1601. Definitions As used in the International Bank Act: [Back]

1. "Board" when used with an initial capital letter means the Banking Board of this state;

2. "Foreign country" means a country or sovereign government other than the United States and includes any colony, dependency, state or possession of such country or sovereign government other than the United States;

3. "International administrative office" means an office of an international banking corporation, which office exists for the purposes described in Section 17 of this act;

4. "International bank agency" means the international banking corporation with respect to all business or activities conducted in this state or through an office located in this state;

5. "International banking corporation" means a banking corporation organized and licensed under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands or, if organized and licensed under the laws of the United States of America, a banking corporation:

a. which is not a bank or bank holding company as defined in the federal Bank Holding Company Act, as amended, Sections 1841 through 1850 of Title 12 of the United States Code, and

b. which maintained, on July 1, 1981, as its only United States banking office, one state agency licensed by a state other than this state. The term "international banking corporation" includes, without limitation, a foreign commercial bank, foreign merchant bank or other foreign institution that is chartered by or that engages in banking activities usually in connection with the business of banking within the country or pursuant to the laws of the country where such foreign institution is organized or operating;

6. "Representative office" means a business location of a representative of an international banking corporation established for the purpose of acting in a liaison capacity with existing and potential customers of such international banking corporation and to generate new loans and other activities for such international banking corporation which is operating outside the state.

1602. Applicability of state banking laws. [Back]

A. International bank agencies shall be subject to all the provisions of the Oklahoma Banking Code, the rules of the Oklahoma Banking Board, and the Oklahoma General Corporation Act as though such international bank agencies were state banks, except where it may appear, from the context, by rule duly promulgated by the Oklahoma Banking Board, by interpretation of the Commissioner, or otherwise, that such provisions are clearly applicable only to banks or trust companies organized under the laws of this state or the United States. Without limiting the foregoing general provisions, it is the intent of the Legislature that the Oklahoma Banking Board promulgate rules to be applicable to such banks or agencies. International bank agencies shall not have the powers, rights or privileges conferred on domestic banks by the provisions of Section 501.1 of Title 6 of the Oklahoma Statutes, relating to branches and facilities; Section 415 of Title 6 of the Oklahoma Statutes, relating to outside attached or detached facilities; and Section 71 of Title 62 of the Oklahoma Statutes, relating to depositories for public funds.

B. International bank agencies, with regard to assets located within this state, shall be subject specifically to the liquidation and receivership provisions of the Oklahoma Banking Code.

C. An international bank agency shall have no greater right under, or by virtue of, this section than is granted to banks organized under the laws of this state. Legal and financial terms used herein shall be deemed to refer to equivalent terms used by the country in which the international banking corporation is organized. However, all contracts or agreements which are negotiated in this state with Oklahoma residents shall be construed under Oklahoma law.

D. Nothing contained in the International Bank Act shall be construed as granting any authority, directly or indirectly, for any bank or bank holding company, the operations of which are conducted principally outside this state, to operate a branch in this state or to acquire, directly or indirectly, any voting shares of, any interest in, or all or substantially all of the assets of any bank in this state.

1603. Applicability of Oklahoma General Corporation Act [Back]

Notwithstanding the definition of the term foreign corporation in Section 1130 of Title 18 of the Oklahoma Statutes, all of the provisions of the Oklahoma General Corporation Act not in conflict with the Oklahoma Banking Code which relate to the foreign corporations shall apply to all international bank agencies and representative offices doing business in this state.

1604. Requirements for carrying on banking business. [Back]

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.

1605. Application for license; approval or disapproval. [Back]

A. Every international banking corporation, before being licensed by the Commissioner to act in a liaison capacity or to transact a banking business in this state, or before maintaining in this state any office to carry on such business or any part thereof, shall subscribe and acknowledge, and submit to the Board a separate application which shall state:

1. The name of such international banking corporation;

2. The location by street and post office address and county where its business is to be transacted in this state and the name of the person who shall be in charge of the business and affairs of such agency or representative office;

3. The location where its initial registered office will be located in this state;

4. The amount of its capital actually paid in and the amount subscribed for and unpaid; and

5. The total amount of the capital accounts of such international banking corporation, which must be at least Twenty-five Million Dollars ($25,000,000.00) for the establishment of an international bank agency and Ten Million Dollars ($10,000,000.00) for the establishment of a representative office; and a complete and detailed statement of its financial condition as of a date within one hundred eighty (180) days prior to the date of such application, except that the Board in its discretion may, when necessary or expedient, accept such statement of financial condition as of a date the Board determines to be acceptable. The Board in its discretion may, when necessary or expedient, require an opinion audit or the equivalent.

