Oklahoma House Bill HB2796

Oklahoma 2023 Regular Session

• Introduced: 2/6/23
• Refer: 2/7/23

Caption

Oklahoma Accountancy Act; creating revolving fund; authorizing student scholarship and grant program; effective date.

Impact

An essential aspect of HB2796 is the establishment of a student scholarship and grant program. This program aims to support students pursuing careers in accountancy, as it will provide financial assistance to eligible students enrolled in Oklahoma public institutions of higher education. This initiative is designed to encourage students to complete their studies in accounting or public finance, thereby potentially increasing the number of qualified accountants in the state.

Summary

House Bill 2796 seeks to create the Oklahoma Accountancy Board Revolving Fund, which will facilitate the administration and enforcement of the Oklahoma Accountancy Act. This revolving fund will serve as an ongoing financial resource for the Board, encompassing all funds collected under the provisions of the Act. A notable provision is the requirement that ten percent of all annual registration fees collected be deposited into the state's General Revenue Fund, ensuring that some financial contribution is made to the state budget.

Contention

While the bill largely promotes educational funding and regulatory oversight, there may be points of contention around how the fund is managed, especially with respect to the sources of revenue for the scholarship program being derived from administrative fines. There could be concerns regarding the sustainability and reliability of funding for the scholarships, as it depends entirely on the imposition and collection of these fines. Furthermore, the bill includes provisions regarding the Board's authority to determine eligibility and award amounts, which may raise questions about oversight and transparency in the grant allocation process.