Oklahoma HB3521: Financial institutions; Oklahoma Money Transmission Modernization Act; Banking Commissioner; Oklahoma State Banking Board; licenses; felony; repealer; effective date.

What the bill says

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…

From the enrolled text, May 6, 2026:

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 …