B. The Board may disallow any illegally obtained currency, monetary instruments, funds, or other financial resources from the capitalization requirements of this section.

C. Notwithstanding the provisions of paragraph 5 of subsection A of this section, the Board may approve such application if:

1. The international corporation has been in the business of banking for at least ten (10) years and has been empowered under the laws of the country in which it is organized and licensed to receive deposits without restriction from the general public and to engage in such other activities as are usual in connection with the business of banking in the country where such foreign institution is organized and licensed;

2. The international banking corporation is ranked by the banking or supervisory authority of the country in which it is organized and licensed as one of the five largest banks in that country in terms of domestic deposits, as of the date of the statement of its financial condition as required by paragraph 5 of subsection A of this section; and

3. The Board received a certificate issued by the banking or supervisory authority of the country in which the international banking corporation is organized and licensed stating that the international banking corporation is duly organized and licensed and lawfully existing in good standing, and is empowered to conduct a general banking business.

Provided, the Board may specify such other conditions as it may deem appropriate, considering the public interest, the need to maintain a sound and competitive banking system, and the preservation of an environment conducive to the conduct of an international banking business in the state.

D. At the time such application is submitted to the Board, such corporation shall also submit a duly authenticated copy of its articles and an authenticated copy of its bylaws, or an equivalent thereof satisfactory to the Board. Such corporation shall also submit a certificate issued by the banking or supervisory authority of the country in which the international banking corporation is organized and licensed stating that the international banking corporation is duly organized and licensed and lawfully existing in good standing and has not been convicted of, or pleaded guilty or nolo contendere to, a violation of any currency transaction reporting or money laundering law which may exist in the country.

E. Application shall be made on a form prescribed by the Board and shall contain such information as the Board may require.

F. The Board may, in its discretion, approve or disapprove the application, but shall not approve such application unless, in its opinion, the applicant meets each and every requirement of the International Bank Act and of all other applicable provisions of the Oklahoma Banking Code. In the processing of applications, the time limitations under the Administrative Procedures Act shall not apply as to approval or disapproval of the application.

1606. Licenses; permissible activities [Back]

A. An international banking corporation licensed to operate an international bank agency, representative office, or administrative office may engage in the business authorized by the International Bank Act at the office specified in such license for such period as is provided in subsection B or subsection C of this section. No international bank agency, representative office, or administrative office may have more than one place of doing business; provided, nothing in this section or elsewhere in the Oklahoma Statutes shall be construed to prevent an international banking corporation from operating more than one international bank agency or representative office, each at a different place of business, provided each such agency or representative office is separately licensed. No license to operate an international bank agency, representative office, or administrative office is transferable or assignable. Every such license shall be, at all times, conspicuously displayed in the place of business specified therein.

B. Except as provided in subsection C of this section, a license to operate an international bank agency, representative office, or administrative office shall be valid for a period of one (1) year, unless such license is suspended or revoked. Such license may be renewed annually upon application to the Board, upon forms available for that purpose, within thirty (30) days prior to the expiration of the license. Such license may be renewed by the Board, in its discretion, upon its determination, with or without examination, that the international banking corporation is in a safe and sound condition and has complied with all requirements of law with respect to the international bank agency, representative office, or administrative office; that such renewal of the license will not be detrimental to the public interest; and that the renewal has been duly authorized by proper corporate action. Each application for renewal of an international bank agency license shall be accompanied by an annual renewal fee in an amount set by rule of the Board.

C. Notwithstanding the provisions of subsection B of this section, the Board may, in its discretion, issue a license for an indefinite period if it finds that the international banking corporation has satisfied the requirements for renewal of its license and has held a license for the previous three (3) years. A license issued for an indefinite period shall be valid without renewal unless suspended or revoked. An international banking corporation that is granted a license for an indefinite period shall file with the Board such annual financial statements as the Board may require and shall pay an annual fee equal in an amount to be set by rule of the Board. Such annual fee shall be paid in January of each year.

D. An international banking corporation which proposes to terminate the operations of its international bank agency, representative office, or administrative office shall comply with such procedures as the Board may prescribe by rule to ensure an orderly cessation of business in a manner which is not harmful to the public interest and shall surrender its license to the Board.

