Bill > SB791

This bill proposes new restrictions on banks, credit unions, and financial institutions in Oklahoma regarding how they handle requests for customer financial information from federal agents. Specifically, the legislation prohibits these financial institutions from providing details about financial accounts or transactions to federal agents without meeting certain conditions. If such a request is made, the institution must notify the account owner or manager within two business days, including details like the date, time, and identity of the requestor. The bill imposes significant penalties for non-compliance, with a first offense resulting in a $10,000 fine and a second offense potentially leading to the institution losing its license to operate in the state. However, the law includes an important exception for requests supported by a warrant, court order, or clearly documented probable cause. The bill is characterized as an emergency measure, meaning it would take effect immediately upon passage, with the stated intent of preserving public peace, health, or safety. The legislation appears to be aimed at providing additional privacy protections for individuals, businesses, and trusts against potentially unauthorized federal information requests.

Business and Industry

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb791&Session=2600