All Roll Calls
Yes: 305 • No: 64
OklahomaHB 3521Oklahoma 2026 Regular SessionHouseWALLET
Financial institutions; Oklahoma Money Transmission Modernization Act; Banking Commissioner; Oklahoma State Banking Board; licenses; felony; repealer; effective date.
Sponsored By: T.J. Marti (Republican)
Became Law
Senate Committee
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Bill Overview
Analyzed Economic Effects
25 provisions identified: 4 benefits, 8 costs, 13 mixed.
Customers gain protection for transfer funds
Eligible investments must continuously back all outstanding transfer obligations at full market value, measured under U.S. accounting rules. The Commissioner can limit risky investments, except the law’s specified protected categories, and approve others with sufficient liquidity and quality. During insolvency, specified bankruptcy, receivership, dissolution, reorganization, or nonbeneficiary creditor actions, those assets are held in trust for transfer customers. Creditors outside the trust cannot attach, seize, or otherwise claim those assets through the listed collection methods. The trust ends when all outstanding transfer obligations are paid or otherwise extinguished.
Digital asset kiosk users get warnings
Beginning November 1, 2026, digital asset kiosks must show a prominent, bold fraud warning separate from other disclosures. It explains that transfers cannot be reversed and describes impersonation and other common scams. The wire transmitter law also defines digital assets, kiosks, and operators. Its definitions cover Oklahoma kiosks offering digital asset transactions, including those handled through a separate exchange or using operator-held assets.
Transfer senders gain written refund rights
Beginning November 1, 2026, covered transfer senders can request a refund in writing. Licensed providers must refund eligible transfers within 10 days after receiving the request. This rule excludes federal Remittance Rule transfers and goods or services payments under written provider-payee agreements. No refund is required if money was forwarded, or equivalent funds committed to the recipient, within 10 days of receipt. For agreements setting a later transfer date, the rule applies while funds remain unforwarded under the agreement. Providers can refuse refunds for unfinished transfers when they reasonably suspect a crime or legal violation. Requests must identify the sender and, when multiple transfers are outstanding, the specific transaction.
Payroll clients and workers get statements
Beginning November 1, 2026, licensed payroll processors must report payroll obligations to clients before deducting payroll funds. They must also make paystubs or similar statements available to workers. The client can instead designate the recipients and take responsibility for providing the required worker information.
Criminal transfer network use faces felonies
Beginning November 1, 2026, specified criminal uses of money transfer businesses and electronic transfer networks carry Class C2 felony penalties. Covered conduct includes knowing or intentional use for specified money laundering, controlled-substance offenses, or other crimes. It also includes knowingly processing securities or negotiable instruments for purposes violating the cited money-laundering provisions. Unless another penalty applies, violations of the wire transmitter law carry Class C2 penalties. The law replaces the former two-to-ten-year term with mandatory-imprisonment language tied to Oklahoma sentencing rules. The stated punishment also allows a fine up to $50,000 or twice the transaction amount, whichever is greater, or both.
Transfer equipment suppliers face license restrictions
Beginning November 1, 2026, money transfer equipment includes terminals, machines, software, network access, and other physical or digital systems. The definition covers tools that can start currency or digital asset transfers. Suppliers cannot provide covered equipment to someone without a license from the Oklahoma Banking Commissioner. The law also separately penalizes helping someone access equipment to facilitate violations of the cited money-laundering law.
Unlicensed transfers and false records face felonies
Beginning July 1, 2026, Oklahoma's Class D1 offense list includes intentional falsification of covered money transmission records. This includes false statements, certifications, entries, and omitted material entries. The list also includes knowingly conducting activity requiring a money transmitter license without holding one. The modernization act specifies Class D1 felony penalties of imprisonment, a fine up to $10,000, or both.
Kiosk operators need full-time compliance officers
Beginning November 1, 2026, digital asset kiosk operators must employ a qualified, full-time compliance officer. The officer must coordinate and monitor compliance with applicable federal and state laws and rules. The officer must also ensure full-time employees carry out their compliance duties. The officer cannot own more than 20% of the operator.
