Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB568 Compare Versions

Version 1 (Old)

Version 2 (New)

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4		-	An Act
5		-	ENROLLED SENATE
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
	30	+
	31	+	STATE OF OKLAHOMA
	32	+
	33	+	1st Session of the 58th Legislature (2021)
	34	+
	35	+	ENGROSSED SENATE
6	36		BILL NO. 568 By: Montgomery of the Senate
7	37
8	38		and
9	39
10	40		Hilbert of the House
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15	47		An Act relating to securities; amending 71 O.S. 2011,
16	48		Section 1-202, which relates to exempt transactions;
17	49		modifying statutory references; exempting certain
18	50		securities offerings; requiring certain federal
19	51		exemption for intrastate offerings; limiting certain
20	52		aggregate amount; setting value amount per person;
21	53		excepting certain invertors from stated value amount;
22	54		prohibiting renumeration to nonregistered broker -
23	55		dealers; requiring purchases for investment;
24	56		directing distribution of a disclosure document;
25	57		providing for certain notice to be filed within
26	58		certain time; requiring quarterly and fiscal year -end
27	59		reports; stating content to certain reports;
28	60		providing for escrow accounts for certain purpose;
29	61		directing use of escrow funds; prohibiting offering
30	62		of securities under certain conditions; stating
31	63		conditions; prohibiting certain acts within certain
32	64		time of offering; construing general solicitation and
33	65		advertising; authorizing the Administrator to further
34	66		condition the exemption; directing rules be
35	67		promulgated within certain time; providing for
36	68		noncodification; and declaring an emergency .
37	69
38	70
39	71
40	72
41		-	SUBJECT: Securities
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43	103		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
44		-
45	104		SECTION 1. AMENDATORY 71 O.S. 2011, Section 1-202, is
46	105		amended to read as follows:
47		-
48		-	ENR. S. B. NO. 568 Page 2
49		-
50	106		Section 1-202. The following transactions are exempt from the
51	107		requirements of Sections 10 and 32 of this act 1-301 and 1-504 of
52	108		the Oklahoma Uniform Securities Act of 2004 :
53		-
54	109		1. An isolated nonissuer transaction, whether or not effected
55	110		by or through a broker -dealer or not;
56		-
57	111		2. A nonissuer transaction by or through a brok er-dealer
58	112		registered, or exempt from registration under this act the Oklahoma
59	113		Uniform Securities Act of 2004 , and a resale transaction by a
60	114		sponsor of a unit investment trust registered under the Investment
61	115		Company Act of 1940, in a security of a class tha t has been
62	116		outstanding in the hands of the public for at least ninety (90)
63	117		days, if, at the date of the transaction:
64		-
65	118		a. the issuer of the security is engaged in business, the
66	119		issuer is not in the organizational stage or in
67	120		bankruptcy or receivership, and t he issuer is not a
68	121		blank check, blind pool, or shell company that has no
69	122		specific business plan or purpose or has indicated
70	123		that its primary business plan is to engage in a
71	124		merger or combination of the business with, or an
72	125		acquisition of, an unidentified p erson,
73	126
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74	153		b. the security is sold at a price reasonably related to
75	154		its current market price,
76		-
77	155		c. the security does not constitute the whole or part of
78	156		an unsold allotment to, or a subscription or
79	157		participation by, the broker -dealer as an underwriter
80	158		of the security or a redistribution, and
81		-
82	159		d. a nationally recognized securities manual or its
83	160		electronic equivalent designated by rule adopted or
84	161		order issued under this act or a record filed with the
85	162		Securities and Exchange Commission that is publicly
86	163		available contains:
87		-
88	164		(1) a description of the business and operations of
89	165		the issuer,
90		-
91		-
92		-	ENR. S. B. NO. 568 Page 3
93	166		(2) the names of the issuer ’s executive officers and
94	167		the names of the issuer ’s directors, if any,
95		-
