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

Summary

The law establishes the Oklahoma Money Transmission Modernization Act, giving the Banking Commissioner authority to license, regulate, and enforce rules for companies that transmit money. It imposes application, licensing, and renewal fees, requires annual reporting, financial statements, and safeguards, and makes unlicensed money transmission a felony. Certain individuals and transactions are exempt, and the Commissioner may waive requirements or recover costs incurred during examinations.

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