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STATE OF OKLAHOMA
1st Session of the 59th Legislature (2023)
HOUSE BILL 2796 By: Stinson
AS INTRODUCED
An Act relating to professions and occupations ;
creating the Oklahoma Accountancy Board Revolving
Fund; providing for deposits and expenditures;
requiring certain percentage be paid to the General
Revenue Fund; stating purpose of revolving fund;
allowing for transfer of ce rtain funds for certain
program; amending 59 O.S. 2021, Sections 15.7,
15.14B, and 15.24, which relate to the Oklahoma
Accountancy Act; updating references; modifying
language; authorizing a student scholarship and grant
program for certain purpose; stating eligibility
requirements; directing promulgation of rules, forms,
fee, and procedures by Board; authorizing the Board
to set amount of awards, application fees, and
additional criteria for the program; limiting funding
for program to collection of administrative fines;
directing Board to determine program funding
annually; providing for transfer of mon ies from
revolving fund to certain account; stating
administrator of certain account; providing for
expenditures; making certain funding subject to
availability of certain funds; prohibiting transfer
or expenditure of certain funds without Board
approval; providing for repayments and reimbursements
of certain funds; directing deposit; providing
certain exemption for certain percentage to be paid
to General Revenue Fund; requiring certain report;
directing certain distribution of report; stating
content of report; providing for codification; and
providing an effectiv e date.
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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 15.17A of Title 59, unless there
is created a duplication in numb ering, reads as follo ws:
There is hereby created in the State Treasur y a revolving fund
for the Oklahoma Accountan cy Board to be designated the "Oklahoma
Accountancy Board Revolving Fund". The fund shall be a continuing
fund, not subject to fiscal limitations, and shall consist of all
monies received by the Board pursuant to the provisions of the
Oklahoma Accountancy Act. All monies accruing to the credit of this
fund are hereby appropriated and may be budgeted and expended by the
Board for the purposes of implementing and e nforcing the provisions
of the Oklahoma Accountancy A ct. Expenditures from this fund shall
be made upon warrants issued by the State Treasurer against claims
filed as prescribed by law with the Director of the Office of
Management and Enterprise Services for approval and payment. The
Board shall pay into t he General Revenue Fund of the state ten
percent (10%) of all annual registration fees deposited to this
fund. From the monies deposited to this fund from administrative
fines the Board shall periodically transfer such amounts as the
Board determines to fund the student scholarship and grant program
established in Section 5 of this act provided such funds are
available and not otherwise encumbered.
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SECTION 2. AMENDATORY 59 O.S. 20 21, Section 15.7, is
amended to read as follows:
Section 15.7 All fees and other monies except the fines as
provided in Section 15.24 of this title received by the Oklahoma
Accountancy Board pursuant to the provisions of the Oklahoma
Accountancy Act shall be expended solely for effectuating th e
purposes of the Oklahoma A ccountancy Act and shall be deposited to
the credit of the Board with the Oklahoma State Treasurer
Accountancy Board Revolving Fund created in Section 1 of this act.
After the close of eac h fiscal year the Board shall file with the
Governor a report of al l fees charged, collected and received and
all disbursements during the previous fiscal year. The Board shall
pay into the General Revenue Fund of the state ten percent (10%) of
all annual registration fees so charged, collected and received, and
no other portion shall ever revert to the General Revenue Fund or
any other fund of the state.
All salaries, fees, and other expenses incurred by the Board in
the performance of the duties imposed by the provisions of the
Oklahoma Accountancy Act shall be paid fro m the Board's Oklahoma
Accountancy Board Revolving Fund and none of said such expenses
shall be a charge against the general funds of this state.
