HB 1741 Summary

• Amends Oklahoma's Uniform Commercial Code (12A O.S. 2021) to modify provisions governing securities and securities intermediaries, including Sections 8-110, 8-503, 8-511, and 1-9-305.

• Changes Section 8-110 to clarify that the securities intermediary's entitlement holder's jurisdiction (rather than the securities intermediary's jurisdiction) governs acquisition of security entitlements and related rights and duties.

• Modifies Section 8-503 to establish that entitlement holders' property interests in financial assets are pro rata interests held by the securities intermediary and protected from creditor claims, with limited exceptions for purchasers meeting specific conditions.

• Amends Section 8-511 to establish priority rules when a securities intermediary lacks sufficient financial assets to satisfy both entitlement holders and creditors with security interests, with special provisions for clearing corporations.

• Becomes effective November 1, 2025.