96	168		(3) an audited balance sheet of the issuer as of a
97	169		date within eighteen (18) months befo re the date
98	170		of the transaction or, in the case of a
99	171		reorganization or merger when the parties to the
100	172		reorganization or merger each had an audited
101	173		balance sheet, a pro forma balance sheet for the
102	174		combined organization, and
103		-
104	175		(4) an audited income statement fo r each of the
105	176		issuer’s two (2) immediately previous fiscal
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106	204		years or for the period of existence of the
107	205		issuer, whichever is shorter, or, in the case of
108	206		a reorganization or merger when each party to the
109	207		reorganization or merger had audited income
110	208		statements, a pro forma income statement, or
111		-
112	209		e. the issuer of the security has a class of equity
113	210		securities listed on a national securities exchange
114	211		registered under the Securities Exchange Act of 1934
115	212		or designated for trading on the National Association
116	213		of Securities Dealers Automated Quotation System,
117	214		unless the issuer of the security is a unit investment
118	215		trust registered under the Investment Company Act of
119	216		1940; or the issuer of the security, including its
120	217		predecessors, has been engaged in continuous business
121	218		for at least three (3) years; or the issuer of the
122	219		security has total assets of at least Two Million
123	220		Dollars ($2,000,000.00) based on an audited balance
124	221		sheet as of a date within eighteen (18) months before
125	222		the date of the transaction or, in the case of a
126	223		reorganization or merger when the parties to the
127	224		reorganization or merger each had the audited balance
128	225		sheet, a pro forma balance sheet for the combined
129	226		organization;
130	227
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131	254		3. A nonissuer transaction by or through a broker -dealer
132	255		registered or exempt from registra tion under this act in a security
133	256		of a foreign issuer that is a margin security defined in regulations
134		-
135		-	ENR. S. B. NO. 568 Page 4
136	257		or rules adopted by the Board of Governors of the Federal Reserve
137	258		System;
138		-
139	259		4. A nonissuer transaction by or through a broker -dealer
140	260		registered or exempt from registration under this act the Oklahoma
141	261		Uniform Securities Act of 2004 in an outstanding security if the
142	262		guarantor of the security files reports with the Securities and
143	263		Exchange Commission under the reporting requirements of Section 13
144	264		or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or
145	265		78o(d));
146		-
147	266		5. A nonissuer transaction by or through a broker -dealer
148	267		registered or exempt from registration under this act the Oklahoma
149	268		Uniform Securities Act of 2004 in a security that:
150		-
151	269		a. is rated at the time of the transaction by a
152	270		nationally recognized statistical rating organization
153	271		in one of its four highest rating categories, or
154		-
155	272		b. has a fixed maturity or a fixed interest or dividend,
156	273		if:
157		-
158	274		(1) a default has not occurred during the current
159	275		fiscal year or within the three (3) previous
160	276		fiscal years or during the existence of the
161	277		issuer and any predecessor if less than three (3)
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162	305		fiscal years, in the payment of principal,
163	306		interest, or dividends on the security, and
164		-
165	307		(2) the issuer is engaged in business, is n ot in the
166	308		organizational stage or in bankruptcy or
167	309		receivership, and is not and has not been within
168	310		the previous twelve (12) months a blank check,
169	311		blind pool, or shell company that has no specific
170	312		business plan or purpose or has indicated that
171	313		its primary business plan is to engage in a
172	314		merger or combination of the business with, or an
173	315		acquisition of, an unidentified person;
174		-
175	316		6. A nonissuer transaction by or through a broker -dealer
176	317		registered or exempt from registration under this act the Oklahoma
177		-
178		-	ENR. S. B. NO. 568 Page 5
