Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB1819

Introduced
2/5/24  
Refer
2/6/24  
Report Pass
2/19/24  
Engrossed
3/18/24  
Refer
3/25/24  
Report Pass
4/1/24  
Enrolled
4/22/24  

Caption

Banking; creating the Uniform Special Deposits Act; providing conditions for use of special deposits. Effective date.

Impact

The bill has significant implications for state banking laws, providing a standardized approach to special deposits across Oklahoma. It aims to enhance clarity for both banks and depositors regarding their rights and obligations. Additionally, by formalizing processes for managing creditor claims against special deposits, the legislation seeks to protect banks from certain liabilities related to these deposits. Overall, SB1819 will simplify compliance and potentially enhance the operational efficiency of banking entities handling special deposits.

Summary

SB1819, titled the Uniform Special Deposits Act, introduces a comprehensive framework governing special deposits held by banks in Oklahoma. The legislation defines key terms related to special deposits, including account agreements, beneficiaries, and contingencies that determine the bank's obligation to pay a beneficiary. It aims to regulate how banks manage these special deposits and provides conditions under which these deposits can be terminated and funds distributed. Importantly, the bill clarifies the nature of property interests in special deposits, stating that neither depositors nor beneficiaries possess a property interest in the special deposit itself but only a right to receive payment under certain conditions.

Sentiment

The sentiment surrounding SB1819 appears favorable among banking institutions, as it offers more structure and clarity in managing special deposits. However, concerns may arise from consumer advocacy groups regarding the implications for depositor protections and the limited property interests that depositors and beneficiaries have under the act. As a result, while banks may appreciate the regulatory clarity, stakeholders representing consumer interests will likely monitor the act's potential impact on customer rights.

Contention

Notable points of contention in the discussions around SB1819 include the implications of the bank's limited fiduciary responsibilities and how this affects consumers' rights. Some stakeholders may argue that the separation of rights concerning special deposits could undermine consumer protections, especially in scenarios where beneficiary claims are complicated by creditor processes. The balance between protecting banks and ensuring fair treatment of consumers and beneficiaries remains a complex aspect of this legislative framework.

Companion Bills

No companion bills found.

Previously Filed As

OK SB816

Oklahoma Bullion Depository; establishing depository in the office of the State Treasurer; providing procedures. Effective date.

OK SB510

Motor vehicles; authorizing creation of various specialty license plates. Effective date.

OK HB2255

License plates; creating various special license plates; effective date.

OK SB782

State government; changing name of certain commission; certain regulations for certain special license plates. Effective date.

OK SB543

Insurance; creating the Insurance Data Security Act. Effective date.

OK HB2647

Firearms; prohibiting the filing of civil actions or special proceedings under certain circumstances; effective date.

OK SB172

Accounting; allowing firms to operate and provide certain services in this state under certain conditions. Effective date.

OK HB2751

Motor vehicles; removing certain apportionment limits; deleting requirements that certain excess funds be deposited; effective date.

OK HB2776

Uniform Commercial Code; clarifying scope of certain definitions; clarifying requirements for establishing control of electronic chattel paper; codification; effective date.

OK SB1101

Public finance; creating the Oklahoma Legacy Investment Board; designating board membership; creating the Oklahoma Legacy Fund; providing sources of funding; providing for appointment of investment managers; providing procedures. Effective date. Emergency.

Similar Bills

AZ SB1206

Banks; special deposits; requirements

DE SB308

An Act To Amend Title 5 Of The Delaware Code Relating To The Uniform Special Deposits Act.

DC B26-0032

Uniform Special Deposits Act of 2025

WV SB561

Relating to Uniform Special Deposits Act

WV SB39

Uniform Special Deposits Act

WV HB4913

Relating to the Uniform Special Deposits Act

WV SB470

Uniform Special Deposits Act

MN HF2233

Uniform Special Deposits Act adopted.