Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB1297 Compare Versions

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28		-	~~ENGROSSED~~ SENATE
29		-	~~BILL NO.~~ ~~1297 By: Stanley of the Senate~~
	29	+	SENATE FLOOR VERSION
	30	+	February 10, 2022
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31		-	and
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33		-	Stinson of the House
	33	+	SENATE BILL NO. 1297 By: Stanley
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38	39		An Act relating to the Oklahoma Accountancy Act;
39	40		creating the Oklahoma Accountancy Board Revolving
40	41		Fund; providing for deposits and expenditures;
41	42		requiring certain percentage be paid to the General
42	43		Revenue Fund; stating purpose of revolving fund;
43	44		allowing for transfer of ce rtain funds for certain
44	45		program; amending 59 O.S. 2021, Sections 15.7,
45	46		15.14B, and 15.24, which relate to disbursement of
46	47		monies, acts subject to pena lties, and penalties;
47	48		updating references; modifying language; authorizing
48	49		a student scholarship and grant program for certain
49	50		purpose; stating eligibility requirements; directing
50	51		promulgation of rules, forms, fee, and procedures by
51	52		Board; authorizing the Board to set amount of awards,
52	53		application fees, and additional criteria for the
53	54		program; limiting funding for program to collection
54	55		of administrative fines; directing Board to determine
55	56		program funding annually; providing for transfer of
56	57		monies from revolving fund to certain account;
57	58		stating administrator of certain account; providing
58	59		for expenditures; making certain funding subject to
59	60		availability of certain funds; prohibiting transfer
60	61		or expenditure of certain funds without Board
61	62		approval; providing for repayments and reimbursements
62	63		of certain funds; directing deposit; providing
63	64		certain exemption for certain percentage to be paid
64	65		to General Revenue Fund; requiring certain report;
65	66		directing certain distribution of report; stating
66	67		content of report; providing for codification; and
67	68		providing an effectiv e date.
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72	73		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOM A:
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99	101		SECTION 1. NEW LAW A new section of law to be codified
100	102		in the Oklahoma Statutes as Section 15.17A of Title 59, unless there
101	103		is created a duplication in numb ering, reads as follo ws:
102	104		There is hereby created in the State Treasur y a revolving fund
103	105		for the Oklahoma Accountan cy Board to be designated the “Oklahoma
104	106		Accountancy Board Revolving Fund”. The fund shall be a co ntinuing
105	107		fund, not subject to fiscal limitations, and shall consist of all
106	108		monies received by the Board pursuant to the provisions of the
107	109		Oklahoma Accountancy Act. All monies accruing to the credit of this
108	110		fund are hereby appropriated and may be budgeted and expended by the
109	111		Board for the purpose s of implementing and e nforcing the provisions
110	112		of the Oklahoma Accountancy A ct. Expenditures from this fund shall
111	113		be made upon warrants issued by the State Treasurer against claims
112	114		filed as prescribed by law with t he Director of the Office of
113	115		Management and Enterprise Services for approval and payment. The
114	116		Board shall pay into t he General Revenue Fund of the state ten
115	117		percent (10%) of all annual registration fees deposited to this
116	118		fund. From the monies deposited to this fund from administrative
117	119		fines the Board shall periodically transfer such amounts as the
118	120		Board determines to fund the student scholarship and grant program
119	121		established in Section 5 of this act provided such funds are
120	122		available and not otherwise encumbered.
121	123		SECTION 2. AMENDATORY 59 O.S. 20 21, Section 15.7, is
122	124		amended to read as follows:
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149	152		Section 15.7. All fees and other monies except the fines as
150	153		provided in Section 15.24 of this title received by the Oklahoma
151	154		Accountancy Board pursuant to the provisions of the Oklahoma
152	155		Accountancy Act shall be expended solely for effectuating th e
153	156		purposes of the Oklahoma A ccountancy Act and shall be deposited to
154	157		the credit of the Board with the Oklahoma State Treasurer
155	158		Accountancy Board Revolving Fund created in Section 1 of this act .
156	159		After the close of eac h fiscal year the Board shall file with the
157	160		Governor a report of al l fees charged, collected and received and
158	161		all disbursements during the previous fiscal year. The Board shall
159	162		pay into the General Revenue Fund of the state ten percent (10%) of
160	163		all annual registration fees so charged, collected and received, and
161	164		no other portion shall ever revert to the General Revenue Fund or
162	165		any other fund of the state.
163	166		All salaries, fees, and other expenses incurred by the Board in
164	167		the performance of the duties imposed by the provisions of the
165	168		Oklahoma Accountancy Act shall be paid fro m the Board’s Oklahoma
166	169		Accountancy Board Revolving Fund and none of said such expenses
167	170		shall be a charge against the gener al funds of this state.