179	318		Uniform Securities Act of 2004 effecting an unsolicited order or
180	319		offer to purchase;
181		-
182	320		7. A nonissuer transaction executed by a bona fide pledgee
183	321		without the purpose of evading this act the Oklahoma Uniform
184	322		Securities Act of 2004 ;
185		-
186	323		8. A nonissuer transaction by a fed eral covered investment
187	324		adviser with investments under management in excess of One Hundred
188	325		Million Dollars ($100,000,000.00) acting in the exercise of
189	326		discretionary authority in a signed record for the account of
190	327		others;
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191	354
192	355		9. A transaction in a security, wh ether or not the security or
193	356		transaction is otherwise exempt, in exchange for one or more bona
194	357		fide outstanding securities, claims, or property interests, or
195	358		partly in such exchange and partly for cash, if the terms and
196	359		conditions of the issuance and excha nge or the delivery and exchange
197	360		and the fairness of the terms and conditions have been approved by
198	361		the Administrator after a hearing;
199		-
200	362		10. A transaction between the issuer or other person on whose
201	363		behalf the offering is made and an underwriter, or among
202	364		underwriters;
203		-
204	365		11. A transaction in a note, bond, debenture, or other evidence
205	366		of indebtedness secured by a mortgage or other security agreement
206	367		if:
207		-
208	368		a. the note, bond, debenture, or other evidence of
209	369		indebtedness is offered and sold with the mortgage or
210	370		other security agreement as a unit,
211		-
212	371		b. a general solicitation or general advertisement of the
213	372		transaction is not made, and
214		-
215	373		c. a commission or other remuneration is not paid or
216	374		given, directly or indirectly, to a person not
217	375		registered under this act the Oklahoma Uniform
218	376		Securities Act of 2004 as a broker-dealer or as an
219	377		agent;
220	378
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221	404
222		-	ENR. S. B. NO. 568 Page 6
223	405		12. A transaction by an executor, administrator of an estate,
224	406		sheriff, marshal, receiver, trustee in bankruptcy, guardian, or
225	407		conservator;
226		-
227	408		13. A sale or offer to sell to:
228		-
229	409		a. an institutional investor,
230		-
231	410		b. a federal covered investment adviser, or
232		-
233	411		c. any other person exempted by rule adopted or order
234	412		issued under this act the Oklahoma Uniform Securities
235	413		Act of 2004;
236		-
237	414		14. A sale or an offer to sell securities by an issuer, if the
238	415		transaction is part of a single issue in which:
239		-
240	416		a. not more than twenty -five purchasers during any twelve
241	417		(12) consecutive months, other than those designated
242	418		in paragraph 13 of this section,
243		-
244	419		b. a general solicitation or general advertising is not
245	420		made in connection with the offer to sell or sale of
246	421		the securities,
247		-
248	422		c. a commission or other remuneration is not paid or
249	423		given, directly or indirectly, to a person other than
250	424		a broker-dealer registered under this act the Oklahoma
251	425		Uniform Securities Act of 2004 or an agent registered
252	426		under this act the Oklahoma Uniform Securities Act of
253	427		2004 for soliciting a prospective purchaser in this
254	428		state, and
255	429
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256	456		d. the issuer reasonably believes that all the purchasers
257	457		in this state, other than those designated in
258	458		paragraph 13 of this sect ion, are purchasing for
259	459		investment;
260		-
261	460		15. A transaction under an offer to existing security holders
262	461		of the issuer, including persons that at the date of the transaction
263	462		are holders of convertible securities, options, or warrants, if:
264		-
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266		-	ENR. S. B. NO. 568 Page 7
267	463		a. no commission or oth er remuneration, other than a
268	464		standby commission, is paid or given, directly or
269	465		indirectly, for soliciting a security holder in this
270	466		state, or
271		-
272	467		b. the issuer first files a notice specifying the terms
