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 Commissioner's determination that an application is complete and accepted for processing; 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 extent 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 Section12 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; 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)*, 

House Public Safety Hearing (09:00:00 2/18/2026 Room 450) (on 02/18/2026)

Official Document