Bill > HB3521

Introduced Session

An Act relating to financial institutions; creating the Oklahoma Money Transmission Modernization Act; providing legislative intent; defining terms; exempting certain individuals from the Oklahoma Money Transmission Modernization Act; permitting the Commissioner of the Banking Department to require proof of exemption; empowering the Commissioner in order to carry out the purposes of the act; granting the Commissioner broad administrative authority to administer, interpret, and enforce act; authorizing Commissioner to promulgate rules; authorizing the Commissioner to recover costs by imposing and collecting fees and costs; exempting information obtained by the Commissioner from the Oklahoma Open Records Act; permitting disclosure of information under certain circumstances; permitting the Commissioner to disclose list of all licensees and aggregated financial or transactional data; listing information that can be disclosed; permitting the Commissioner to conduct investigations to administer and enforce the act; granting the Commissioner power to administer oaths, subpoena witnesses, compel attendance, take evidence, and require production of documents; authorizing the Commissioner to file an application with a district court to order a person to appear before the Commissioner; authorizing the Commissioner to conduct an examination or investigation of a licensee; listing permissible examination or investigation approaches; requiring a licensee or delegate provide all records to the Commissioner; requiring a licensee to pay all costs reasonably incurred during an examination; authorizing and encouraging Commissioner to participate in multistate supervisory processes; clarifying section does not constitute waiver of Commissioner's authority to conduct an examination or investigation; clarifying effect of federal law on act; prohibiting a person from engaging in the business of money transmission unless licensed; exempting certain persons from licensure; providing that a license is not transferable or assignable; empowering and encouraging the Commissioner to establish consistent licensing between the state; empowering and encouraging the Commissioner to establish relationships or contracts with the Nationwide Multistate Licensing System and Registry; authorizing the Commissioner to utilize the Nationwide Multistate Licensing System and Registry for all aspect of licensing; permitting the Commissioner to waive or modify requirements as necessary to participate in the Nationwide Multistate Licensing System and Registry; requiring applicants for license use form prescribed by the Commissioner; authorizing Commissioner to create form and change form as necessary; requiring the application to contain certain information; adding application requirements for corporations, limited liability companies, partnerships, or other legal entities; providing for a nonrefundable application fee of Four Thousand Dollars and a nonrefundable license fee of Three Thousand Dollars; permitting the Commissioner to waive one or more of the application requirements; requiring an individual in control of a licensee or applicant, an individual that seeks to acquire control of a licensee, or each key individual to furnish to the Commissioner certain information; requiring international individuals to provide certain information; providing process for granting or denying applications for licensure; clarifying meaning of determination by the Commissioner; authorizing the Commissioner to conduct on-site investigation of an applicant; requiring the application to pay reasonable cost of on-site investigation; permitting the Commissioner to issue license if certain conditions are met; requiring formal written notice of a denial of a license application and the specific reasons for the denial; authorizing applicant to appeal Commissioner's denial to the Oklahoma State Banking Board; permitting denial of an applicant if applicant was denied a license in the state in which the applicant is located or based on the findings of another state; requiring a license be renewed annually; providing for a Three Thousand Dollar renewal fee; providing procedure for renewal; permitting the Commissioner to extend a renewal date for good cause; permitting the Commissioner to suspend or revoke a license in accordance with this act; requiring prior written approval for any person to acquire control of a licensee; providing procedure for acquiring control of a licensee; providing for a nonrefundable fee of Four Thousand Dollars; authorizing the Commissioner to approve an acquisition of control if certain conditions are met; requiring formal notice of denial of an application to acquire control and to specify the reasons for denial; permitting applicant to appeal denial to the Oklahoma State Banking Board; exempting certain persons from requirements; requiring notification to the Commissioner of acquisition of control by exempted persons; exempting certain circumstances from application requirement; providing procedure for adding or replacing any key individual; requiring licensees to submit a report of condition; providing procedure and requirements for report; requiring yearly audited financial statement; setting requirements for audited financial statement; requiring report of authorized delegates; providing for contents of the report; requiring licensee file a report if certain events