273	468		of the offer and the Administrator, by order, does not
274	469		disallow the exemption within the next ten (10) full
275	470		business days;
276		-
277	471		16. A sale from or in this state to not more than thirty -two
278	472		persons of a unit consisting of interests in oil, gas or mining
279	473		titles or leases or any certificate of interest or participation , or
280	474		conveyance in any form of an interest therein, or in payments out of
281	475		production pursuant to such titles or leases, whether or not offered
282	476		in conjunction with, or as an incident to, an operating agreement or
283	477		other contract to drill oil or gas wells or otherwise exploit the
284	478		minerals on the particular leases, whether or not the seller or any
285	479		buyers are then present in this state, if:
286	480
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287	507		a. the seller reasonably believes that all buyers are
288	508		purchasing for investment,
289		-
290	509		b. no commission is paid or given directly or indirectly
291	510		for the solicitation of any such sale excluding any
292	511		commission paid or given by and between parties each
293	512		of whom is engaged in the business of exploring for or
294	513		producing oil and gas or other valuable minerals,
295		-
296	514		c. no public advertising or pub lic solicitation is used
297	515		in any such solicitation or sale, and
298		-
299	516		d. sales are effected only to persons the seller has
300	517		reasonable cause to believe are capable of evaluating
301	518		the risk of the prospective investment and able to
302	519		bear the economic risk of the inves tment; but the
303	520		Administrator, by rule or order, as to any specific
304	521		transaction, may withdraw or further condition this
305	522		exemption or decrease the number of sales permitted or
306	523		waive the conditions in subparagraphs a, b and c of
307	524		this paragraph, with or withou t substitution of a
308	525		limitation on remuneration.
309		-
310		-	ENR. S. B. NO. 568 Page 8
311		-
312	526		For purposes of this subsection, no units of the issuer shall be
313	527		integrated; however, this exemption cannot be combined or used in
314	528		conjunction with any other transactional exemption.
315		-
316	529		17. An offer to sell, bu t not a sale, of a security not exempt
317	530		from registration under the Securities Act of 1933 if:
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318	557
319	558		a. a registration or offering statement or similar record
320	559		as required under the Securities Act of 1933 has been
321	560		filed, but is not effective, or the offer is made in
322	561		compliance with Rule 165 adopted under the Securities
323	562		Act of 1933 (17 C.F.R. 230.165), and
324		-
325	563		b. no stop order of which the offeror is aware has been
326	564		issued against the offeror by the Administrator or the
327	565		Securities and Exchange Commission, and an audit,
328	566		inspection, or proceeding that is public and that may
329	567		culminate in a stop order is not known by the offeror
330	568		to be pending;
331		-
332	569		18. An offer to sell, but not a sale, of a security exempt from
333	570		registration under the Securities Act of 1933 if:
334		-
335	571		a. a registration statement has been filed under this
336	572		act, but is not effective,
337		-
338	573		b. a solicitation of interest is provided in a record to
339	574		offerees in compliance with a rule adopted by the
340	575		Administrator under this act the Oklahoma Uniform
341	576		Securities Act of 2004 , and
342		-
343	577		c. a stop order of which the offeror is aware has not
344	578		been issued by the Administrator under this act the
345	579		Oklahoma Uniform Securities Act of 2004 and an audit,
346	580		inspection, or proceeding that may culminate in a stop
347	581		order is not known by the offeror to be pending;
348	582
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349	609		19. A transaction involving the distribution of the securities
350	610		of an issuer to the security holders of another person in connection
351	611		with a merger, consolidation, exchange of securities, sale of
352	612		assets, or other reorganization to which the issuer, or its pa rent
353		-
