SB1430 Summary

• Requires banks holding foreclosed real estate to obtain an appropriate evaluation of property collateral consistent with safe and sound banking practices, and permits removal of appraisal maintenance requirements when property book value is 50% or less of most recent appraised value.

• Allows bank boards of directors to meet less frequently than monthly if circumstances are satisfied, with any requirement for monthly reviews interpreted as review at each board meeting; requires board meeting minutes be furnished to Commissioner upon request.

• Requires money transmitter licensees and suppliers to provide the Commissioner with updated quarterly lists of agents, authorized delegates, and equipment recipients within 30 days after each calendar quarter.

• Eliminates requirement for separate money transmitter licenses at each location; allows license certificates without termination dates; requires renewal by December 31 each calendar year.

• Establishes minimum security requirement of $200,000 for licensees providing money transmission services to Oklahoma residents primarily through electronic means; permits persons exempt under the Sale of Checks Act to maintain bonds covering money transmission and check sales activities.