OK HB3521

Final Summary of HB 3521: Oklahoma Money Transmission Modernization Act

• Creates the Oklahoma Money Transmission Modernization Act (Title 6, Sections 1551-1594), replacing the Oklahoma Financial Transaction Reporting Act (repeals 6 O.S. 2021, Sections 1511-1515), effective November 1, 2026

• Requires licensure for all money transmission activities including selling/issuing payment instruments, stored value products, receiving money for transmission, and payroll processing services; licenses are non-transferable and cost $4,000 application fee plus $3,000 license fee

• Exempts federal and state government agencies, federally insured depository institutions, bank holding companies, U.S. Postal Service, registered securities broker-dealers, futures commission merchants, and employees/authorized delegates acting within their scope of employment

• Grants the Banking Commissioner broad authority to conduct examinations and investigations (in or outside the U.S.), issue subpoenas, administer oaths, participate in multistate supervisory processes through NMLS, and share information with other state/federal regulators

• Requires licensees and authorized delegates to collect transaction fees of $5.00 for transactions up to $500, plus 1% of amounts exceeding $500, remitted quarterly to the Oklahoma Tax Commission for the Drug Money Laundering and Wire Transmitter Revolving Fund

• Establishes that OSBI Narcotics Bureau conducts criminal financial checks on all license applications for a $50 fee and has authority to access applications to identify suspicious or illegal drug-related money activities

• Makes unlawful sale of money transmitter equipment to unlicensed persons a misdemeanor (first offense: up to $3,000 fine and 1 year jail) or Class D1 felony (subsequent offenses: up to $5,000 fine)

• Classifies knowingly using money transmission for controlled substance violations or terrorism as a Class C2 felony with fines up to $50,000 or twice the transaction amount, whichever is greater

• Authorizes OSBI to seize and forfeit funds/equipment violating drug money laundering provisions, and allows the Banking Commissioner to issue emergency account freezes (expiring after 15 days without further legal action)

• Adds definitions for digital assets, digital asset kiosks, and digital asset kiosk operators, bringing cryptocurrency exchange terminals under the regulatory framework