Money transmitters file reports and audits
Licensees file financial, transaction, and eligible-investment reports within 45 days after each calendar quarter. Destination-country information is required only in the fourth-quarter report. Providers with delegates also file identifying, contact, appointment, and court-order information within 45 days after each quarter. Annual audited statements are due within 90 days after fiscal-year end, using U.S. accounting rules and an acceptable independent accountant’s opinion. The Commissioner can allow extra time for financial condition reports and annual statements.
Money transmitters must secure transfer obligations
Applicants and licensees must maintain a surety bond or Commissioner-approved deposit; digital-asset kiosk operators and service providers need at least $500,000. Other providers generally need the greater of $200,000 or 100% of average daily Oklahoma transfer liability, capped at $500,000. That average uses the most recently completed three-month period. A $200,000 bond applies when tangible net worth exceeds 10% of total assets. The Commissioner can raise required security to $1 million based on financial condition, including losses or reduced net worth.
Money transmitters pay licensing fees
License applications require a nonrefundable $4,000 application fee and $3,000 license fee, totaling $7,000. Annual renewal costs $3,000, payable no more than 60 days before expiration. Renewal reports must disclose material application changes not already reported. The Commissioner can extend renewal dates for good cause. The Commissioner can also charge fair, proportionate fees for applications, examinations, investigations, and other regulatory work.
Transfer agents face tighter operating rules
Beginning November 1, 2026, authorized money transfer agents cannot use subagents to conduct transfers for a license holder. No one can conduct transfers for a provider that is neither licensed nor exempt. A person providing those transfers like a license holder shares legal responsibility for the full liability with that provider. An authorized agent's activity outside its contract counts as unlicensed activity. As part of replacing prior money transmitter law, the law repeals five Title 6 sections: 1511 through 1515. The supplied text does not explain the separate effects of those repeals.
Transfer customers get receipts and explanations
Beginning November 1, 2026, licensed money transmitters must send money as agreed. They can hold it when they reasonably suspect the sender faces fraud, or a crime or legal violation. If asked, they must explain the hold unless the law bars an explanation. Covered personal, family, and household transfers require receipts showing transaction details, amounts, fees, taxes, and provider information. Receipts must use English and any different language mainly used to advertise, solicit, or negotiate the transfer. Electronic receipts must be savable; in-person customers must request or agree to them. The receipt rule excludes federal Remittance Rule transfers, payroll services, and goods or services payments under written provider-payee agreements.
Regulators keep some transmitter records private
Specified application, licensee, delegate, examination, and investigation records are confidential and generally excluded from public-records disclosure. Specified license, delegate, bond, final-order, and penalty information remains public. Public bond records must remove confidential details, including prices and fees. The Commissioner can share protected records with agency representatives who agree in writing to keep them confidential. Release is also allowed when reasonably needed for public protection and interest, consistent with Oklahoma’s public-records law.
Unsafe money transmitters face shutdowns and fines
Violators can face fines up to $5,000 per violation per day, plus investigation, prosecution, and reasonable attorney costs. The Commissioner can suspend or revoke licenses and delegate approvals for listed violations, noncooperation, fraud, gross negligence, money-laundering misconduct, unfitness, or unsafe practices. The Commissioner can immediately stop likely violations threatening serious harm, insolvency, or asset loss, and bar transmission through delegates. Suspected licensing violations can trigger cease-and-desist orders and emergency court orders issued without advance notice to the affected person. Served stop orders remain enforceable during proceedings and become permanent unless appealed within 15 calendar days; delegates can separately seek relief.
Money transmitter leaders face background checks
Controllers, prospective controllers, and key leaders submit fingerprints and personal histories through the nationwide licensing system. Reviews cover criminal history, credit, regulatory actions, and specified civil cases. Anyone who lived abroad during the previous 10 years needs an independent investigative background report in English. Fingerprints are not required for people who lived abroad throughout those 10 years and still live abroad. People without a Social Security number do not need an independent credit report.