168	171		SECTION 3. AMENDATORY 59 O.S. 2021, Section 15.14B, is
169	172		amended to read as follows:
170	173		Section 15.14B. After notice and hearing, the Oklahoma
171	174		Accountancy Board may impose any one or more of the penalties and
172	175		administrative fines authorized in Section 15.24 of this title on a
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199	203		certified public accountant or a public accountant for any one or
200	204		more of the following causes:
201	205		1. Fraud or deceit in obtaining a certificate, license,
202	206		practice privilege or permit;
203	207		2. Dishonesty, fraud, or gross negligence in accountancy or
204	208		financially related activities;
205	209		3. Conviction, plea of guilty , or plea of nolo contendere of a
206	210		felony in a court of competent jurisdiction of any state or federal
207	211		court of the United States if the a cts involved would have
208	212		constituted a felony under the laws of this s tate;
209	213		4. Conviction, plea of guilty , or plea of nolo contendere of
210	214		any misdemeanor, an element of which is dishonesty or fraud,
211	215		pursuant to the laws of the United States or any jurisdict ion if the
212	216		acts involved would have constituted a misdemeanor under t he laws of
213	217		this state;
214	218		5. Failure to comply with professional stan dards in the Board’s
215	219		professional code of conduct to the attest and/or compilation
216	220		competency requirement for those who supervise attest and/or
217	221		compilation engagements and sign the report o n financial statements
218	222		or other compilation communications with res pect to financial
219	223		statements; and
220	224		6. Violation of any of the provisions of the Oklahoma
221	225		Accountancy Act and rules promu lgated for its implementation by the
222	226		Board.
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249	254		SECTION 4. AMENDATORY 59 O.S. 20 21, Section 15.24, is
250	255		amended to read as follows:
251	256		Section 15.24. A. In the event an individual, certified public
252	257		accountant, public accountant, firm or en tity, after proper notice
253	258		and hearing, is found to have violated on e or more provisions of the
254	259		Oklahoma Accountancy Act, the Board may impose one or more of the
255	260		following penalties on the offending individual, firm or entity:
256	261		1. Revoke any certificate, li cense, practice privilege or
257	262		permit issued pursuant to the provisio ns of the Oklahoma Accountancy
258	263		Act;
259	264		2. Suspend any certificate, li cense, practice privilege or
260	265		permit for not more than five (5) years, subject to such terms,
261	266		conditions, or limitations as deemed appropriate by the Board;
262	267		3. Reprimand a registrant, an in dividual granted practice
263	268		privileges under Section 15.12A of this t itle, or a firm exempt from
264	269		the permit and registration requirements under Section 15.15C of
265	270		this title;
266	271		4. Place a registrant, an individual granted practice
267	272		privileges under Section 15.1 2A of this title, or a firm exempt from
268	273		the permit and registration requirements under Section 15.15C of
269	274		this title on probation for a specified period of time, which may be
270	275		shortened or lengthened, as the Board deems appropriate;
271	276		5. Limit the scope of pr actice of a registrant, an ind ividual
272	277		granted practice privileges u nder Section 15.12A of this title, or a
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299	305		firm exempt from the permit and registration requirements under
300	306		Section 15.15C of this title;
301	307		6. Deny renewal of a permit;
302	308		7. Require a preissuance review or accelerated peer re view of
303	309		the registrant subject to suc h procedures as the Board deems
304	310		appropriate;
305	311		8. Require successful completion of continuing professional
306	312		educational programs deemed appropriate;
307	313		9. Assess a an administrative fine not to exceed Ten Thousand
308	314		Dollars ($10,000.00) for each separate offense; and
309	315		10. Require the registrant, individual or entity to pay all
310	316		costs incurred by the Board as a result of hearings con ducted
311	317		regarding accountancy actions of the registrant, individual , or
312	318		entity, including, but not limited t o, attorney fees, investigation
313	319		costs, hearing officer costs, renting of special facilities costs,
314	320		and court reporter costs.
315	321		B. Upon application in writing, the Board may reinstate a
316	322		certificate, license, practice p rivilege or permit which has been
317	323		revoked, or may modify, upon good cause as to why the individual or
318	324		entity should be reinstated, the suspension of any certificate,
319	325		license, practice privi lege or permit.
320	326		C. Before reinstating or terminating the suspensio n of a
321	327		certificate, license, practice pr ivilege or permit, or as a
322	328		condition to such reinstatement or termination, the Board may
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349	356		require the applicant to show successful completion of speci fied
350	357		continuing professional education courses.
351	358		D. Before reinstating or terminating the suspension of a
352	359		certificate, license, practice privilege or permit, or as a
353	360		condition to such reinstatement or termination, the Board may make
354	361		the reinstatement of a certificate, license, or permit conditional
355	362		and subject to satisfac tory completion of a peer review conduct ed in
356	363		such fashion as the Board may specify.
357	364		E. Before reinstating or terminating the suspension of a
358	365		certificate or license or as a condition to su ch reinstatement or
359	366		termination, the Board may require the applican t to submit to a
360	367		national criminal histo ry records search. The costs associated with
361	368		the national criminal history records search shall be paid by the
362	369		applicant.
363	370		F. The provisions of this section shall not be construed to
364	371		preclude the Board from entering into any agreement to resolve a
365	372		complaint prior to a formal hearing or before the Board enters a
366	373		final order.
