Financial institutions; Oklahoma Money Transmission Modernization Act; Banking Commissioner; Oklahoma State Banking Board; licenses; felony; repealer; effective date.
Becomes law without Governor's signature 05/13/2026
Summary
The Oklahoma Money Transmission Modernization Act creates a comprehensive licensing scheme for money transmitters, digital‑asset kiosk operators, and related delegates, and gives the Banking Commissioner broad authority to issue, deny, suspend, or revoke those licenses. It requires detailed applications, written denial notices, an appeal process to the State Banking Board, and mandates disclosures, record‑keeping, and financial‑strength thresholds. The law also sets civil and criminal penalties, coordinates multistate supervision, and takes effect on November 1 2026.
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