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Bill > HB3020
OK HB3020
OK HB3020Financial institutions; protections for financial exploitation of protected adults; effective date.
summary
Introduced
02/02/2026
02/02/2026
In Committee
02/03/2026
02/03/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
An Act relating to financial institutions; defining terms; requiring employees of financial institutions to notify the financial institution of suspected financial exploitation of a protected adult; directing the financial institution to notify proper agency; permitting financial institution to notify trusted contact of suspected financial exploitation of a protected adult; authorizing temporary holds; requiring financial institution provide notice of temporary hold; providing timeline for temporary hold; exempting notice to trusted contact if contact is suspected for financial exploitation of the protected adult; providing immunity for financial institution and employees for compliance with section; requiring retention of certain records; permitting access to certain records upon certification by an agency that an investigation into financial exploitation of a protected adult is being undertaken by the agency; authorizing certain statement containing financial information during specific timeframe; requiring other requests comply with the Financial Privacy Act; amending 6 O.S. 2021, Section 2205, which relates to the Financial Privacy Act; expanding act to permit disclosure or release of information for investigations of financial exploitation of protected adults; providing for codification; and providing an effective date.
AI Summary
This bill establishes new protections for "protected adults" (individuals 62 or older, or incapacitated/vulnerable adults) from financial exploitation by requiring financial institutions to report suspected cases to designated agencies, such as the Department of Human Services or district attorneys. Financial institutions can also notify a "trusted contact" (a person designated by the customer for emergencies or suspected fraud) and are permitted to place a temporary hold on transactions for up to ten business days, or longer under specific circumstances, to investigate potential exploitation. The bill provides immunity to financial institutions and their employees for good-faith actions taken to comply with these provisions, and it amends the Financial Privacy Act to allow financial institutions to disclose financial records to agencies investigating financial exploitation of protected adults.
Committee Categories
Business and Industry, Government Affairs
Sponsors (2)
Last Action
Policy recommendation to the Government Oversight committee; Do Pass Banking, Financial Services and Pensions (on 02/11/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=hb3020&Session=2600 |
| Fiscal Note/Analysis - House: Introduced | https://www.oklegislature.gov/cf_pdf/2025-26%20SUPPORT%20DOCUMENTS/BILLSUM/House/HB3020%20INT%20BILLSUM.PDF |
| BillText | https://www.oklegislature.gov/cf_pdf/2025-26%20INT/hB/HB3020%20INT.PDF |
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