367	374		G. All monies, excluding costs, collected from civil penalties
368	375		administrative fines authorized in this section, such penalties
369	376		fines being enforceable in the district courts of this state, s hall
370	377		be deposited with the State Treasurer to be paid into the General
371	378		Revenue Fund of the state into the Oklahoma Accountancy Board
372	379		Revolving Fund created in Section 1 of this act.
373	380
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399	407		SECTION 5. NEW LAW A new section of law to be cod ified
400	408		in the Oklahoma Statut es as Section 15.17B of Title 59, unless there
401	409		is created a duplication in numbering, reads as follows:
402	410		A. The Oklahoma Accountancy Board shall have the power and
403	411		authority to establish a student scholarship and grant program to
404	412		financially assist eligible students who are qualified under Section
405	413		15.8 of Title 59 of the Oklahoma Statutes to take the certified
406	414		public accountant examination. To be eligible for consideration and
407	415		application for any scholarship, grant, or award authorized in this
408	416		section, the student must be currently enrolled in and attending, as
409	417		a full-time student with passing grades, an Oklahoma public
410	418		institution of higher education and such student applying for a
411	419		scholarship, grant, or award must have completed at least one
412	420		hundred thirty (130) semester hours, or the equivalent thereof as
413	421		determined by the Board, of college or university course curriculum
414	422		in an accounting concentration applicable for a baccalaureate or
415	423		higher degree in accounting or public finance.
416	424		B. The Board shall promulgate rules, forms, fees, and
417	425		procedures to implement the provisions of subsection A of this
418	426		section. The Board shall set and determine the amount of each
419	427		scholarship, grant, or award; set a reasonable application fee;
420	428		create application forms and processes; establish additional
421	429		eligibility qualifications or criteria for determining a student’s
422	430		eligibility for a scholarship, grant, or award and determining the
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449	458		amount and term of each scholarship, grant, or award; and establish
450	459		whether any grant shall be repaid or reimburse d to the Board, in
451	460		whole or part, by the recipient.
452	461		C. All funding for the student scholarship a nd grant program
453	462		shall be derived from and limited to administrative fines imposed
454	463		and collected by the Board for violations of the Oklahoma
455	464		Accountancy Act and deposited into the Oklahoma Accountancy Board
456	465		Revolving Fund created in Section 1 of this act. All funds made
457	466		available for and credited to the student scholarship and grant
458	467		program shall be determined by the Board annually and transferred
459	468		from the Oklahoma Accountancy Board Revolving Fund to a student
460	469		scholarship account established by the State Treasurer. The student
461	470		scholarship account shall be administered by the Board for the
462	471		purposes of providing scholarships, grants, and awards pursuant to
463	472		the provisions of this section and the rules relating thereto.
464	473		Expenditures from the student scholarship account shall be made upon
465	474		warrants issued by the State Treasurer against claims filed as
466	475		prescribed by law with t he Director of the Office of Management and
467	476		Enterprise Services for approval and payment. All funding for the
468	477		student scholarship and gran t program shall be subject to funds
469	478		available in the Oklahoma Accountancy Board Revolving Fund that are
470	479		derived from administrative fines, as determined by the Board. No
471	480		funds shall be transferred to or expended from the student
472	481		scholarship account withou t Board approval.
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499	509		D. Any grant funds received as a repayment or reimbursement, in
500	510		whole or part, by the Board from a student who was originally
501	511		awarded such funds as authorized in this section and the rules
502	512		related thereto, shall be deposited and credited to the student
503	513		scholarship account and may be subsequently distributed and
504	514		disbursed to another student at the Board’s discretion. All funds
505	515		received as a grant repayment or reimbursement and all funds
506	516		transferred and deposited into the student scholarsh ip account under
507	517		the provisions of this section shall be exempt from the requirement
508	518		provided in Section 211 o f Title 62 of the Oklahoma Statutes
509	519		requiring ten percent (10%) to be paid into the General Revenue Fund
510	520		of the state.
511	521		E. Annually at the end of each fiscal year, the Board shall
512	522		provide a written report to the Governor, President Pro Tempore of
513	523		the Senate, and Speaker of the House of Representatives on the
514	524		scholarship and grant program. The report shall include, for the
515	525		fiscal year being reported , the amount of funds transferred into the
516	526		account; the starting and ending balances of the account ; the
517	527		scholarship, grant, and award amounts given to students; total
518	528		number of students served; repayments or reimbursements received;
519	529		and other information deemed pertinent by the Board for the report.
520	530		SECTION 6. This act shall become effective November 1, 2022.
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547		-	Passed the Senate the 22nd day of February, 2022.
548		-
549		-
550		-
551		-	Presiding Officer of the Senate
552		-
553		-
554		-	Passed the House of Represent atives the ____ day of __________,
555		-	2022.
556		-
557		-
558		-
559		-	Presiding Officer of the House
560		-	of Representatives
561		-
	531	+	COMMITTEE REPORT BY: COMMITTEE ON BUSINESS, COMMERCE AND TOURISM
	532	+	February 10, 2022 - DO PASS