The Oklahoma Money Transmission Modernization Act aims to enhance and streamline the regulation of money transmission services within the state. It establishes a comprehensive framework that includes new definitions, licensing requirements, and the roles of the Commissioner of the Banking Department. The Act emphasizes the importance of multistate cooperation to reduce regulatory burdens and protect the public from financial crimes. Key provisions include the introduction of penalties for violations, such as Class D1 felonies for false statements or operating without a license, and the repeal of previous laws related to the Oklahoma Financial Transaction Reporting Act to consolidate the regulatory framework.

Additionally, the bill introduces specific regulations for digital asset kiosk operators, mandating consumer protections, transparency in transactions, and anti-fraud measures. It outlines the licensing process, including background checks and application fees, while also establishing requirements for licensees regarding record-keeping and compliance with federal laws. The legislation aims to modernize the regulatory landscape for money transmission and digital asset transactions, ensuring consumer protection and enhancing regulatory oversight in Oklahoma.

Statutes affected:
Introduced: 6-1511, 6-1512, 6-1513, 6-1514, 6-1515