioner. Provided, that when the report of any bank shall
disclose that such bank is willfully loaning money in violation of
the interest laws of the state, it shall be his duty to immediately
report such violation to the Governor, who may direct the Bank
Commissioner to bring suit, through the Attorney General, in a court
of competent jurisdiction in the county where the bank is located,
to cancel the charter of such bank and the judgment of the court on
the trial of said issue shall find the defendant bank guilty or not
guilty, and if the judgment is guilty it shall further provide for
the cancellation of the charter of said bank and the liquidation of
the assets of said bank as the law now provides in cases of
insolvent banks, from which judgment either party shall have the
right of appeal to the Supreme Court, as in civil cases. Upon such
appeal being filed, the Supreme Court shall hear and determine same
as an advanced case.
It shall be the duty of the officers of all state banks,
organized and doing business under and by virtue of the laws of the
state, to make a sworn quarterly report to the Bank Commissioner,
setting forth the rate of interest charged, retained, reserved or
collected upon the loans made in excess of the legal or contract
rate of interest during the quarter for which said report is made,
and such other detailed information as the Bank Commissioner may
require concerning rates of interest charged, and all such reports
as show the rates of interest exceeding ten percent (10%) per annum
have been charged, shall be published in the annual report of the
Bank Commissioner. Provided, that when the report of any bank shall
disclose that such bank is willfully loaning money in violation of
the interest laws of the state, it shall be his duty to immediately
report such violation to the Governor, who may direct the Bank
Commissioner to bring suit, through the Attorney General, in a court
of competent jurisdiction in the county where the bank is located,
to cancel the charter of such bank and the judgment of the court on
the trial of said issue shall find the defendant bank guilty or not
guilty, and if the judgment is guilty it shall further provide for
the cancellation of the charter of said bank and the liquidation of
the assets of said bank as the law now provides in cases of
insolvent banks, from which judgment either party shall have the
right of appeal to the Supreme Court, as in civil cases. Upon such
appeal being filed, the Supreme Court shall hear and determine same
as an advanced case.
Status: reserved · Read it on the official government site
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