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OK HB2506
Bill
Status
2/1/2016
Primary Sponsor
Mark McBride
Click for details
AI Summary
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Stop-payment orders extended from 6 months to 1 year in duration, with oral orders still lapsing after 14 days if not confirmed in writing
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Eliminates the ability to renew stop-payment orders for additional six-month periods
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Banks prohibited from charging customer accounts for checks presented more than 1 year after their date, changing from previous rule allowing payment of stale checks made "in good faith"
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Amends Sections 4-403 and 4-404 of Oklahoma's Uniform Commercial Code (12A O.S. 2011)
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Effective date: November 1, 2016
Legislative Description
Uniform Commercial Code; bank deposits and collections; modifying stop-payment order procedures; effective date.
Last Action
Second Reading referred to Banking and Financial Services
2/2/2016