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53	53	STATE OF OKLAHOMA
54	54
55	55	2nd Session of the 59th Legislature (2024)
56	56
57	57	SENATE BILL 2016 By: Dahm
58	58
59	59
60	60
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63	63	AS INTRODUCED
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65	65	An Act relating to financial institutions; defining
66	66	terms; prohibiting disclosure of certain fi nancial
67	67	information; prohibiting access of certain financial
68	68	information; providing exceptions; providing for
69	69	disclosure of financial information; providing
70	70	requirements for disclosure of information in the
71	71	event of a subpoena; prohibiting the assignment o r
72	72	use of certain code; requiring the assignment of
73	73	certain code; requiring notif ication upon assignment
74	74	of certain code; prohibiting use of certain code to
75	75	engage in discriminatory conduct; authorizing civil
76	76	action for violations of act; providing for
77	77	recoverable damages; requiring the award of
78	78	attorney’s fees upon court finding; providing for
79	79	codification; and providing an effective date .
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81	81
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83	83	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
84	84	SECTION 1. NEW LAW A new secti on of law to be codified
85	85	in the Oklahoma Statutes as Section 6 -601 of Title 14A, unless there
86	86	is created a duplication in n umbering, reads as follows:
87	87	As used in this act:
88	88	1. “Assign” or “assignment” means a financial institution
89	89	policy, process, or pract ice that labels, links, or otherwise
90	90	associates a firearms code with a merchant or payment card
91	91	transaction in a manner that allows the financial i nstitution or any
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143	143	other entity facilitating or processing the payment card transaction
144	144	to identify whether a merchant is a firearms retailer or whether a
145	145	transaction involves the sale of fi rearms or ammunition;
146	146	2. “Customer” means any person who presents a payment card to a
147	147	merchant for the purchase of goods or services;
148	148	3. “Customer’s protected financial infor mation” refers to
149	149	protected financial information appearing in the financial records
150	150	of a customer;
151	151	4. “Disclosure” means the transfer, publicatio n, or
152	152	distribution of protected financial information to another person
153	153	for any purpose other than to process or facilitate a payment card
154	154	transaction;
155	155	5. “Financial institution ” means an entity other than a
156	156	merchant involved in fa cilitating or processing a payment card
157	157	transaction, including but not limited to a bank, acquirer, gateway,
158	158	payment card network, or payment card issuer;
159	159	6. “Financial record” means a financial record held by a
160	160	financial institution related to a payment card transaction that the
161	161	financial institution has processed or facilitated;
162	162	7. “Firearms retailer” means any person engaged in the lawful
163	163	business of selling or trading fir earms or ammunition to be used in
164	164	firearms;
165	165	8. “Firearms code” means any code or other indicator a
166	166	financial institution assigns to a merchant or to a payment card
167	167
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218	218	transaction that identifies whether a merchant is a firearms
219	219	retailer or whether the payment card transaction involves the
220	220	purchase of a firearm or ammunition. The term shall include but is
221	221	not limited to a merchant category code assigned to a retailer by a
222	222	payment card network or other financial instit ution;
223	223	9. “Government entity” means any state agency or political
224	224	subdivision or agency thereof, located in this state;
225	225	10. “Merchant” means a person or entity that accepts payment
226	226	cards from customers for the purchase of goods or services. The
227	227	term shall include a firearms retailer that accepts payment cards
228	228	for the lawful purchase of firearms or ammunition;
229	229	11. “Payment card” means a credit card, charge card, debit
230	230	card, or any other card that is issued to an authorized card user
231	231	and that allows the u ser to purchase goods or services from a
232	232	merchant; and
233	233	12. “Protected financial information” means any record of a
234	234	sale, purchase, return, or refund involving a payment card that is
235	235	retrieved, characterized, generated, labeled, sorted, or grouped
236	236	based on the assignment of a firearms code.
237	237	SECTION 2. NEW LAW A new section of law to be codified
238	238	in the Oklahoma Statutes as Section 6 -602 of Title 14A, unless there
239	239	is created a duplication in numbering, reads as follows:
240	240	A. A financial institution shall be prohibited from disc losing
241	241	a customer’s protected financia l information and a governmental
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293	293	entity is prohibited from accessing or obtaining the information
294	294	unless:
295	295	1. Otherwise required by law and the protected financial
296	296	information is not singled out, segregated, or disclosed based on
297	297	the assignment of a firearms code;
298	298	2. Disclosure is made pursuant to a valid warrant issued in a
299	299	criminal investigation, stating the grounds or probable cause for
300	300	its issuance;
301	301	3. The customer has pro vided written authorization for
302	302	disclosure, as provided in Section 3 of this act; or
303	303	4. Disclosure is made pursuant to a s ubpoena or to a grand jury
304	304	subpoena.
