Okla. Stat. tit. 6, § 6-1724
This is the official text of Okla. Stat. tit. 6, § 6-1724, part of Oklahoma’s Stat. tit. 6, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 6,." Browse the sections below, each linked to its official government source.
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Enforcement actions
Official statutory text
Consistent with the Administrative Procedures Act, after notice
and opportunity for a hearing:
1. The Commissioner may determine:
a. that an office maintained by an out-of-state trust
institution in this state is being operated in
violation of any provision of the laws of this state
or in an unsafe and unsound manner, or
b. that a company is engaged in an unauthorized trust
activity.
In either event, the Commissioner shall have the authority to take
all such enforcement actions as the Commissioner would be empowered
to take if the office or the company were a state trust company
including, but not limited to, issuing an order temporarily or
permanently prohibiting the company from engaging in a trust
business in this state;
2. The Commissioner may determine by order that an out-of-state
trust institution engaging in or proposing to engage in a trust
business in this state does not meet the requirements for
establishing a representative trust office in this state pursuant to
Section 22 of this act, which order shall be effective on the date
of issuance or such other date as the Commissioner shall determine;
and
3. In cases involving extraordinary circumstances requiring
immediate action, the Commissioner may take any action permitted by
paragraph 1 or 2 of this section without notice or opportunity for
hearing, but shall promptly afford a subsequent hearing upon an
application to rescind the action taken. The Commissioner shall
promptly give notice to the home state regulator of each enforcement
action taken against an out-of-state trust institution and, to the
extent practicable, shall consult and cooperate with the home state
regulator in pursuing and resolving said enforcement action.
and opportunity for a hearing:
1. The Commissioner may determine:
a. that an office maintained by an out-of-state trust
institution in this state is being operated in
violation of any provision of the laws of this state
or in an unsafe and unsound manner, or
b. that a company is engaged in an unauthorized trust
activity.
In either event, the Commissioner shall have the authority to take
all such enforcement actions as the Commissioner would be empowered
to take if the office or the company were a state trust company
including, but not limited to, issuing an order temporarily or
permanently prohibiting the company from engaging in a trust
business in this state;
2. The Commissioner may determine by order that an out-of-state
trust institution engaging in or proposing to engage in a trust
business in this state does not meet the requirements for
establishing a representative trust office in this state pursuant to
Section 22 of this act, which order shall be effective on the date
of issuance or such other date as the Commissioner shall determine;
and
3. In cases involving extraordinary circumstances requiring
immediate action, the Commissioner may take any action permitted by
paragraph 1 or 2 of this section without notice or opportunity for
hearing, but shall promptly afford a subsequent hearing upon an
application to rescind the action taken. The Commissioner shall
promptly give notice to the home state regulator of each enforcement
action taken against an out-of-state trust institution and, to the
extent practicable, shall consult and cooperate with the home state
regulator in pursuing and resolving said enforcement action.
Status: in_force · Read it on the official government site
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