Okla. Stat. tit. 62, § 62-88.6
This is the official text of Okla. Stat. tit. 62, § 62-88.6, part of Oklahoma’s Stat. tit. 62, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 62,." Browse the sections below, each linked to its official government source.
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Funding of approved loans
Official statutory text
A. Applications approved by the Board shall be subject to
available funds, and if a loan or loan package is not funded for
Oklahoma Statutes - Title 62. Public Finance Page 307
such reason, it will be funded in the chronological order of its
approval.
B. The State Treasurer shall reject any small business linked
deposit loan package if the participant requesting such loan is not
in good standing with the Oklahoma Tax Commission and the Oklahoma
Employment Security Commission. Notwithstanding any provision of
law to the contrary, said agencies shall provide the State Treasurer
with such information as to the standing of each participant loan
applicant within ten (10) days of the request for the information.
C. Upon acceptance of the small business linked deposit loan
package or any portion thereof, the State Treasurer shall notify the
Board, the lending institution and the borrower. Upon acceptance
the State Treasurer may place certificates of deposit with the
eligible lending institution at up to three percent (3%) below the
comparable Treasury Bill rate, as determined and calculated by the
State Treasurer. When necessary, the State Treasurer may place
certificates of deposit prior to acceptance of a small business
linked deposit loan package.
D. Upon the placement of a small business linked deposit with
an eligible lending institution, the institution shall fund the loan
to each approved eligible participant listed in the small business
linked deposit loan package in accordance with the small business
linked deposit agreement between the institution and the State
Treasurer. The percentage rate of the loan shall be reduced by at
least the same number of percentage points that the certificate of
deposit was reduced upon placement. A certification of compliance
with this subsection in the form and manner as prescribed by the
State Treasurer shall be required of the eligible lending
institution. Deposits placed by the State Treasurer shall be
secured by collateralization as determined by and in accordance with
the State Treasurer's policy for securing state deposits. The
objective of said policy shall be to adequately secure the
collateralization of deposits without requiring unnecessary over-
collateralization by the institution.
available funds, and if a loan or loan package is not funded for
Oklahoma Statutes - Title 62. Public Finance Page 307
such reason, it will be funded in the chronological order of its
approval.
B. The State Treasurer shall reject any small business linked
deposit loan package if the participant requesting such loan is not
in good standing with the Oklahoma Tax Commission and the Oklahoma
Employment Security Commission. Notwithstanding any provision of
law to the contrary, said agencies shall provide the State Treasurer
with such information as to the standing of each participant loan
applicant within ten (10) days of the request for the information.
C. Upon acceptance of the small business linked deposit loan
package or any portion thereof, the State Treasurer shall notify the
Board, the lending institution and the borrower. Upon acceptance
the State Treasurer may place certificates of deposit with the
eligible lending institution at up to three percent (3%) below the
comparable Treasury Bill rate, as determined and calculated by the
State Treasurer. When necessary, the State Treasurer may place
certificates of deposit prior to acceptance of a small business
linked deposit loan package.
D. Upon the placement of a small business linked deposit with
an eligible lending institution, the institution shall fund the loan
to each approved eligible participant listed in the small business
linked deposit loan package in accordance with the small business
linked deposit agreement between the institution and the State
Treasurer. The percentage rate of the loan shall be reduced by at
least the same number of percentage points that the certificate of
deposit was reduced upon placement. A certification of compliance
with this subsection in the form and manner as prescribed by the
State Treasurer shall be required of the eligible lending
institution. Deposits placed by the State Treasurer shall be
secured by collateralization as determined by and in accordance with
the State Treasurer's policy for securing state deposits. The
objective of said policy shall be to adequately secure the
collateralization of deposits without requiring unnecessary over-
collateralization by the institution.
Status: in_force · Read it on the official government site
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