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STATE OF OKLAHOMA
1st Session of the 59th Legislature (2023)
SENATE BILL 672 By: Burns
AS INTRODUCED
An Act relating to financial institutions; creating
the Fair Access to Financial S ervices Act; providing
short title; stating purpose; def ining terms;
preventing financial institutions from denying
financial services to individuals for certain
criteria; requiring disclosure f rom financial
institutions if denying an individual certain
financial services; providing for penalties;
promulgating rules; providing for codification; and
providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 1520 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 “Fair Access to
Financial Services Act ”.
SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 1520.1 of Title 6, unless there
is created a duplication in numbering, reads as follows:
The Legislature recognizes the rights of citizens of this state,
including the freedom of speech and association . These rights may
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be infringed when financial institutions limit access to financial
services for any reason other than objective financial cr iteria.
The protection of the rights of the citizens and businesses of the
state, including financial freedom, is a fund amental 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 citizens and businesses of th e state but
would also be a menace to the institutions and foundations of a free
democratic state and a threat to the peace, order, health, safety,
and general welfare of the state and its inhabit ants.
SECTION 3. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Sectio n 1520.2 of Title 6, unless there
is created a duplication in numbering, reads as follows:
As used in this act:
1. “Financial institutions ” means any state bank, national
bank, trust company, savings and loan association, savings bank,
federal savings and loan association, federal savings bank, mortgage
provider, credit union, any money transmitter, or other non -
depository service provider as may be defined in the Oklahoma
Banking Code, and any federal credit union organized under the
federal credit union as defined in 12 U.S.C., Section 1751 et seq.;
2. “Financial service” means a financial produce or service;
and
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3. “Person” means an individual, group of individuals, board,
committee, partnership, firm, association, corporation, or other
entity as defined in Section 102 of Title 6 of the Oklahoma Statues.
SECTION 4. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 1520.3 of Title 6, unless there
is created a duplication in numbering, reads as follows:
A. To provide fair access to financial services, a f inancial
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 risk-based
financial standards established in advance by the financial
institution;
2. Deny any person a financial service the fi nancial
institution offers, other tha n as provided in paragraph 1 of this
subsection, when the effect o f the denial is to pr event, limit, or
otherwise disadvantage th e person:
a. from entering or competing in a market or business
segment, or
b. in such a way that benefits another person or bu siness
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.
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B. A financial institution that uti lizes standard 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 oversee s the financial
institution the specific stan dards, guidelines, an d criteria used by
the financial institution to determine access or denial of a
financial service to a person in the state;
2. Comply with any rules promulgated by the state authority
that oversees the financial institution defined in this act; and
3. Disclose to any person de nied a financial service with the
specific data, information, criteria, and standard used to support
such denial. This consumer discloser shall be in bold 14 -point
font.
SECTION 5. NEW LAW A new section of la w to be codified
in the Oklahoma Statutes as Section 1520.4 of Title 6, unless there
is created a duplication in numbering, reads as follows:
A. Unless otherwise authorized, a financial institution that
violates Section 4 of this act or commits an unfair practice that
misleads consumers shall be subject to civil enforcement by the
Oklahoma Banking Department pursuant to Section 201 et seq. of Title
6 of the Oklahoma St atutes.
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B. A person harmed by a violation of this act may file a civil
action against the financial institution .
C. Notwithstanding civil enforcement pursuant to subsection A
and B of this section, it shall be a felony for a financial
institution to commit five (5) or more violations of this act.
D. The Oklahoma Banking Department sh all promulgate rules
necessary for the enforcement of this act.
SECTION 6. This act shall become effective November 1, 2023.
59-1-330 MR 1/18/2023 12:03:54 PM