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STATE OF OKLAHOMA
1st Session of the 59th Legislature ( 2023)
HOUSE BILL 2544 By: O'Donnell
AS INTRODUCED
An Act relating to financial services; enacting
the Oklahoma Fair Access to Financial Services
Act; making legislative f indings; defining terms;
prohibiting financial institutions from denying
services based on impermissible criteria;
imposing duty of disclosure upon financial
institutions; prescribing content of required
disclosure; providing civil cause of action for
violations of act; for civil penalties; providing
for criminal penalties; providing for
enforcement; providing for codifica tion; and
providing an effective date .
BE IT ENACTED BY THE PEOPL E OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be
codified in the Oklahoma Statutes as Section 3101 of Title 6,
unless there is created a duplication in numbering, reads as
follows:
This act shall be known and may be cited as the "Oklahoma
Fair Access to Financial Services Act."
SECTION 2. NEW LAW A new section of law to be
codified in the Oklahoma Statutes as Section 3102 of Title 6,
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unless there is created a duplication in numbering, reads as
follows:
The Legislature recognizes the rights of Oklahoma citizens
including the freedom of speech and association and that these
rights may be infringed when financial institutions limit access
to financial services for any reason other than objective
financial criteria. The protection of the rights of Oklahoma
citizens and businesses, including financial freedom, is a
fundamental role of government and any limitations on access to
financial services based on non-traditional criteria would not
only threaten the rights and proper privileges of Oklahoma
citizens and businesses but would also be a menace to the
institutions and foundation of a free democratic state and a
threat to the peace, ord er, health, safety, and general welfare
of the state and its inhabitants.
SECTION 3. NEW LAW A new sect ion of law to be
codified in the Oklahoma Statutes as Secti on 3103 of Title 6,
unless there is created a duplication in numbering, reads as
follows:
As used in this act:
1. "Financial institution" means any state bank, national
bank, trust company, saving s and loan association, savings bank,
federal savings and loan association, federal savings bank,
mortgage provider, or credit union, any money transmitter, or
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other non-depository service provider, any federal credit union
organized under the federal cred it union act (12 U.S.C. section
1751, et seq.), and any insurance company registered in this
State. "Financial Institution" also means any other institution
that holds and receives deposits, savings, or share accounts,
issues certificates of deposit, or p rovides to its customers any
deposit accounts subject to withdrawal by check, instrument,
order, or electronic means to effect third -party payments,
provides insurance services, or provides investment services ;
2. "Financial service" means a financial pro duct or
service; and
3. "Person" means an individual, general part nership,
limited partnership corporation, limited liability company or
other lawfully recognized entity.
SECTION 4. NEW LAW A new section of law to be
codified in the Oklahoma Statutes as Section 3104 of Title 6,
unless there is created a duplication in numbering, reads as
follows:
A. To provide fair access to financial services, a
financial institution shall not, except as provided in this act:
1. Deny any person a financial service the financial
institution offers except to the extent justified by such
person's documented failure to meet quantitative , impartial
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risk-based financial standards established in advance by the
financial institution,
2. Deny any person a financial service the financial
institution offers, other than as provided in paragraph 1 of
this subsection, when the effect of the denial is to prevent,
limit, or otherwise disadvantage the person:
a. From entering or competing in a market or b usiness
segment; or
b. In such a way that benefits another person or
business activity in which the financial
institution has a financial interest ; or
3. Deny, in coordination with another person, any person a
financial service the financial institution offers.
B. A financial institution that utilizes standards or
guidelines based on non-financial, non-traditional, and
subjective measures such as environmental, social, and
governance criteria, diversity, equity, and inclusion policies,
or political and ideological factors shall:
1. Disclose to the state authority that oversees the
financial institution the specific standards, guidelines, and
criteria used by the financial institution to determine access
or denial of a financial service to a person in this st ate;
2. Comply with any rules promulgated by the state authority
that oversees the financial institution defined in this act; and
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3. Disclose to any person denied a financial service with
the specific data, information, criteria, and standard used to
support such denial. This consumer disclosure shall be in bold
fourteen (14) point font.
SECTION 5. NEW LAW A new section of law to be
codified in the Oklahoma Statutes as Section 3105 of Title 6,
unless there is created a duplication in numbering, reads as
follows:
A. Unless otherwise authorized, a financial institution
that violates the provisions of this act commits an unfair
practice that misleads consumers and shall be subject to civil
enforcement by the State Banking Department pursuant to the
provisions of this act .
B. A person harmed by a violation of this act may file a
civil action to enforce the provisions of this act.
C. Notwithstanding civil enforcement pursuant to this
section, it shall be a misdemeanor for a financial inst itution
to commit five (5) or more violations of this act.
D. The Oklahoma State Banking Department, or other
applicable state governmental entity having regulatory
jurisdiction over the financial instit ution, shall be authorized
to promulgate rules if necessary for the enforcement of this
act.
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SECTION 6. This act shall become e ffective November 1,
2023.
59-1-5476 MAH 01/15/23