305	305	SECTION 3. NEW LAW A new section of law to be codified
306	306	in the Oklahoma Statutes as Section 6 -603 of Title 14A, unless there
307	307	is created a duplication in numbering, reads as follows:
308	308	A. A financial institution may disclose a customer ’s protected
309	309	financial information if the customer provides the financial
310	310	institution with writt en authorization for the disclosure. The
311	311	written authorization described by thi s section must contain the
312	312	following:
313	313	1. A statement that the customer consents to the disclosure of
314	314	the protected financial information for a specific period;
315	315	2. A statement that the customer has the right to refuse to
316	316	consent to disclosure;
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368	368	3. A statement that the customer understands his or her right
369	369	to revoke the consent at any time before the protected financial
370	370	information is disclosed;
371	371	4. A description of the financia l records authorized to be
372	372	disclosed;
373	373	5. The purpose for which disclosure of th e protected financial
374	374	information is author ized; and
375	375	6. The customer’s signature.
376	376	B. The written authorization described in this section shall
377	377	not be required as a condition of doing business or transacting with
378	378	any financial institution.
379	379	C. The written authorization required by this section shall be
380	380	executed distinctly and separately from other agreements or
381	381	instruments entered into between the customer and financial
382	382	institution.
383	383	SECTION 4. NEW LAW A new section of law to be codi fied
384	384	in the Oklahoma Statutes as Section 6 -604 of Title 14A, unless there
385	385	is created a duplication in numbering, reads as follows:
386	386	If a subpoena issued by a government entity r equires disclosure
387	387	of a customer’s protected financial information, a financial
388	388	institution shall only disclose the information if the subpoena
389	389	meets the following requirements:
390	390	1. The subpoena must state that protected financial information
391	391	is being sought; and
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443	443	2. A copy of the subpoena must be served to customer according
444	444	to the procedure provided in Section 3 of this act and the subpoena
445	445	must contain a certification that the service was executed.
446	446	SECTION 5. NEW LAW A new section of law to be codified
447	447	in the Oklahoma Statutes as Section 6 -605 of Title 14A, unless there
448	448	is created a duplication in numbering, reads as follows:
449	449	A. A financial institution shall not assign to a merchant or
450	450	require a merchant to use a firearms code.
451	451	B. For the sale of firearms, firearms ammunition, and firearms
452	452	accessories, a merchant or financial institution shall not pr ovide
453	453	or assign a firearms code to the purchase and shall assign only a
454	454	merchant code for general merchandise retailers or sporting g oods
455	455	retailers.
456	456	C. A financial institution shall notify a customer, in writing,
457	457	on every occasion that a firearms code is assigned to a transaction
458	458	on the customer’s account.
459	459	D. A financial institution shall not use a firearms code to
460	460	engage in the following discriminatory conduct:
461	461	1. Declining a lawful payment card transaction bas ed on the
462	462	assignment of a firearms code to the merchant or transaction;
463	463	2. Limiting or declining to do business with a customer,
464	464	potential customer, or merchant based on the a ssignment of a
465	465	firearms code to previous lawful transactions involving the
466	466	customer, potential customer, or merchant;
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518	518	3. Charge a higher transaction or interchange fee to any
519	519	merchant or for a lawful transaction, as compared to the fee charged
520	520	to a similarly situated merchant or for a similar transaction, based
521	521	on the assignment of a firearms code; or
522	522	4. Take any action agai nst a customer or merchant that is
523	523	intended to suppress lawful commerce involving firearms or
524	524	ammunition.
525	525	SECTION 6. NEW LAW A new section of law to be codified
526	526	in the Oklahoma Statutes as Section 6 -606 of Title 14A, unless there
527	527	is created a duplication in numbering, reads as follows:
528	528	A. A customer may bring a civil action for damages against any
529	529	financial institution or government entity that causes the
530	530	customer’s protected financial info rmation to be disclosed in
531	531	violation of this act. For each violation, the individual may
532	532	recover:
533	533	1. Against any person who negligently or recklessly violates
534	534	this act, damages of Ten Thousand Dollars ($10,000.00) or actual
535	535	damages, whichever is greater; and
536	536	2. Against any person who intentionally violates this act,
537	537	damages of Twenty-five Thousand Dollars ($25,000.00) or actual
538	538	damages, whichever is greater.
539	539	B. A customer or merchant aggrieved by a violation of Section 5
540	540	of this act may bring a civil ac tion for damages. The person may
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592	592	recover damages of Thirty Thousand Dollars ($30,000.00) or actual
593	593	damages, whichever is greater.
594	594	C. If a court finds that a violation of this act has occurred
595	595	as the result of a civil action filed pursuant to subsection A or
596	596	subsection B of this section, the court shall award reasonable
597	597	attorney fees to the aggrieved party. A court may order other
598	598	relief, including an injunction, as the court considers appropriate.
599	599	SECTION 7. This act shall become effecti ve November 1, 2024.
600	600
601	601	59-2-2412 QD 1/18/2024 4:09:37 PM

Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB2016 Compare Versions