HB 3521: Financial institutions; Oklahoma Money Transmission Modernization Act; Banking Commissioner; Oklahoma State Banking Board; licenses; felony; repealer; effective date. - Oklahoma

Floor (House) → Floor (Senate) · 2 edits

MINOR

The bill text was converted from the House version to the Senate floor version, primarily updating the header to reflect the Senate's processing date and adding 'Engrossed' to the bill title. The substantive policy language regarding money transmission regulations, licensing fees, and enforcement powers remains identical in both versions.

TECHNICAL

The header was updated to show 'SENATE FLOOR VERSION' with a date of April 23, 2026, and the bill title now includes 'ENGROSSED'.

The footer was changed to reflect the Senate version page number and updated the bold-face notation to include an apostrophe in 'Commissioner's'.

Senate Committee Substitute for House Bill → Floor (House) · 3 edits

MINOR

The bill was updated from a Senate Committee version to the House Floor version, incorporating specific amendments to strengthen enforcement and appeal processes. The most significant substantive change is the addition of a formal appeal mechanism, allowing applicants to challenge license denials before the Oklahoma State Banking Board. Additionally, the text clarifies the Commissioner's authority to require full record production and fee payment during examinations.

ENFORCEMENT

Added a specific provision allowing applicants to appeal a license denial to the Oklahoma State Banking Board and requiring the Commissioner to provide specific reasons for any denial.

Expanded the Commissioner's examination authority to explicitly require licensees to provide all records and pay all costs reasonably incurred during an investigation.

TECHNICAL

Updated the document header and page numbering to reflect the House Floor version, replacing the previous Senate Committee Substitute formatting.

House Committee Substitute → Senate Committee Substitute for House Bill · 3 edits

MINOR

The bill text was updated to reflect its progression from the House to the Senate, adding the 'Engrossed' designation and new Senate sponsors. While the core legislative text remains largely unchanged, the page numbering was updated, and the formatting of the title and summary was adjusted to standard Senate markup conventions.

Scope change

The scope of the bill remains the same; the changes are administrative updates reflecting the bill's movement through the legislative process.

TECHNICAL

Added the word 'Engrossed' to the title, indicating the bill has been approved by both chambers.

Added the name 'Reinhardt of the Senate' as a co-sponsor, reflecting Senate involvement.

Updated page numbering and line spacing to match Senate formatting standards.

Proposed Policy Committee Substitute 1 → House Committee Substitute · 4 edits

MODERATE

The bill was completely rewritten by the House Committee, replacing the original 'Proposed Policy Committee Substitute' with a new version. While the core purpose of regulating money transmission remains the same, the committee updated the document title, changed the page number in the footer, and refined the legislative intent section to clarify the Commissioner's authority and the licensing process.

Scope change

The scope of the bill's applicability remains focused on financial institutions and money transmission, but the specific language defining the legislative intent and the Commissioner's powers has been modified to reflect the committee's review.

TECHNICAL

The document header was changed from 'Proposed Policy Committee Substitute' to 'Committee Substitute', indicating the bill has moved from the policy committee to the House committee for further review.

The footer page number was updated from 16112 to 16926, likely reflecting a new sequential number assigned by the House staff.

DEFINITION

The legislative intent section was slightly rephrased to clarify the meaning of the Commissioner's determination regarding applications and to streamline the description of the licensing requirements.

REQUIREMENT

The text regarding the denial of license applications was updated to explicitly state that a denial can occur if the applicant was previously denied, adding clarity to the appeal process.

Enrolled (final version) → Proposed Policy Committee Substitute 1 · 2 edits

MINOR

The bill was amended to replace the entire original text with a new version, primarily updating the title to reflect the specific amendments made by the Policy Committee. The substantive policy content regarding money transmission licensing, fees, and enforcement appears largely unchanged in the visible text, though the amendment process suggests potential modifications to specific sections not fully displayed in the diff.

Scope change

The scope of the bill remains focused on the Oklahoma Money Transmission Modernization Act, but the specific text has been replaced by a committee substitute version.

TECHNICAL

The entire text of the bill was replaced with a new version labeled as a 'Proposed Policy Committee Substitute', indicating the bill was revised by a legislative committee before its final passage.

