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27	27	STATE OF OKLAHOMA
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29	29	1st Session of the 59th Legislature ( 2023)
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31	31	HOUSE BILL 2544 By: O'Donnell
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37	37	AS INTRODUCED
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39	39	An Act relating to financial services; enacting
40	40	the Oklahoma Fair Access to Financial Services
41	41	Act; making legislative f indings; defining terms;
42	42	prohibiting financial institutions from denying
43	43	services based on impermissible criteria;
44	44	imposing duty of disclosure upon financial
45	45	institutions; prescribing content of required
46	46	disclosure; providing civil cause of action for
47	47	violations of act; for civil penalties; providing
48	48	for criminal penalties; providing for
49	49	enforcement; providing for codifica tion; and
50	50	providing an effective date .
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57	57	BE IT ENACTED BY THE PEOPL E OF THE STATE OF OKLAHOMA:
58	58	SECTION 1. NEW LAW A new section of law to be
59	59	codified in the Oklahoma Statutes as Section 3101 of Title 6,
60	60	unless there is created a duplication in numbering, reads as
61	61	follows:
62	62	This act shall be known and may be cited as the "Oklahoma
63	63	Fair Access to Financial Services Act."
64	64	SECTION 2. NEW LAW A new section of law to be
65	65	codified in the Oklahoma Statutes as Section 3102 of Title 6,
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91	91	unless there is created a duplication in numbering, reads as
92	92	follows:
93	93	The Legislature recognizes the rights of Oklahoma citizens
94	94	including the freedom of speech and association and that these
95	95	rights may be infringed when financial institutions limit access
96	96	to financial services for any reason other than objective
97	97	financial criteria. The protection of the rights of Oklahoma
98	98	citizens and businesses, including financial freedom, is a
99	99	fundamental role of government and any limitations on access to
100	100	financial services based on non-traditional criteria would not
101	101	only threaten the rights and proper privileges of Oklahoma
102	102	citizens and businesses but would also be a menace to the
103	103	institutions and foundation of a free democratic state and a
104	104	threat to the peace, ord er, health, safety, and general welfare
105	105	of the state and its inhabitants.
106	106	SECTION 3. NEW LAW A new sect ion of law to be
107	107	codified in the Oklahoma Statutes as Secti on 3103 of Title 6,
108	108	unless there is created a duplication in numbering, reads as
109	109	follows:
110	110	As used in this act:
111	111	1. "Financial institution" means any state bank, national
112	112	bank, trust company, saving s and loan association, savings bank,
113	113	federal savings and loan association, federal savings bank,
114	114	mortgage provider, or credit union, any money transmitter, or
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140	140	other non-depository service provider, any federal credit union
141	141	organized under the federal cred it union act (12 U.S.C. section
142	142	1751, et seq.), and any insurance company registered in this
143	143	State. "Financial Institution" also means any other institution
144	144	that holds and receives deposits, savings, or share accounts,
145	145	issues certificates of deposit, or p rovides to its customers any
146	146	deposit accounts subject to withdrawal by check, instrument,
147	147	order, or electronic means to effect third -party payments,
148	148	provides insurance services, or provides investment services ;
149	149	2. "Financial service" means a financial pro duct or
150	150	service; and
151	151	3. "Person" means an individual, general part nership,
152	152	limited partnership corporation, limited liability company or
153	153	other lawfully recognized entity.
154	154	SECTION 4. NEW LAW A new section of law to be
155	155	codified in the Oklahoma Statutes as Section 3104 of Title 6,
156	156	unless there is created a duplication in numbering, reads as
157	157	follows:
158	158	A. To provide fair access to financial services, a
159	159	financial institution shall not, except as provided in this act:
160	160	1. Deny any person a financial service the financial
161	161	institution offers except to the extent justified by such
162	162	person's documented failure to meet quantitative , impartial
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188	188	risk-based financial standards established in advance by the
189	189	financial institution,
190	190	2. Deny any person a financial service the financial
191	191	institution offers, other than as provided in paragraph 1 of
192	192	this subsection, when the effect of the denial is to prevent,
193	193	limit, or otherwise disadvantage the person:
194	194	a. From entering or competing in a market or b usiness
195	195	segment; or
196	196	b. In such a way that benefits another person or
197	197	business activity in which the financial
198	198	institution has a financial interest ; or
199	199	3. Deny, in coordination with another person, any person a
200	200	financial service the financial institution offers.
201	201	B. A financial institution that utilizes standards or
202	202	guidelines based on non-financial, non-traditional, and
203	203	subjective measures such as environmental, social, and
204	204	governance criteria, diversity, equity, and inclusion policies,
205	205	or political and ideological factors shall:
206	206	1. Disclose to the state authority that oversees the
207	207	financial institution the specific standards, guidelines, and
208	208	criteria used by the financial institution to determine access
209	209	or denial of a financial service to a person in this st ate;
210	210	2. Comply with any rules promulgated by the state authority
211	211	that oversees the financial institution defined in this act; and
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237	237	3. Disclose to any person denied a financial service with
238	238	the specific data, information, criteria, and standard used to
239	239	support such denial. This consumer disclosure shall be in bold
240	240	fourteen (14) point font.
241	241	SECTION 5. NEW LAW A new section of law to be
242	242	codified in the Oklahoma Statutes as Section 3105 of Title 6,
243	243	unless there is created a duplication in numbering, reads as
244	244	follows:
245	245	A. Unless otherwise authorized, a financial institution
246	246	that violates the provisions of this act commits an unfair
247	247	practice that misleads consumers and shall be subject to civil
248	248	enforcement by the State Banking Department pursuant to the
249	249	provisions of this act .
250	250	B. A person harmed by a violation of this act may file a
251	251	civil action to enforce the provisions of this act.
252	252	C. Notwithstanding civil enforcement pursuant to this
253	253	section, it shall be a misdemeanor for a financial inst itution
254	254	to commit five (5) or more violations of this act.
255	255	D. The Oklahoma State Banking Department, or other
256	256	applicable state governmental entity having regulatory
257	257	jurisdiction over the financial instit ution, shall be authorized
258	258	to promulgate rules if necessary for the enforcement of this
259	259	act.
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285	285	SECTION 6. This act shall become e ffective November 1,
286	286	2023.
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288	288	59-1-5476 MAH 01/15/23

Oklahoma 2023 Regular Session

Oklahoma House Bill HB2544 Compare Versions