Bill > SB785

This bill updates and modernizes the Oklahoma Banking Code by revising Section 102, which provides definitions for terms used in the banking industry. The bill introduces several new definitions and updates existing ones, including adding a definition for "central bank digital currency" as a digital currency issued by federal or foreign entities, and clarifying terms like "currency" and "funds" to specifically exclude central bank digital currencies. The bill also makes numerous technical corrections, such as standardizing capitalization (e.g., changing "chairman" to "chair") and updating references to various banking-related entities and regulatory bodies. Other notable updates include expanding definitions for terms like "executive officer," "officer," and "local media," and adding more precise language around concepts like "good faith," "insolvent," and "confusingly similar name." These changes aim to provide more clarity and precision in the legal language governing banking operations in Oklahoma, reflecting evolving financial technologies and practices. The bill will become effective on November 1, 2025, giving banks and financial institutions time to adapt to the updated definitions and terminology.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=sb785&Session=2600