occur or the occurrence of a felony charge or conviction; requiring licensees to comply with federal and state reporting requirements; providing for the retention of records; permitting records be maintained in any form; requiring records be open to inspection by Commissioner; defining remit; providing procedure to be authorized to conduct business through an authorized delegate; requiring written contract; requiring licensee to notify authorized delegate of licensee's suspension, revocation, surrender, or expiration; providing effect of comingling funds by authorized delegate; prohibiting use of subdelegate; prohibiting a person from engaging in the business of money transmission on behalf of a person not incompliance with act; requiring licensees to forward money in accordance with an agreement unless licensee has a reasonable belief sender is victim of fraud or of a possible occurrence of a crime or violation of a law, rule, or regulation; exempting certain transmission of money from certain requirements; requiring licensee refund money upon written request except under certain circumstances; exempting certain transmission of money from requirements of section; defining receipt; requiring licensee or authorized delegate provide a receipt; listing requirements for receipt; requiring licensees that provide payroll processing services to provide certain information; requiring licensees to retain certain net worth; authorizing the Commissioner to exempt licensees for good cause from net worth requirement; requiring surety bond; requiring licensees to maintain permissible investments; authorizing the Commissioner to limit the extent to which certain specific investments may be considered permissible investments; authorizing statutory trust; exempting permissible investments impressed with a trust from attachment, levy, or sequestration except for a beneficiary; requiring Commissioner to notify other states of existence of statutory trust; authorizing Commissioner to allow other types of investments; providing for types of permissible investments; authorizing the Commissioner to suspend or revoke a license for certain reasons; permitting the Commissioner to consider certain information in determining whether a licensee is engaging in unsafe or unsound practice; permitting the Commissioner to issue an order suspending or revoking the designation of an authorized delegate if the Commissioner makes certain findings; permitting the Commissioner to consider certain information in determining whether an authorized delegate is engaging in unsafe or unsound practice; permitting the authorized delegate to apply for relief from suspension or revocation according to procedure prescribed by the Commissioner; authorizing the Commissioner to issue cease and desist orders; permitting licensee or authorized delegate to appeal an order to cease and desist; authorizing the Commissioner to enter into consent orders; providing procedure and requirements for consent orders; deeming consent orders are final order and may not be appealed; creating a Class D1 felony for any person who intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this act or that intentionally makes a false entry or omits a material entry in such a record; prescribing penalties; creating a Class D1 felony for any person who knowingly engages in an activity for which a license is required under this act without being licensed under this act; prescribing penalties; authorizing the Commissioner to assess fines for violation of the act in an amount not to exceed Five Thousand Dollars per violation; permitting the Commissioner to assess costs and expenses for investigation and prosecution; permitting the Commissioner to issue a cease and desist for violation of Section 12 of this act; authorizing the Commissioner to petition the District Court of Oklahoma County to issue a temporary restraining order; providing effect of cease and desist order; permitting licensee or authorized delegate to file an appeal with the Oklahoma State Banking Board; authorizing transition period for persons providing payroll processing services in this state; amending Section 2, Chapter 363, O.S.L. 2025 (6 O.S. Supp. 2025, Section 1520.1), which relates to digital asset kiosk operators; updating reference; amending Section 14, Chapter 366, O.S.L. 2024 (21 O.S. Supp. 2025, Section 20N), which relates to Class D1 offenses; adding crimes to list; amending 21 O.S. 2021, Section 1268.8, as amended by Section 129, Chapter 486, O.S.L. 2025 (21 O.S. Supp. 2025, Section 1268.8), which relates to the use of money transmission in violation of the Oklahoma Antiterrorism Act; updating references; amending 63 O.S. 2021, Sections 2-503.1b, 2-503.1d, as amended by Section 278, Chapter 486, O.S.L. 2025 (63 O.S. Supp. 2025, Section 2-503.1d), 2-503.1e, as amended by Section 279, Chapter 486, O.S.L. 2025 (63 O.S. Supp. 2025, Section 2-503.1e), 2-503.1h, 2-503.1i, 2-503.1j, and 2-503.1l, which relate to the enforcement and administration of the Uniform Dangerous Substances Act; updating references; repealing 6 O.S. 2021, Sections 1511, 1512, 1513, 1514, and 1515, which relate to the Oklahoma Financial Transaction Reporting Act; providing for codification; and providing an effective date.

AI Summary

Committee Categories

T.J. Marti (R)*, 

CR; Do Pass, amended by committee substitute Judiciary and Public Safety Oversight Committee (on 03/03/2026)

Official Document