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53	53	STATE OF OKLAHOMA
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55	55	1st Session of the 59th Legislature (2023)
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57	57	SENATE BILL 672 By: Burns
58	58
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63	63	AS INTRODUCED
64	64
65	65	An Act relating to financial institutions; creating
66	66	the Fair Access to Financial S ervices Act; providing
67	67	short title; stating purpose; def ining terms;
68	68	preventing financial institutions from denying
69	69	financial services to individuals for certain
70	70	criteria; requiring disclosure f rom financial
71	71	institutions if denying an individual certain
72	72	financial services; providing for penalties;
73	73	promulgating rules; providing for codification; and
74	74	providing an effective date.
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79	79	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
80	80	SECTION 1. NEW LAW A new section of law to be codified
81	81	in the Oklahoma Statutes as Section 1520 of Title 6, unless there is
82	82	created a duplication in numbering, reads as follows:
83	83	This act shall be known and may be cited as the “Fair Access to
84	84	Financial Services Act ”.
85	85	SECTION 2. NEW LAW A new section of law to be codified
86	86	in the Oklahoma Statutes as Section 1520.1 of Title 6, unless there
87	87	is created a duplication in numbering, reads as follows:
88	88	The Legislature recognizes the rights of citizens of this state,
89	89	including the freedom of speech and association . These rights may
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141	141	be infringed when financial institutions limit access to financial
142	142	services for any reason other than objective financial cr iteria.
143	143	The protection of the rights of the citizens and businesses of the
144	144	state, including financial freedom, is a fund amental role of
145	145	government, and any limitations on access to financial services
146	146	based on non-traditional criteria would not only threaten the rights
147	147	and proper privileges of citizens and businesses of th e state but
148	148	would also be a menace to the institutions and foundations of a free
149	149	democratic state and a threat to the peace, order, health, safety,
150	150	and general welfare of the state and its inhabit ants.
151	151	SECTION 3. NEW LAW A new section of law to be codified
152	152	in the Oklahoma Statutes as Sectio n 1520.2 of Title 6, unless there
153	153	is created a duplication in numbering, reads as follows:
154	154	As used in this act:
155	155	1. “Financial institutions ” means any state bank, national
156	156	bank, trust company, savings and loan association, savings bank,
157	157	federal savings and loan association, federal savings bank, mortgage
158	158	provider, credit union, any money transmitter, or other non -
159	159	depository service provider as may be defined in the Oklahoma
160	160	Banking Code, and any federal credit union organized under the
161	161	federal credit union as defined in 12 U.S.C., Section 1751 et seq.;
162	162	2. “Financial service” means a financial produce or service;
163	163	and
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215	215	3. “Person” means an individual, group of individuals, board,
216	216	committee, partnership, firm, association, corporation, or other
217	217	entity as defined in Section 102 of Title 6 of the Oklahoma Statues.
218	218	SECTION 4. NEW LAW A new section of law to be codified
219	219	in the Oklahoma Statutes as Section 1520.3 of Title 6, unless there
220	220	is created a duplication in numbering, reads as follows:
221	221	A. To provide fair access to financial services, a f inancial
222	222	institution shall not, except as provided in this act:
223	223	1. Deny any person a financial service the financial
224	224	institution offers except to the extent justified by such person’s
225	225	documented failure to meet quantitative, impartial risk-based
226	226	financial standards established in advance by the financial
227	227	institution;
228	228	2. Deny any person a financial service the fi nancial
229	229	institution offers, other tha n as provided in paragraph 1 of this
230	230	subsection, when the effect o f the denial is to pr event, limit, or
231	231	otherwise disadvantage th e person:
232	232	a. from entering or competing in a market or business
233	233	segment, or
234	234	b. in such a way that benefits another person or bu siness
235	235	activity in which the financial institution has a
236	236	financial interest; or
237	237	3. Deny, in coordination with another person, any person a
238	238	financial service the financial institution offers.
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290	290	B. A financial institution that uti lizes standard or guidelines
291	291	based on non-financial, non-traditional, and subjective measures
292	292	such as environmental, social, and governance criteria, diversity,
293	293	equity and inclusion policies, or political and ideological factors
294	294	shall:
295	295	1. Disclose to the state authority that oversee s the financial
296	296	institution the specific stan dards, guidelines, an d criteria used by
297	297	the financial institution to determine access or denial of a
298	298	financial service to a person in the state;
299	299	2. Comply with any rules promulgated by the state authority
300	300	that oversees the financial institution defined in this act; and
301	301	3. Disclose to any person de nied a financial service with the
302	302	specific data, information, criteria, and standard used to support
303	303	such denial. This consumer discloser shall be in bold 14 -point
304	304	font.
305	305	SECTION 5. NEW LAW A new section of la w to be codified
306	306	in the Oklahoma Statutes as Section 1520.4 of Title 6, unless there
307	307	is created a duplication in numbering, reads as follows:
308	308	A. Unless otherwise authorized, a financial institution that
309	309	violates Section 4 of this act or commits an unfair practice that
310	310	misleads consumers shall be subject to civil enforcement by the
311	311	Oklahoma Banking Department pursuant to Section 201 et seq. of Title
312	312	6 of the Oklahoma St atutes.
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364	364	B. A person harmed by a violation of this act may file a civil
365	365	action against the financial institution .
366	366	C. Notwithstanding civil enforcement pursuant to subsection A
367	367	and B of this section, it shall be a felony for a financial
368	368	institution to commit five (5) or more violations of this act.
369	369	D. The Oklahoma Banking Department sh all promulgate rules
370	370	necessary for the enforcement of this act.
371	371	SECTION 6. This act shall become effective November 1, 2023.
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373	373	59-1-330 MR 1/18/2023 12:03:54 PM

Oklahoma 2023 Regular Session

Oklahoma Senate Bill SB672 Compare Versions