Oklahoma Administrative Code
Title 85 - State Banking Department
Chapter 10 - Supervision, Regulation, and Administration of Banks, Trust Companies, and the Oklahoma Banking Code
Subchapter 9 - New Banks, Branches, and Other Facilities
Section 85:10-9-7 - Loan production office/Deposit origination office
Current through Vol. 42, No. 1, September 16, 2024
For purposes of Section 424 of the Code, "main office" or "branch office" in connection with the loan decision and loan funding, shall be defined to include "back office facility" operations. "Back office facility" is defined as a bank facility that is neither accessible to nor visited by the public. The following activities can be conducted at a back office facility:
(1) Loan origination: Credit information may be assembled and loan applications can be solicited or processed.
(2) Loan approval: Loans that originate at a loan production office or other bank facility may be approved at a back office facility.
(3) Receipt of loan funds: Since back office facilities only refer to bank facilities that are neither accessible to nor visited by the public, there can be no situation in which a customer receives loan funds at the back office facility. A back office facility may credit loan funds (through ACH, wire transfer, or other electronic method) to a deposit account of the borrower at the bank without any in-person contact between the back office facility and the borrower.
Added at 15 Ok Reg 2952, eff 7-15-98; Amended at 25 Ok Reg 1064, eff 5-25-08
