On May 13, 2026, OKL LEG reported bill became law without governor's signature.
On May 6, OKL LEG passed bill to change money transmission rules.
OKL LEG passed HB 3521 in order to create a new framework for regulating, licensing and supervising money transmission businesses under Oklahoma Banking Department.
Repeals the Oklahoma Financial Transaction Reporting Act, establishes Oklahoma Money Transmission Modernization Act; amends OKL FIN 6, OKL LEG 21, OKL LEG 63.
Legislative Provisions
Removes payroll processing service providers from list of exempt entities and requires them to obtain a money transmission license within six months of the Act’s enactment.
All nonexempt entities conducting money transmission in Oklahoma must obtain a non-transferable license; and provide financial statement showing required net worth.
Must also submit annual renewals with updated financials, obtain/maintain a specified surety bond, disclose ownership structure, authorized delegates, business locations.
Pay $4000 application fee, any investigation fees, $3000 license fee and renewal fees.
Implement anti-fraud and AML controls consistent with federal standards, maintain permissible investments at required levels in order to safeguard customer funds.
Banking Commissioner has power to collaborate with State and federal systems to improve efficiencies and share information, investigate licensees and their records.
May issue subpoenas and cease-and-desist orders, impose penalties and recover costs.
Applicants, licensees, or authorized delegate data must remain confidential but may be shared with agencies that agree to keep confidential, may disclose aggregated data.
Legislative History
On Feb. 2, 2026, bill introduced in House; on Mar. 25, 2026, bill was passed in House.
On Mar. 30, 2026, bill introduced in Senate; on May 4, 2026, bill passed as amended.
On May 5, bill returned to House; on May 6, 2026, House adopted Senate changes.
Effectiveness
Act becomes effective on Nov. 1, 2026.
May 2026 OKL LEG Governor Approval
On May 13, 2026, OKL LEG reported bill became law without governor's signature.