SECTION 3. AMENDATORY 59 O.S. 2021, Section 15.14B, is
amended to read as follows:
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Section 15.14B After notice and hearing, the Oklahoma
Accountancy Board may impose any one or more of the penalties and
administrative fines authorized in Section 15.24 of this title on a
certified public accountant or a public accountant for any one or
more of the following causes:
1. Fraud or deceit in obtaining a certificate, license,
practice privilege or permit;
2. Dishonesty, fraud, or gross negligence in accountancy or
financially related activities;
3. Conviction, plea of guilty , or plea of nolo contendere of a
felony in a court of competent jurisdiction of any state or federal
court of the United States if the acts involved would have
constituted a felony under the laws of this s tate;
4. Conviction, plea of guilty , or plea of nolo contendere of
any misdemeanor, an element of which is dishonesty or fraud,
pursuant to the laws of the United States or any jurisdiction if the
acts involved would have constituted a misdemeanor under t he laws of
this state;
5. Failure to comply with professional stan dards in the Board's
professional code of conduct to the attest and/or compilation
competency requirement for those who supervise attest and/or
compilation engagements and sign the report o n financial statements
or other compilation communications with res pect to financial
statements; and
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6. Violation of any of the provisions of the Oklahoma
Accountancy Act and rules promulgated for its implementation by the
Board.
SECTION 4. AMENDATORY 59 O.S. 20 21, Section 15.24, is
amended to read as follows:
Section 15.24 A. In the event an individual, certified public
accountant, public accountant, firm or entity, after proper notice
and hearing, is found to have violated on e or more provisions of the
Oklahoma Accountancy Act, the Board may impose one or more of the
following penalties on the offending individual, firm or entity:
1. Revoke any certificate, license, practice privilege or
permit issued pursuant to the provisio ns of the Oklahoma Accountancy
Act;
2. Suspend any certificate, li cense, practice privilege or
permit for not more than five (5) years, subject to such terms,
conditions, or limitations as deemed appropriate by the Board;
3. Reprimand a registrant, an in dividual granted practice
privileges under Section 15.12A of this t itle, or a firm exempt from
the permit and registration requirements under Section 15.15C of
this title;
4. Place a registrant, an individual granted practice
privileges under Section 15.1 2A of this title, or a firm exempt from
the permit and registration requirements under Section 15.15C of
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this title on probation for a specified period of time, which may be
shortened or lengthened, as the Board deems appropriate;
5. Limit the scope of pr actice of a registrant, an ind ividual
granted practice privileges u nder Section 15.12A of this title, or a
firm exempt from the permit and registration requirements under
Section 15.15C of this title;
6. Deny renewal of a permit;
7. Require a preissuance review or accelerated peer re view of
the registrant subject to suc h procedures as the Board deems
appropriate;
8. Require successful completion of continuing professional
educational programs deemed appropriate;
9. Assess a an administrative fine not to exceed Ten Thousand
Dollars ($10,000.00) for each separate offense; and
10. Require the registrant, individual or entity to pay all
costs incurred by the Board as a result of hearings conducted
regarding accountancy actions of the registrant, individual , or
entity, including, but not limited t o, attorney fees, investigation
costs, hearing officer costs, renting of special facilities costs,
and court reporter costs.
B. Upon application in writing, the Board may reinstate a
certificate, license, practice p rivilege or permit which has been
revoked, or may modify, upon good cause as to why the individual or
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entity should be reinstated, the suspension of any certificate,
license, practice privilege or permit.
C. Before reinstating or terminating the suspensio n of a
certificate, license, practice pr ivilege or permit, or as a
condition to such reinstatement or termination, the Board may
require the applicant to show successful completion of specified
continuing professional education courses.
D. Before reinstating or terminating the suspension of a
certificate, license, practice privilege or permit, or as a
condition to such reinstatement or termination, the Board may make
the reinstatement of a certificate, license, or permit conditional
and subject to satisfac tory completion of a peer review conduct ed in
such fashion as the Board may specify.
E. Before reinstating or terminating the suspension of a
certificate or license or as a condition to such reinstatement or
termination, the Board may require the applican t to submit to a
national criminal histo ry records search. The costs associated with
the national criminal history records search shall be paid by the
applicant.