354		-	ENR. S. B. NO. 568 Page 9
355	613		or subsidiary and the other person, or its parent or subsidiary, are
356	614		parties if:
357		-
358	615		a. the securities to be distributed are registered under
359	616		the Securities Act of 1933 before the vote by security
360	617		holders on the transaction, or
361		-
362	618		b. the securities to be dis tributed are not required to
363	619		be registered under the Securities Act of 1933,
364	620		written notice of the transaction and a copy of the
365	621		materials, if any, by which approval of the
366	622		transaction will be solicited from such security
367	623		holders is given to the Administra tor at least ten
368	624		(10) full business days before the vote by security
369	625		holders on the transaction and the Administrator does
370	626		not commence a proceeding to deny the exemption within
371	627		the next ten (10) full business days; however, such
372	628		notice shall not be requir ed if the sole purpose of
373	629		the transaction is to change an issuer ’s domicile
374	630		solely within the United States;
375		-
376	631		20. A rescission offer, sale, or purchase under Section 38 of
377	632		this act the Oklahoma Uniform Securities Act of 2004 ;
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378	659
379	660		21. An offer or sale of a sec urity through a broker -dealer
380	661		registered under this act the Oklahoma Uniform Securities Act of
381	662		2004 to a person not a resident of this state and not present in
382	663		this state if the offer or sale does not constitute a violation of
383	664		the laws of the state or fore ign jurisdiction in which the offeree
384	665		or purchaser is present and is not part of an unlawful plan or
385	666		scheme to evade the Oklahoma Uniform Securities Act of 2004 this
386	667		act;
387		-
388	668		22. Employees’ stock purchase, savings, option, profit -sharing,
389	669		pension, or similar employees’ benefit plan, including any
390	670		securities, plan interests, and guarantees issued under a
391	671		compensatory benefit plan or compensation contract, contained in a
392	672		record, established by the issuer, its parents, its majority -owned
393	673		subsidiaries, or the majo rity-owned subsidiaries of the issuer ’s
394	674		parent for the participation of their employees including offers or
395	675		sales of such securities to:
396		-
397		-
398		-	ENR. S. B. NO. 568 Page 10
399	676		a. directors; general partners; trustees, if the issuer
400	677		is a business trust; and officers,
401		-
402	678		b. family members who acquir e such securities from those
403	679		persons through gifts or domestic relations orders,
404		-
405	680		c. former employees, directors, general partners,
406	681		trustees, and officers if those individuals were
407	682		employed by or providing services to the issuer when
408	683		the securities were off ered, and
409	684
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410	711		d. insurance agents who are exclusive insurance agents of
411	712		the issuer, or the issuer ’s subsidiaries or parents,
412	713		or who derive more than fifty percent (50%) of their
413	714		annual income from those organizations;
414		-
415	715		23. A transaction involving:
416		-
417	716		a. a stock dividend or equivalent equity distribution,
418	717		whether the corporation or other business organization
419	718		distributing the dividend or equivalent equity
420	719		distribution is the issuer or not, if nothing of value
421	720		is given by stockholders or other equity holders for
422	721		the dividend or equivalent equity distribution other
423	722		than the surrender of a right to a cash or property
424	723		dividend if each stockholder or other equity holder
425	724		may elect to take the dividend or equivalent equity
426	725		distribution in cash, property, or stock,
427		-
428	726		b. an act incident to a judicially approved
429	727		reorganization in which a security is issued in
430	728		exchange for one or more outstanding securities,
431	729		claims, or property interests, or partly in such
432	730		exchange and partly for cash, or
433		-
434	731		c. the solicitation of tenders of securit ies by an
435	732		offeror in a tender offer in compliance with Rule 162
436	733		adopted under the Securities Act of 1933 (17 C.F.R.
