Oklahoma Senate Bill SB562

Oklahoma 2022 Regular Session

• Introduced: 2/1/21
• Refer: 2/2/21

Caption

Financial technology; creating Oklahoma Financial Technology Access and Improvement Act. Effective date.

Impact

The introduction of SB562 is set to significantly influence the regulation of financial services in Oklahoma by promoting innovation in the financial technology sector. By facilitating a space for the testing of new products without the immediate need for full compliance with existing state laws, the bill aims to foster competition and consumer access to innovative financial services. However, it also places the onus on the Department to ensure that consumer protections are not compromised during this testing phase.

Summary

Senate Bill 562, known as the Oklahoma Financial Technology Access and Improvement Act, establishes a regulatory sandbox framework within the Oklahoma Department of Commerce. This law creates a program designed to allow financial technology companies to test their innovative products and services in a controlled environment while adhering to specific regulatory guidelines. The bill outlines the responsibilities of the Department of Commerce in managing the sandbox, including application procedures and criteria for evaluating potential participants.

Contention

A notable point of contention surrounding SB562 involves the balance between fostering innovation and ensuring adequate consumer protection. While proponents argue that the sandbox approach is essential for nurturing new financial technologies, critics may express concerns regarding potential risks to consumers due to inadequate oversight of the new products being tested. The bill explicitly states that participants will not be granted immunity against criminal offenses, which highlights the commitment to uphold accountability within the sandbox framework.