E. An international banking agency, representative office, or administrative office license may be suspended or revoked by the Board, with or without examination, upon a determination that the international banking corporation does not meet all requirements for original licensing or any of the criteria established by subsection B of this section for renewal of a license.

F. In the event any such license shall be suspended or revoked by the Board, or the renewal thereof shall be refused by the Board, all rights and privileges of the international banking corporation to transact the business thus licensed shall forthwith cease, and such license shall be surrendered to the Board within twenty-four (24) hours after the Board has mailed or personally delivered written notice of such decision. The notice may be personally delivered to any officer, director, employee, or agent of the corporation who is physically present in this state.

G. An international banking corporation licensed under the terms of the International Bank Act is authorized to transact only such limited business in this state as is clearly related to, and is usual in, international or foreign business and financing international commerce. No such international banking corporation may exercise fiduciary powers. An international banking corporation may furnish such investment advisory services as it may be authorized to render under rules adopted by the Board with respect to nonresident entities or persons whose principal places of business or domicile are outside the United States. No such international banking corporation may receive deposits in this state except:

1. Deposits from nonresident entities or persons whose principal places of business or domicile are outside the United States;

2. Interbank deposits, interbank borrowing, or similar obligations; and

3. International banking facility deposits as defined by rule of the Board.

An international banking corporation may maintain in this state, for the account of others, credit balances necessarily incidental to, or arising out of, the exercise of its lawful powers. Such credit balances may be disbursed by check or other draft; however, the Board shall by rule provide appropriate limitations upon such disbursement to ensure that credit balances are not functionally equivalent to demand deposits.

H. Notwithstanding any provision of the International Bank Act or the Oklahoma Banking Code to the contrary, an international banking corporation licensed under the International Bank Act as an international bank agency may, if authorized by rules of the Board, make any loan or investment or exercise any power which it could make or exercise if it were operating in this state as a federal agency under the federal International Banking Act of 1978. The Board shall, when promulgating such rules, consider the public interest and convenience and the need to maintain a sound and competitive state banking system. Unless otherwise provided by statute, an international bank agency may not exercise any powers that a federal agency is not authorized to exercise.

I. Notwithstanding the provisions of subsections G and H of this section, any banking corporation organized and existing under the laws of any other state and licensed pursuant to the provisions of this chapter shall engage only in those activities permissible for an Edge Act corporation organized under Section 25(a) of the Federal Reserve Act, as amended, 12 U.S.C., Sections 611 through 632.

J. It is the intent of the International Bank Act that an international bank agency may not be a "state branch" or a "federal branch", as those terms are defined in the federal International Banking Act of 1978, and neither a foreign bank as defined in such federal act nor an international banking corporation may establish or operate any such branch in this state.

1607. International administrative offices. [Back]

A. Any international banking corporation having capital accounts in excess of Twenty-five Million Dollars ($25,000,000.00) may establish one office in this state for the purposes of:

1. Administering its personnel and operations outside the United States;

2. Engaging in data processing and record keeping with respect to its international transactions; and

3. Negotiating, approving, or servicing international loans or extensions of credit.

B. An office established pursuant to the provisions of this section may not engage in any activity except those activities set forth in subsection A of this section.

C. An office established in accordance with the provisions of this section does not require a certificate of authority to do business pursuant to Sections 301 through 313 of Title 6 of the Oklahoma Statutes, nor shall it be deemed a branch pursuant to Section 501.1 of Title 6 of the Oklahoma Statutes.

D. An international banking corporation establishing an office in accordance with the provisions of this section is subject to the provisions of subsection A of Section 14 of this act and subsections A through D of Section 16 of this act, except that the nonrefundable application fee to be set by rule of the Board shall be no less than Two Thousand Five Hundred Dollars ($2,500.00) and the annual renewal fee shall be no less than Two Hundred Fifty Dollars ($250.00).

E. The Board shall conduct regular examinations of any office established in accordance with the provisions of this section. Such examinations shall be conducted primarily for the purpose of determining compliance with the provisions of this section and the Board's rules concerning any international banking corporation having an international administrative office in this state.