437	734		230.162); or
438	735
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439	762		24. A nonissuer transaction in an outstanding security by or
440	763		through a broker-dealer registered or exempt from registration un der
441		-
442		-	ENR. S. B. NO. 568 Page 11
443	764		this act, if the issuer is a reporting issuer in a foreign
444	765		jurisdiction designated by this paragraph or by rule adopted or
445	766		order issued under this act the Oklahoma Uniform Securities Act of
446	767		2004; has been subject to continuous reporting requirements in the
447	768		foreign jurisdiction for not less than one hundred eighty (180) days
448	769		before the transaction; and the security is listed on the foreign
449	770		jurisdiction’s securities exchange that has been designated by this
450	771		paragraph or by rule adopted or order issued und er this act the
451	772		Oklahoma Uniform Securities Act of 2004 , or is a security of the
452	773		same issuer that is of senior or substantially equal rank to the
453	774		listed security or is a warrant or right to purchase or subscribe to
454	775		any of the foregoing. For purposes of th is paragraph, Canada,
455	776		together with its provinces and territories, is a designated foreign
456	777		jurisdiction and The Toronto Stock Exchange, Inc., is a designated
457	778		securities exchange. After an administrative hearing in compliance
458	779		with the Administrative Proced ures Act, the Administrator, by rule
459	780		adopted or order issued under this act the Oklahoma Uniform
460	781		Securities Act of 2004 , may revoke the designation of a securities
461	782		exchange under this paragraph, if the Administrator finds that
462	783		revocation is necessary or ap propriate in the public interest and
463	784		for the protection of investors ; or
	785	+	25. A sale or offer to sell a security by an issuer if:
464	786
465		-	25. A sale or offer to sell a security by an issuer if:
	787	+	SB568 HFLR Page 16
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466	812
467	813		a. the issuer is a corporation or other business entity
468	814		residing in and doing business in this state and the
469	815		transaction meets the requirements of the federal
470	816		exemption for intrastate offerings in Section 3(a)(11)
471	817		of the Securities Act of 1933, 15 U.S.C. 77c(a)(11)
472	818		and Rule 147A adopted under the Securities Act of 1933
473	819		(17 C.F.R. 230.147A) and as such the securities shall
474	820		be sold only to persons who are residents of this
475	821		state at the time of purchase,
476		-
477	822		b. the sum of all cash and other consideration to be
478	823		received for the sale of securities in reliance on
479	824		this exemption shall be limited to Five Million
480	825		Dollars ($5,000,000.00),
481		-
482	826		c. the aggregate value of securities sold under this
483	827		exemption by an issuer to any one person does not
484	828		exceed Five Thousand Dollars ($5,000.00) unless the
485		-
486		-	ENR. S. B. NO. 568 Page 12
487	829		purchaser is an accredited investor as that term is
488	830		defined by Rule 501 of Regulation D of the Securities
489	831		Act of 1933 (17 C.F.R. 230.501),
490		-
491	832		d. a commission or other renumeration is not paid or
492	833		given, directly or indirectly, to a person not
493	834		registered under the Oklahoma Uniform Securities Act
494	835		of 2004 as a broker-dealer or as an agent,
495	836
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496	863		e. the issuer reasonably b elieves that all purchasers are
497	864		purchasing for investment and not for sale in
498	865		connection with a distribution of the security,
499		-
500	866		f. the issuer distributes to prospective purchasers a
501	867		disclosure document containing the information set
502	868		forth by rule adopted und er the Oklahoma Uniform
503	869		Securities Act of 2004,
504		-
505	870		g. the issuer, at least ten (10) business days prior to a
506	871		sale, files a notice of exemption with the Department
507	872		accompanied by the disclosure document required by
508	873		paragraph f of this subsection, and the filin g fee set
509	874		forth in the Oklahoma Uniform Securities Act of 2004,
510	875		pursuant to Section 1-612 of Title 71 of the Oklahoma
511	876		Statutes,
512		-
513	877		h. the issuer files with the Department, for as long as
514	878		the offering is continuing, quarterly and fiscal year -
515	879		end reports containing any changes to information that
516	880		has become inaccurate or incomplete in any material
517	881		respect including, but not limited to, the most recent
518	882		financial statements, and
519		-
520	883		i. the issuer holds funds received from sales made in
521	884		reliance on this exemption in a n escrow account
522	885		established in a bank or depository institution
523	886		authorized to do business in this state and subject to
	887	+
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524	914		regulation under the laws of the United States or
525	915		under the laws of this state until the aggregate funds
526	916		raised from all purchases is eq ual to or greater than
527	917		the minimum target offering amount specified in the
528	918		disclosure document. All funds shall be used in
529		-
530		-	ENR. S. B. NO. 568 Page 13
531	919		accordance with the representations made by the issuer
532	920		in the disclosure document required by subparagraph f
533	921		of this paragraph.