F. The provisions of this section shall not be construed to
preclude the Board from entering into any agreement to resolve a
complaint prior to a formal hearing or before the Board enters a
final order.
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G. All monies, excluding costs, collected from civil penalties
administrative fines authorized in this section, such penalties
fines being enforceable in the district courts of this state, s hall
be deposited with the State Treasurer to be paid into the General
Revenue Fund of the state into the Oklahoma Accountancy Board
Revolving Fund created in Section 1 of this act.
SECTION 5. NEW LAW A new section of law to be cod ified
in the Oklahoma Statut es as Section 15.17B of Title 59, unless there
is created a duplication in numbering, reads as follows:
A. The Oklahoma Accountancy Board shall have the power and
authority to establish a student scholarship and grant program to
financially assist eligible students who are qualified under Section
15.8 of Title 59 of the Oklahoma Statutes to take the certified
public accountant examination. To be eligible for consideration and
application for any scholarship, grant, or award authorized in this
section, the student must be currently enrolled in and attending, as
a full-time student with passing grades, an Oklahoma public
institution of higher education and such student applying for a
scholarship, grant, or award must have completed at least one
hundred thirty (130) semester hours, or the equivalent thereof as
determined by the Board, of college or university course curriculum
in an accounting concentration applicable for a baccalaureate or
higher degree in accounting or public finance.
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B. The Board shall promulgate rules, forms, fees, and
procedures to implement the provisions of subsection A of this
section. The Board shall set and determine the amount of each
scholarship, grant, or award; set a reasonable application fee;
create application forms and processes; establish additional
eligibility qualifications or criteria for determining a student's
eligibility for a scholarship, grant, or award and determining the
amount and term of each scholarship, grant, or award; and establish
whether any grant shall be repaid or reimburse d to the Board, in
whole or part, by the recipient.
C. All funding for the student scholarship and grant program
shall be derived from and limited to administrative fines imposed
and collected by the Board for violations of the Oklahoma
Accountancy Act and deposited into the Oklahoma Accountancy Board
Revolving Fund created in Section 1 of this act. All funds made
available for and credited to the student scholarship and grant
program shall be determined by the Board annually and transferred
from the Oklahoma Accountancy Board Revolving Fund to a student
scholarship account established by the State Treasurer. The student
scholarship account shall be administered by the Board for the
purposes of providing scholarships, grants, and awards pursuant to
the provisions of this section and the rules relating thereto.
Expenditures from the student scholarship account shall be made upon
warrants issued by the State Treasurer against claims filed as
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prescribed by law with t he Director of the Office of Management and
Enterprise Services for approval and payment. All funding for the
student scholarship and grant program shall be subject to funds
available in the Oklahoma Accountancy Board Revolving Fund that are
derived from administrative fines, as determined by the Board. No
funds shall be transferred to or expended from the student
scholarship account without Board approval.
D. Any grant funds received as a repayment or reimbursement, in
whole or part, by the Board from a student who was originally
awarded such funds as authorized in this section and the rules
related thereto, shall be deposited and credited to the student
scholarship account and may be subsequently distributed and
disbursed to another student at the Board's discretion. All funds
received as a grant repayment or reimbursement and all funds
transferred and deposited into the student scholarship account under
the provisions of this section shall be exempt from the requirement
provided in Section 211 o f Title 62 of the Oklahoma Statutes
requiring ten percent (10%) to be paid into the General Revenue Fund
of the state.
E. Annually at the end of each fiscal year, the Board shall
provide a written report to the Governor, President Pro Tempore of
the Senate, and Speaker of the House of Representatives on the
scholarship and grant program. The report shall include, for the
fiscal year being reported, the amount of funds transferred into the
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account; the starting and ending balances of the account ; the
scholarship, grant, and award amounts given to students; total
number of students served; repayments or reimbursements received;
and other information deemed pertinent by the Board for the report.
SECTION 6. This act shall become effective November 1, 202 3.
59-1-6263 LRB 12/09/22