1608. Asset Maintenance or Capital Equivalency. [Back]

A. Each international bank agency shall hold, in this state, assets which bear such relationships as the Board shall by rule prescribe to the aggregate liabilities of the international bank agency payable in this state or resulting from the operations of the international bank agency. The amount of such assets shall be equal to not less than one hundred five percent (105%) of the amount of such liabilities. However, the Board by rule may reduce the required amount of assets to not less than one hundred percent (100%) of the amount of such liabilities. When promulgating any such rule, the Board shall take into account the objective of maintaining a sound banking system in this state. The assets shall be maintained as cash on hand; as cash on demand deposit with other banks, including the total amount of any reserves deposited with other banks, including the total amount of any reserves deposited at a federal reserve bank; as cash items in process of collection; as earning assets such as federal funds sold, bonds, notes, debentures, drafts, bills of exchange, acceptances, loan participation certificates, or other evidences of indebtedness payable in the United States or in the United States funds or, with the prior approval of the Board, in funds freely convertible into United States funds; in such other form as the Board may specify by rule; or as any combination of the foregoing. The term "assets" as used in this subsection excludes accrued income and amounts due from other offices or branches of, and wholly owned (except for a nominal number of directors' shares) subsidiaries of, the international banking corporation in question. The term "liabilities" as used in this subsection excludes accrued expenses and amounts due and other liabilities to branches, offices, agencies, and wholly owned (except for a nominal number of directors' shares) subsidiaries of the international banking corporation in question, and such other liabilities as the Board may specify by rule. In lieu of holding such assets, the Board my by rule permit an international bank agency to:

1. Maintain on deposit with a bank in this state, in such amounts as the Board specifies, dollar deposits or investment securities of the type that may be held by a state bank for its own account pursuant to Section 806 of Title 6 of the Oklahoma Statutes. The aggregate amount of dollar deposits and investment securities for an international bank agency shall, at a minimum, equal the greater of:

a. One Million Five Hundred Thousand Dollars ($1,500,000.00), or

b. Five percent (5%) of the total liabilities of the international bank agency, excluding expenses and amounts due and other liabilities to branches, offices, agencies, and wholly owned (except for a nominal number of directors' shares) subsidiaries of the international banking corporation of which the agency is part. The Board shall prescribe by rule the deposit, safekeeping, pledge, withdrawal, recordkeeping, and other arrangements for funds and securities maintained under the provisions of this paragraph. The deposits and securities used to satisfy the capital equivalency requirements of this paragraph shall be held, to the extent feasible, in a state or national bank located in this state or in a federal reserve bank; or

2. Maintain other appropriate reserves, taking into consideration the nature of the business being conducted by the Oklahoma international bank agencies of the international banking corporation.

The securities or reserves required by the provisions of this section shall be held, to the extent feasible, in a state or national bank located in this state.

B. For the purposes of this section, the Board shall value marketable securities at book value; shall have the right to determine the value of any nonmarketable bond, note, debenture, draft, bill of exchange, or other evidence of indebtedness or of any other obligation held by or owned to the international banking corporation in this state; and, in determining the amount of assets for the purpose of computing the above ratio of assets to liabilities, shall have the power to exclude any particular assets.

C. If by reason of the existence or the potential occurrence of unusual or extraordinary circumstances, the Board deems it necessary or desirable for the maintenance of a sound financial condition, the protection of creditors and the public interest, and the maintenance of public confidence in the business of the international bank agency of the international banking corporation, the Board may reduce the credit balances with unaffiliated banking institutions outside this state and may require such international banking corporation to deposit, in accordance with such rules as the Board shall from time to time promulgate, the assets required to be held in this state pursuant to this section with such bank or trust company existing under the laws of this state as such international banking corporation may designate and the Board may approve.

D. For the purposes of this section, international banking facility deposits and borrowings shall be excluded from the total liabilities and assets of an international banking corporation.

Except as otherwise provided by rule, international banking facility extensions of credit are eligible assets for the purposes of asset maintenance pursuant to subsection A of this section.

E. Each international bank agency shall file such reports with the Board as the Board shall by rule require to determine compliance with the provisions of this section.

1609. Certification of capital accounts. [Back]

Before opening an office in this state, and annually thereafter so long as a bank office is maintained in this state, an international banking corporation licensed pursuant to the International Bank Act shall certify to the Board the amount of its capital accounts, expressed in the currency of the country of its incorporation. The dollar equivalent of these amounts, as determined by the Board, shall be deemed to be the amount of its capital accounts.

1610. Lending limits. [Back]

A. The Board shall by rule prescribe the limits of drafts or bills of exchange which an international bank agency may accept relative to the capital accounts of the international banking corporation. These limits shall take into account all transactions which are included and excluded in computing the lending limit for acceptances of a federal agency licensed under the federal International Banking Act of 1978, as amended.