The title and header information were updated to conform to the committee's amendments, changing the document type from 'Enrolled' to 'Proposed Policy Committee Substitute'.

Engrossed → Enrolled (final version) · 2 edits · May 13, 2026

MINOR

The bill transitioned from its 'Engrossed' version to the final 'Enrolled' version, which is the text signed into law. The substantive policy content, including fees, licensing rules, and enforcement powers, remains identical. The only changes are technical formatting updates, such as correcting a typo in the description of the Nationwide Multistate Licensing System and adjusting page numbering.

TECHNICAL

Corrected a typo in the legislative summary changing 'all aspects of licensing' to 'all aspect of licensing'.

Adjusted the page numbering header from 'Page 1' to 'Page 2' to reflect the final document structure.

Amended And Engrossed → Engrossed · 13 edits · May 5, 2026

MAJOR

The bill was amended to shift drafting authority from the House to the Senate and significantly expanded the Oklahoma Money Transmission Modernization Act. The changes replace a narrow focus on repealing old laws with a comprehensive framework granting the Banking Commissioner broad powers to regulate, investigate, and enforce rules for money transmission businesses. New provisions allow the Commissioner to collect fees, subpoena witnesses, conduct on-site inspections, and share data under specific conditions, while also clarifying the licensing process and multistate cooperation.

Scope change

The bill's scope expanded from a simple repeal of outdated statutes to a full regulatory framework establishing new administrative powers, enforcement mechanisms, and data sharing protocols for the Commissioner of the Banking Department.

TECHNICAL

Changed the bill's origin from 'Engrossed Senate Amendment' to 'Engrossed House', indicating the Senate approved the House version with minor adjustments.

ENFORCEMENT

Granted the Commissioner broad authority to conduct investigations, subpoena witnesses, compel attendance, and file court orders to ensure compliance.

Authorized the Commissioner to recover costs by imposing and collecting fees and costs related to examinations and investigations.

Required licensees to pay all costs reasonably incurred during an examination or investigation by the Commissioner.

REQUIREMENT

Added exemptions for information obtained by the Commissioner from the Oklahoma Open Records Act, allowing confidential handling of sensitive data.

Permitted the Commissioner to disclose lists of all licensees and aggregated financial or transactional data under certain circumstances.

Authorized the Commissioner to participate in multistate supervisory processes and establish relationships with the Nationwide Multistate Licensing System.

Clarified that the act prohibits unlicensed money transmission businesses and established that licenses are not transferable or assignable.

Required applicants to use forms prescribed by the Commissioner and added specific application requirements for corporations and other legal entities.

Mandated that individuals in control of a licensee or applicant must furnish specific information to the Commissioner.

Required licensees to submit annual reports of condition and yearly audited financial statements with specific formatting requirements.

Required notification to the Commissioner when exempted persons acquire control of a licensee.

Established procedures for adding or replacing key individuals within a licensee organization.

Introduced → Amended And Engrossed · 5 edits · May 5, 2026

MODERATE

The bill was amended to significantly strengthen the Oklahoma Money Transmission Modernization Act by adding mandatory annual license renewals with a $3,000 fee and expanding the Commissioner's authority to conduct investigations and recover costs. The amendment also clarifies that the act does not waive the Commissioner's examination powers and updates the repeal of outdated financial reporting laws. These changes ensure ongoing regulatory oversight and modernize the legal framework for money transmission services in the state.

Scope change

The bill's scope expanded to include mandatory annual renewal procedures and enhanced enforcement powers for the Commissioner, while the repeal of specific sections of the old Financial Transaction Reporting Act removes outdated regulatory requirements.

REQUIREMENT

Added a requirement for licensees to renew their licenses annually with a $3,000 renewal fee.

ENFORCEMENT

Granted the Commissioner broad administrative authority to conduct examinations, subpoena witnesses, and recover costs incurred during investigations.

Clarified that the act does not constitute a waiver of the Commissioner's authority to conduct examinations or investigations.

DEFINITION

Removed the requirement for the Commissioner to prove exemptions for certain individuals, simplifying the exemption process.

TIMELINE

Repealed Sections 1511 through 1515 of the 2021 Oklahoma Financial Transaction Reporting Act, removing old reporting mandates.

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

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