534		-
535	922		Notwithstanding the foregoing provisions of this subsection, an
536	923		issuer shall be prohibited from offering securities under this
537	924		subsection if the issuer or any of its principals or control
538	925		persons:
539		-
540	926		(1) within the last five (5) years has filed a
541	927		registration statement that is the subject of a
542	928		currently effective registration stop order
543	929		entered by any state securities administrator or
544	930		the Securities and Exchange Commission,
545		-
546	931		(2) within the last five (5) years has been convicted
547	932		of any criminal offense in connection with the
548	933		offer, purchase, or sale of any security or
549	934		involving fraud or deceit,
550		-
551	935		(3) is currently subject to any state or federal
552	936		administrative enforcement order or judgment
553	937		entered within the last five (5) years finding
	938	+
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554	965		fraud or deceit in connection with the purchase
555	966		or sale of any security, or
556		-
557	967		(4) is currently subject to any order , judgment or
558	968		decree of any court of competent jurisdiction
559	969		entered within the last five (5) years
560	970		temporarily, preliminarily or permanently
561	971		restraining or enjoining such party from engaging
562	972		in or continuing to engage in any conduct or
563	973		practice involving fraud or deceit in connection
564	974		with the purchase or sale of any security.
565		-
566	975		Nothing in this subsection prohibits the use of general
567	976		solicitation or general advertising in connection with the exemption
568	977		under this subsection.
569		-
570	978		As to a particular offering, the Administrator may by rule or
571	979		order withdraw or further condition the exemption under this
572	980		subsection.
573		-
574		-	ENR. S. B. NO. 568 Page 14
575		-
576	981		SECTION 2. NEW LAW A new section of law not to be
577	982		codified in the Oklahoma Statutes reads as follows:
578		-
579	983		The Department shall promulgate rules pursuant to the provisions
580	984		of this act within ninety (90) days of the effective date of th is
581	985		act.
582		-
583	986		SECTION 3. It being immediately necessary for the pre servation
584	987		of the public peace, health or safety, an emergency is hereby
	988	+
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585	1015		declared to exist, by reason whereof this act shall take effect and
586	1016		be in full force from and after its passage and approval.
587	1017
588		-
589		-	ENR. S. B. NO. 568 Page 15
590		-	Passed the Senate the 11th day of March, 2021.
591		-
592		-
593		-
594		-	Presiding Officer of the Senate
595		-
596		-
597		-	Passed the House of Representatives the 12th day of April, 2021.
598		-
599		-
600		-
601		-	Presiding Officer of the House
602		-	of Representatives
603		-
604		-	OFFICE OF THE GOVERNOR
605		-	Received by the Office of the Governor this _______ _____________
606		-	day of ___________________, 20_______, at _______ o'clock _______ M.
607		-	By: _______________________________ __
608		-	Approved by the Governor of the State of Oklahoma this _____ ____
609		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
610		-
611		-	_____________________________ ____
612		-	Governor of the State of Oklahoma
613		-
614		-
615		-	OFFICE OF THE SECRETARY OF STATE
616		-	Received by the Office of the Secretary of State this _______ ___
617		-	day of __________________, 20 _______, at _______ o'clock _______ M.
618		-	By: _______________________________ __
	1018	+	COMMITTEE REPORT BY: COMMITTEE ON BANKING, FINANCIAL SERV ICES AND
	1019	+	PENSIONS, dated 03/29/2021 - DO PASS.