Money transmitter ownership changes need approval
Taking control generally requires prior written approval, a nonrefundable $4,000 fee, and approval in the acquirer’s organization and main-office states. Review takes 90 days unless extended; approval by day 91 requires both other-state approvals. Exceptions cover proxy voting, inheritance, specified court-appointed roles, public offerings, and internal reorganizations keeping the same ultimate controller; qualified previously approved buyers can use notice instead. New key leaders require notice within 15 days and background information within 45 days after appointment. The Commissioner can reject leaders for fitness concerns; otherwise, approval follows after 120 days unless review is extended.
Money transmitters face coordinated regulatory checks
The Commissioner can coordinate across states, use staff or contractors, and accept government or independent audit reports while retaining Oklahoma’s authority. Nationwide licensing-system participation allows needed requirement changes or waivers; shared protected records require confidentiality agreements. Providers and delegates must supply examination records in the requested place and format, and licensees generally pay reasonable examination costs. Investigations can reach outside Oklahoma and the United States, compel testimony and records, use court-enforced subpoenas, and recover reasonable costs. Federal law controls conflicts when Oklahoma’s jurisdiction depends on federal law, and the Commissioner can issue compliance guidance.
Money transmitters face ongoing qualification checks
Applicants must disclose business, criminal, financial, ownership, service, delegate, and other-state licensing information; the Commissioner can waive or replace requirements. Approval requires financial strength, competence, character, and business fitness, with ongoing compliance required to keep the license. Complete applications receive decisions within 180 days, unless the Commissioner extends review; applicants pay reasonable on-site investigation costs. Initial licenses generally expire December 31 of their starting year, but November or December starts last through the following December 31. Licensees that stop qualifying face suspension or revocation.
Money transmitters must maintain financial reserves
Licensees must maintain tangible net worth of at least $100,000 or the higher asset-based amount. The asset-based formula adds 3% of the first $100 million in assets and 2% between $100 million and $1 billion. It then adds 0.5% of assets above $1 billion. Applicants prove net worth using their latest audited or unaudited financial statements. The Commissioner can grant a partial or full exemption for good cause.
Money transmitters must oversee their agents
Before using delegates, licensees need updated written compliance policies, signed contracts, and reasonable risk-based background checks. Contracts must cover legal compliance, funds, remittance, records, examinations, and the Commissioner’s authority. Delegates hold transfer funds, minus fees, in trust for the licensee; mixing funds extends that trust to other property up to that amount. Delegates must stop immediately when the license is suspended, revoked, surrendered, or expires. Within five business days, the licensee must give the Commissioner proof that listed delegates were notified.
Money transmitters need Oklahoma licenses
Beginning November 1, 2026, the law requires licenses to provide, advertise, or offer money transmission in Oklahoma, including digital-asset kiosk services. Delegates must stay within their written authority, exempt providers within their exemptions, and licenses cannot be transferred. Kiosk licensing violations carry misdemeanor penalties: $600 to $2,000 per violation, up to one year in county jail, or both. Unlicensed payroll processors avoid the specified licensing violation by applying within six months after enactment. The Commissioner can extend that transition period together with the application period.
Money transmitters report trouble and keep records
Licensees report specified bankruptcy, receivership, dissolution, reorganization, creditor-assignment, and out-of-state license suspension or revocation events within one business day of learning about them. Felony charges or convictions involving the licensee, controllers, key leaders, or delegates must be reported within three business days. Licensees and delegates must meet federal and state money-laundering reporting duties; timely, complete, accurate federal reports satisfy the state reporting requirement. Licensees keep required transaction, accounting, banking, and delegate records for at least five years. Records stored outside Oklahoma must be accessible within seven business days after the Commissioner requests them.
Some payment providers avoid licensing
Exemptions cover specified financial institutions, governments and contractors, securities firms, payment-system participants, and supervised employees acting within their jobs—not independent contractors. Payee agents need written agreements, must represent the payee, and must accept payments that discharge customers’ debts without loss risk. Payment intermediaries need a licensed or exempt provider that identifies itself and bears sole responsibility; bank agents need written agreements assigning the bank responsibility and loss risk. The stored-value definition excludes payment instruments, closed-loop value, and loyalty or promotional value not sold to the public. The Commissioner can demand proof of eligibility and grant exemptions when regulation is unnecessary and exemption serves the public interest.
