Oklahoma

Section 1511 – Short Title

Sections 1 through 5 of this act shall be known and may be cited as the “Oklahoma Financial Transaction Reporting Act”.

Section 1512 – Definitions

As used in this act:

1. “Board” means the Banking Board;
2. “Commissioner” means the State Banking Commissioner;
3. “Currency” or “funds” means the coin and paper money of the United States or of any other country that is designated as legal tender and that circulates and is customarily used and accepted as a medium of exchange in the country of issuance. Currency includes U.S. silver certificates, U.S. notes, and Federal Reserve notes. Currency also includes official foreign bank notes that are customarily used and accepted as a medium of exchange in a foreign country;
4. “Department” means the Oklahoma State Banking Department;
5. “Licensee” means a person granted a license by the Commissioner to engage in business as a money transmitter;
6. “Money services business” includes each agent, agency, branch, or office within the State of Oklahoma of any person doing business, whether or not on a regular basis or as an organized business concern, as a money transmitter or in one or more of the capacities otherwise identified and defined by the Board. The term “money services business” shall not include a “bank” as that term is defined in Title 31, Code of Federal Regulations, Chapter X, nor shall it include a person registered with and regulated or examined by the Securities and Exchange Commission or the Commodity Futures Trading Commission;
7. “Money transmitter” means any person who engages in the business of accepting currency or funds denominated in currency, and transmits the currency or funds or the value of the currency or funds, by any means through a financial agency or institution, a Federal Reserve Bank or other facility of one or more Federal Reserve Banks, the Board of Governors of the Federal Reserve System or both, or an electronic funds transfer network;
8. “Money transmitter equipment” means any type of terminal, machine, computer software, access to any network, or any other type of tangible or intangible apparatus or system, or any combination thereof, that may be used by a money transmitter to initiate a transmittal of currency;
9. “Person” includes an individual, corporation, partnership, limited partnership, limited liability company, trust or estate, joint stock company, association, syndicate, joint venture, or other unincorporated organization or group, Indian tribe, and all entities cognizable as legal personalities; and
10. “Supplier” means any person that utilizes, designates or otherwise authorizes another person, whether or not designated as an agent, to perform services of a money transmitter, or who provides money transmitter equipment to a person in connection therewith.

Section 1513 – Registration of a Money Services Business – Fee – Violations – Penalties

1. No person shall engage in the money services business in this state without first securing a license to do so from the Commissioner. Any person acting as agent or authorized delegate for any licensee under the Oklahoma Financial Transaction Reporting Act shall prominently display a copy of the principal’s license certificate at each place of business of the agent or authorized delegate where money transmitter services are offered. It shall be the responsibility of the licensee to provide a copy of the license certificate to each agent or authorized delegate for display and to obtain the return of such copy if an agent or authorized delegate is no longer authorized to conduct business on behalf of a licensee.
2. Upon the effective date of this act, a supplier shall provide to the Commissioner, on a form prescribed by the Commissioner, a list of each person to whom money transmitter equipment has been provided. A licensee shall provide the Commissioner a list of each person acting in Oklahoma as agent or authorized delegate on behalf of the licensee. The list shall be updated each calendar quarter and shall be provided to the Commissioner within thirty (30) days after the close of the calendar quarter. The updated list shall reflect any additional persons to whom money transmitter equipment has been provided since the last reporting period. The list need only identify those persons for whom the supplier has an address in this state or who the supplier reasonably believes to be operating in this state.
3. Each application filed for issuance or renewal of a money transmitter license must be accompanied by a fee in an amount prescribed by the board. Notwithstanding any other deadlines or terms prescribed by the board, a money transmitter license certificate may be issued without a termination date; provided, however, the license certificate must be renewed no later than December 31 each calendar year.
4. Any person who violates the provisions of this section shall, upon conviction, be guilty of a misdemeanor punishable by a fine of not less than One Thousand Dollars ($1,000.00), or by imprisonment in the county jail for not more than one (1) year, or by both such fine and imprisonment. Each day that any violation of this section occurs or continues shall constitute a separate offense and shall be punishable as a separate violation.
5. Any licensee providing money transmission services to Oklahoma residents primarily through electronic means must maintain security in the amount prescribed by rule of the board but not less than Two Hundred Thousand Dollars ($200,000.00).
6. All fees collected under this section shall be deposited in the Department revolving fund pursuant to Section 211.1of this title

Section 1514 – Information Sharing

The Commissioner may cooperate, coordinate, and enter into information-sharing agreements with any other local, state, federal, or foreign governmental agency regarding any or all information provided by suppliers and by persons submitting registration applications, whether or not a license is issued. In the absence of an information-sharing agreement, all Department records resulting from the provisions of this act shall be confidential and shall not be subject to public inspection. The names of licensees and their agents and authorized delegates shall not be confidential.

Section 1515 – Promulgation of Rules – Interpretive Statements and Opinions of the Commissioner

1. The Board may promulgate rules to further implement the provisions of this act including, but not limited to, rules relating to the application of and exemption from the provisions of this act, additional and different types of persons that must register and be licensed, fees that must be paid, and investigative and examination authority over licensees by the Department or designee of the Department, which may include state law enforcement agencies.
2. The Commissioner may issue interpretive statements and opinions regarding the provisions of this act upon a motion by the Commissioner or upon the written request of others. An interpretive statement or opinion issued under this section shall not have the force of law and shall not be deemed a rule.