SECTION 85:25-1-16. Petition for promulgation, amendment or repeal of a rule

(a)   Every petition by an interested person or persons requesting the Board to promulgate, amend or repeal a Board Rule shall state in clear language the proposed rule, amendment or repeal desired, and the reasons for such proposal.

(b)   All such requests from insured associations shall be accompanied by an opinion of the association's counsel that the action requested is in conformity with the Oklahoma State Statutes, rules and regulations of the Savings and Loan Board, rules and regulations of the Federal Savings and Loan Insurance Corporation, and the rules and regulations of the Federal Home Loan Bank Board.

(c)   If the Board deems the petition to be meritorious, it will consider the request at its next meeting.

(d)   If the decision of the Board is in favor of the petition, it will, within a reasonable time thereafter, give statutory notice of the proposed rule, amendment or repeal, and will follow the procedure set forth in the Administrative Procedures Act for the adoption, amendment or repeal of a rule.

(e)   The Board will summarily reject any petition deemed to have no merit or to be trivial.

[Source: Transferred from 625:1-1-16 (see Editor’s Note at beginning of this Chapter)]