B. The provisions of Section 802 of Title 6 of the Oklahoma Statutes, except to the extent it is inconsistent with Section 15 of this act or the provisions of this section, shall apply to the loans and investments made by any international bank agencies of the international banking corporation. As used in such sections with respect to an international banking corporation and its international bank agencies, the term "capital accounts" shall be deemed to refer to the capital and surplus of the international banking corporation, and, except when used with reference to capital accounts, the term "bank" shall be deemed to refer to the international bank agencies of the international banking corporation which are licensed in this state.

C. Any limitation in this section based on the capital accounts of an international banking corporation shall be deemed to refer, with respect to an international bank agency in this state, to the dollar equivalent of the capital accounts of the international banking corporation, as determined by the Board. If the international banking corporation has more than one international bank agency in this state, the business transacted by all such agencies shall be aggregated in determining compliance with a limitation or restriction in this section.

D. With the prior written approval of the Commissioner, the capital notes and capital debentures of an international banking corporation may be treated as capital in computing the limitations referred to in this section.

1611. Reports and records. [Back]

A. Every international banking corporation doing business in this state shall, at such times and in such form as the Board shall prescribe, make written reports in the English language to the Board, under the oath of one of its officers, managers, or agents transacting business in this state, showing the amount of its assets and liabilities and containing such other matters as the Board shall prescribe. If any such international banking corporation shall fail to make any such report, as directed by the Board, or if any such report shall contain any false statement knowingly made, the same shall be grounds for revocation of the license of the international banking corporation.

B. Each international banking corporation which operates an international bank agency licensed under the International Bank Act shall cause to be kept, at its place of business in this state, correct and complete books and records of account of its business operations transacted by such agency in the manner as required by law for state banks. Such agencies shall also keep current copies of the charter and bylaws of the international banking corporation, relative to the operations of the agency, and minutes of the proceedings of its directors or committees relative to the agency business. Such records shall be kept in the same manner as required by law for state banks and shall be made available to the Board, upon request, at any time during regular business hours of the agency. Any failure to keep such records as aforesaid or any refusal to produce such records upon request by the Board shall be grounds for suspension or revocation of any license issued under the International Bank Act.

1612. Conversion from a federal agency to a state chartered agency and the reverse. [Back]

A. An international banking corporation desiring to convert its existing federal agency or representative office into a state chartered agency or representative office shall submit to the Board an application, on a form the Board shall provide, accompanied by nonrefundable application fees as may be set by the Board. An examination and investigation may be conducted to the extent determined necessary by the Board. The cost of any such examination shall be paid by the applicant.

B. Nothing in the laws of this state shall restrict the right of a state chartered agency or representative office which has paid its fee to convert to a federal agency or representative office upon compliance with the laws of the United States. Upon completion of any such conversion, the state charter shall automatically terminate and shall be surrendered to the Board.

C. An international banking corporation desiring to convert its existing state chartered representative office to a state chartered agency or its existing state chartered agency to a state chartered representative office shall submit to the Board an application on a form the Board shall provide. An application to convert to an agency shall be accompanied by all of the information and documents that the state requires applicants for an agency to submit and by a nonrefundable application fee in an amount to be set by rule of the Board. A nonrefundable application fee in an amount to be set by rule of the Board shall accompany an application to convert to a representative office.

D. An international banking corporation desiring to convert from a federal agency or representative office into a state chartered agency or representative office, or from its existing state chartered representative office to an agency, shall be required to meet the minimum criteria of the particular type of state chartered institution into which it is converting as well as any other criteria or conditions required by rule or order of the Board.

1613. Dissolution. [Back]

A. In the event an international banking corporation which is licensed to maintain an international bank agency in this state is dissolved, or its authority or existence is otherwise terminated, canceled, or suspended in the jurisdiction of its incorporation, oral notice by telephone of such event shall be given to the Commissioner, deputy commissioner or Board legal counsel, within twelve (12) hours of such event.

B. A certificate of the official who is responsible for records of banking corporations of the jurisdiction of incorporation of such international banking corporation, attesting to the occurrence of any such event, or a certified copy of an order or decree of a court of such jurisdiction directing the dissolution of such international banking corporation, the termination of its existence, or the cancellation of its authority, shall be delivered within two (2) days by the corporation or its officers and directors last appearing in the records of the Board to the Board. The filing of the certificate, order, or decree shall have the same effect as the revocation of the license of such international banking corporation as provided in Section 16 of this act.

