This bill establishes new regulations for banks, credit unions, and financial institutions in Oklahoma regarding the disclosure of financial account information. Specifically, it prohibits these institutions from providing details about the financial accounts or transactions of individuals, businesses, or trusts to any federal agent or agency without prior notification to the account owner or manager. The institutions are required to notify the account holder within two business days of any request for information, detailing the date and time of the request, the identity of the requestor, and any other relevant information.

Additionally, the bill imposes penalties for non-compliance, including a fine of $10,000 for a first offense and the potential loss of operating licenses for subsequent offenses. However, it clarifies that these restrictions do not apply to requests made under a warrant, court order, or with clearly articulated probable cause. The bill is declared an emergency measure, allowing it to take effect immediately upon passage and approval.