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 upon request. Additionally, the bill mandates that financial institutions must notify the account owner or manager within two business days of any such request, including details such as the date and time of the request and the identity of the requestor.

The bill also outlines penalties for non-compliance, imposing 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.