OK
Oklahoma Senate Bill SB2016

Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB2016

Introduced
2/5/24  

Caption

Financial institutions; prohibiting disclosure of certain financial information; providing exceptions; providing for damages for discriminatory conduct. Effective date.

Impact

The implementation of SB 2016 will have a direct impact on existing laws governing financial institutions and customer privacy within the state of Oklahoma. By defining terms such as 'protected financial information' and prohibiting the assignment of specific firearms codes to transactions, the bill aims to curtail any discriminatory practices that might arise from such assignments. This means that financial institutions will be required to approach the processing of firearm-related transactions with an emphasis on confidentiality and consumer protection, significantly altering how such transactions are typically handled.

Summary

Senate Bill 2016 aims to enhance the protection of customer financial information, specifically in the context of transactions involving firearms. The bill seeks to prohibit financial institutions from disclosing a customer's protected financial information unless certain conditions are met, such as having a valid warrant or obtaining the customer's written authorization. This measure intends to prevent the misuse of financial data linked to firearms purchases and to guard against potential discrimination experienced by responsible firearm owners in financial transactions.

Contention

Notably, the bill raises questions regarding its potential implications on existing regulatory frameworks concerning financial transactions. Proponents argue that SB 2016 is a necessary step to prevent the stigmatization of lawful gun purchases, thereby protecting consumers from discriminatory financial practices. However, opponents may raise concerns regarding the ability of the state to access important transaction information during criminal investigations or oversight activities. The balancing of these interests will likely be a focal point in ongoing discussions surrounding the bill.

Companion Bills

No companion bills found.

Previously Filed As

OK SB814

Financial institutions; creating the Oklahoma Second Amendment Financial Privacy Act; prohibiting the disclosure of certain information. Effective date.

OK SB672

Financial institutions; creating the Fair Access to Financial Services Act; preventing financial institutions from denying financial services to individuals for certain criteria. Effective date.

OK HB1026

Law enforcement training; prohibiting the certification of permanent resident aliens; providing an exception; effective date.

OK SB406

Sales tax; providing exemption for certain nonprofits. Effective date.

OK SB842

Firearms; defining terms; providing applicability provision; prohibiting governmental entities from contracting with companies without certain written verification. Effective date.

OK SB391

Sales tax; providing exemption for certain nonprofit providing school supplies. Effective date.

OK SB722

Crime and punishment; providing for certain prohibition on release of public scene specific information; defining terms; stating exception; requiring certain notification; providing penalty. Effective date.

OK SB576

Motor vehicles; exempting approved foreign export vehicles from excise tax when titled; providing fee for certain title; providing inspection exception. Effective date. Emergency.

OK SB823

Firearms; removing certain prohibition; prohibiting certain policy or rule. Effective date.

OK SB313

Sales tax; providing exemption for certain air and space museums. Effective date.

Similar Bills

MS HB1110

Second Amendment Financial Privacy Act; create.

WY SF0171

Wyoming second amendment financial privacy act.

OK SB824

Financial institutions; prohibiting disclosure of information including firearm purchases; providing exceptions. Effective date.

OK SB814

Financial institutions; creating the Oklahoma Second Amendment Financial Privacy Act; prohibiting the disclosure of certain information. Effective date.

OK SB814

Financial institutions; creating the Oklahoma Second Amendment Financial Privacy Act; prohibiting the disclosure of certain information. Effective date.

WV HB2004

Prevent the use of payment card processing systems for surveillance of Second Amendment activity and discriminatory conduct

AL HB181

Relating to financial institutions; to amend Section 5-5A-43, Code of Alabama 1975, to prohibit financial institutions from disclosing certain customer financial records of firearms transactions with certain exceptions; to allow the Department of Finance to disqualify a financial institution from any selection process for state contracts for violation of this prohibition; and to provide civil penalties and criminal penalties for violation of the act.

IL HB3840

SECOND AMENDMENT PRIVACY