C. Refusal or neglect of any said officer or director to comply with this section shall render him liable for an administrative violation and subject to a fine of not more than One Thousand Dollars ($1,000.00) for each day of such refusal or neglect.

1614. Representative offices; limitations; licenses; fees. [Back]

No representative office shall conduct any banking business in this state. Each representative office shall be licensed by the Board, shall provide the Board with such information as the Board, by rule, deems necessary, and shall pay an initial nonrefundable application fee and an annual renewal fee, both of which shall be set by the Board.

1615. Rules; exemption from economic impact statement requirements. [Back]

In addition to any other rulemaking authority it has under the Oklahoma Banking Code, the. Board is authorized to promulgate reasonable rules which it deems advisable for the administration of international banking corporations under the International Bank Act in the interest of protecting depositors, creditors, borrowers, or the public interest and in the interest of maintaining a sound banking system in this state. Because of the difficulty in obtaining economic data with regard to such banks, no economic impact statement shall be required in connection with said rules.

1616. Foreign travel expenses. [Back]

A. Fees, assessments and reimbursements of actual expenses by the department and department representatives shall be set by rule of the Board which shall, in all cases, be no less than that for state banks.

B. If foreign travel is deemed necessary by the department to effectuate the purposes of the International Bank Act, representatives of the department shall be reimbursed for actual, reasonable, and necessary expenses incurred in such foreign travel.

1621. Task Force for the Study of State Banking Services. [Back]

A. There is hereby created the Task Force for the Study of State Banking Services.

B. The task force shall consist of thirteen (13) members as follows:

1. One member to be appointed by the Governor from a statewide membership organization representing realtors;

2. One member to be appointed by the Speaker of the Oklahoma House of Representatives from a statewide organization representing the insurance industry;

3. One member to be appointed by the President Pro Tempore of the Oklahoma State Senate from a statewide membership organization representing the banking industry;

4. Five members to be appointed by the Speaker of the Oklahoma House of Representatives who shall be legislators serving on the Banking and Finance Committee of the House of Representatives including the Chair and Vice Chair of the Banking and Finance Committee of the House of Representatives; and

5. Five members to be appointed by the President Pro Tempore of the Oklahoma State Senate who shall be legislators serving on the standing committee of the Oklahoma State Senate with primary jurisdiction concerning banking legislation including the chair and vice-chair of such standing committee.

C. The task force shall conduct an organizational meeting not later than ninety (90) days after the sine die adjournment of the 2nd Regular Session of the 50th Oklahoma Legislature.

D. The cochairs of the task force shall be the Chair of the Banking and Finance Committee of the House of Representatives and the chair of the standing committee of the Senate described in paragraph 5 of subsection B of this section. A simple majority of the members of the task force shall constitute a quorum for purposes of any action taken by the task force.

E. The task force shall be authorized to meet as often as required in order to perform the duties imposed upon the task force by law.

F. The task force shall conduct a study of the federal and state laws, including administrative rules or regulations, governing the authorized business activity of banks, whether the banks are members of the federal or state banking system. The task force shall specifically determine the extent to which any proposed changes in the powers of banks under the jurisdiction of the State Banking Commissioner would or would not have adverse economic effects upon other financial, real estate or insurance service providers in the State of Oklahoma. The task force may produce a final report containing a summary of its findings and recommendations with respect to such issues. The final report, if approved by the task force, shall be submitted to the Governor, the Speaker of the Oklahoma House of Representatives and the President Pro Tempore of the Oklahoma State Senate not later than December 31, 2006.

G. Travel reimbursement shall be the responsibility of the appointing authority. Legislators who are appointed to the task force shall be reimbursed for travel expenses pursuant to Section 456 of Title 74 of the Oklahoma Statutes.

H. Staff assistance for the task force shall be provided by the Oklahoma House of Representatives and the Oklahoma State Senate. To the extent practical, the State Banking Department, the State Insurance Department and other entities of state government having information that would be helpful to the task force shall provide such assistance and information to the task force as may be required.

I. The task force shall be subject to the provisions of the Oklahoma Open Meeting Act and the Oklahoma Open Records Act.

J. The task force shall cease to have any authority to take any official action after January 31, 2007, and shall be dissolved by operation of law on February 1, 2007.