Transfer providers gain investments with limits
Beginning November 1, 2026, licensed money transmitters gain more investment options to back their transfer obligations. Options include qualifying cash, deposits, debt, government obligations, standby letters of credit, and excess surety bonds or deposits. Amounts owed by authorized agents must be less than seven days old and cannot exceed 50% of permitted investments overall. A single agent's amounts cannot exceed 10%. Specified investment categories have a 20% limit each and a 50% combined limit. Qualifying cash at foreign institutions has a 10% limit and requires a satisfactory latest examination rating. Those institutions must meet rating, registration, sanctions, and jurisdiction requirements. Stablecoin must match the kind received for outstanding transfers and be held by the provider or a qualified custodian. The Banking Commissioner can allow higher investment limits by rule, policy, or order.
Sponsors & Cosponsors
Sponsor
T.J. Marti
Republican • House
Cosponsors
Aaron Reinhardt
Republican • Senate
Roll Call Votes
House vote • 5/6/2026
FOURTH READING
Yes: 65 • No: 23
Senate vote • 5/4/2026
THIRD READING
Yes: 37 • No: 9
Senate vote • 4/23/2026
Committee vote: Business & Insurance
Yes: 9 • No: 0
Senate vote • 4/23/2026
Top_of_Page
Yes: 0 • No: 0
House vote • 3/25/2026
Top_of_Page
Yes: 79 • No: 16
House vote • 3/25/2026
THIRD READING
Yes: 79 • No: 16
House vote • 3/3/2026
DO PASS
Yes: 13 • No: 0
House vote • 3/3/2026
DO PASS
Yes: 13 • No: 0
House vote • 2/18/2026
DO PASS
Yes: 5 • No: 0
House vote • 2/18/2026
DO PASS
Yes: 5 • No: 0
Actions Timeline
Becomes law without Governor's signature 05/13/2026
5/13/2026HouseSent to Governor
5/6/2026HouseEnrolled measure signed, returned to House
5/6/2026SenateEnrolled, signed, to Senate
5/6/2026HouseReferred for enrollment
5/6/2026HouseFourth Reading, Measure passed: Ayes: 65 Nays: 23
5/6/2026HouseSA's read, adopted
5/6/2026HouseSA's received
5/5/2026HouseEngrossed to House
5/5/2026SenateReferred for engrossment
5/4/2026SenateMeasure passed: Ayes: 37 Nays: 9
5/4/2026SenateGeneral Order, Considered
5/4/2026SenatePlaced on General Order
4/28/2026SenateReported Do Pass, amended by committee substitute Business and Insurance committee; CR filed
4/23/2026SenateReferred to Business and Insurance
4/6/2026SenateWithdrawn from Rules committee
4/6/2026SenateSecond Reading referred to Rules
4/1/2026SenateFirst Reading
3/30/2026SenateEngrossed, signed, to Senate
3/30/2026HouseReferred for engrossment
3/25/2026HouseThird Reading, Measure passed: Ayes: 79 Nays: 16
3/25/2026HouseAmended by floor substitute
3/25/2026HouseAuthored by Senator Reinhardt (principal Senate author)
3/25/2026HouseGeneral Order
3/25/2026HouseCR; Do Pass, amended by committee substitute Judiciary and Public Safety Oversight Committee
3/3/2026House
Bill Text
Enrolled (final version)
5/6/2026
Amended And Engrossed
5/5/2026
Floor (Senate)
4/27/2026
Senate Committee Report
4/23/2026
Senate Committee Substitute for House Bill
4/23/2026
Engrossed
3/30/2026
Floor (House)
3/3/2026
House Committee Report
3/3/2026
House Committee Substitute
3/3/2026
House Policy Committee Report
2/18/2026
Introduced
1/14/2026
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