Bill > SB1915

Introduced Session

An Act relating to money transmission; 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 statutory reference; creating the Oklahoma Money Transmission Modernization Act; providing short title; defining terms; providing certain exclusions; allowing the Insurance Commissioner to require certain information for certain claim to exemption; allowing the Commissioner to enter into certain agreements; allowing the Commissioner to utilize certain software for certain investigations; allowing the Commissioner to accept certain information; allowing the Commissioner to recover certain costs; requiring certain information to adhere to Oklahoma Open Records Act; allowing disclosure of certain information; construing provisions; establishing certain information as nonconfidential; allowing Commissioner to conduct certain investigations; allowing Commissioner to issue certain order; allowing Commissioner to employ certain persons; allowing Commissioner to participate in certain multistate supervisory processes; prohibiting Commissioner from waiving certain authorities; prohibiting certain persons from engaging in certain business without certain license; providing certain exceptions; allowing Commissioner to engage in certain actions and establish certain relationships; allowing Commissioner to utilize Nationwide Multistate Licensing System (NMLS) for certain licensing provisions; allowing Commissioner to waive certain requirements; establishing certain license fees; requiring license form to include certain information; requiring certain key individuals to submit certain information to Commissioner; requiring Commissioner to provide certain notice upon completion of certain application; requiring Commissioner to conduct certain investigations; establishing certain requirements for certain multistate licensees; allowing Commissioner to deny certain licenses; requiring Commissioner to provide certain notice upon certain denial of application; establishing certain time frame of certain license; requiring certain renewal time period for certain license; requiring certain persons seeking certain control to submit certain information; allowing submission of certain information without use of NMLS; requiring certain notice to certain applicant; prohibiting approval of certain licenses; requiring Commissioner to conduct certain investigations; allowing Commissioner to accept certain results; requiring Commissioner to issue certain written notice of denial; excluding certain persons from certain provisions; requiring certain notice to Commissioner within certain time period; allowing request for certain determination; requiring certain licensee adding or replacing certain key individual to provide certain information; requiring certain notice; requiring licensees to submit certain report; requiring certain information in certain report; establishing certain time frame for submission of certain report; requiring licensee to maintain records for certain time period; allowing Commissioner to utilize NMLS for submission of certain reports; requiring licensee to conduct certain protocols before conducting certain business; requiring certain contract to have certain provisions; requiring notice to Commissioner of certain license status within certain time period; establishing certain status of certain commingled funds; prohibiting certain use of subdelegate; requiring certain licensees to forward all monies; providing certain exceptions; requiring certain response in certain situations; providing certain exemptions; requiring certain receipt to be sent to certain sender; requiring certain licensee to issue certain report; requiring certain licensee to maintain certain tangible net worth; allowing Commissioner to exempt certain licensee from certain tangible net worth requirements; requiring certain applicant to have certain surety bond; requiring certain licensee to maintain certain permissible investments; allowing Commissioner to limit extent of certain investments; subjecting certain permissible investments to certain attachments; requiring Commissioner to notify regulator of certain actions; allowing Commissioner to allow certain investments; establishing certain permissible investments; allowing Commissioner to suspend or revoke certain license; allowing Commissioner to issue certain cease and desist order; amending Section 14, Chapter 366, O.S.L. 2024 (21 O.S. Supp. 2025, Section 20N), which relates to class D1 criminal offenses; creating certain offense; updating statutory language; updating statutory reference; 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

Aaron Reinhardt (R)*, 

Second Reading referred to Business and Insurance (on 02/03/2026)

Official Document