HB 1599 Summary

• Modifies Oklahoma Banking Code (6 O.S. 2011) to allow the Banking Board to set the State Banking Commissioner's compensation based on the most recent Annual Compensation Report from the Office of Management and Enterprise Services, rather than strict legislative salary limits.

• Removes requirement that one Banking Board member must be unaffiliated with state-chartered banking institutions, simplifying board composition qualifications.

• Authorizes the Banking Commissioner to enter into cooperative agreements with the Department of Consumer Credit and other state agencies for information-sharing and coordination.

• Requires agents and authorized delegates offering money transmitter services to prominently display copies of the licensee's current license certificate at each place of business, with licensees responsible for providing updated certificates.

• Clarifies that names of money services business licensees and their agents/authorized delegates are not confidential; updates references to federal regulatory agencies and modifies exemptions for insured deposit representation under the Sale of Checks Act.