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STATE OF OKLAHOMA
2nd Session of the 60th Legislature (2026)
HOUSE BILL 3337 By: Banning
AS INTRODUCED
An Act relating to public finance; amending 62 O.S.
2021, Sections 89.6 and 90, which relate to programs
of the State Treasurer; modifying provisions related
to authorized fees; modifying provisions related to
apportionment of certain revenues; providing an
effective date; and declaring an emergency.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 62 O.S. 2021, Section 89.6, is
amended to read as follows:
Section 89.6. A. The State Treasurer may charge and collect
the following fees:
1. For any returned check or electronic debit that is returned,
a fee of Twenty-five Dollars ($25.00);
2. For handling and processing rejected warrant items processed
by the State Treasurer, a fee of Five Dollars ($5.00) per item;
3. For handling a stop-payment item processed by the State
Treasurer on behalf of a state agency, a fee of Fifteen Dollars
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($15.00) for each item up to a maximum fee of Three Hundred Twenty-
five Dollars ($325.00) per day; and
4. Beginning July 1, 2010 2026, for expenses incurred in
managing the state blended portfolio, an annual fee of not more than
two and one-half (2 1/2) five (5) basis points which may be charged
monthly against the average daily balance of the portfolio;
provided, the fees shall be collected at the time earnings are
deposited to participants.
B. Beginning July 1, 2012, a state agency may direct the State
Treasurer to purchase, sell, hold or otherwise manage investment
transactions on its behalf outside of the blended portfolio,
provided that the agency shall not pay more for investment services
than the rate established by the State Treasurer which shall not
exceed the amount necessary for recovering the cost to the State
Treasurer's office for providing such services.
SECTION 2. AMENDATORY 62 O.S. 2021, Section 90, is
amended to read as follows:
Section 90. A. The State Treasurer may implement and engage in
a securities lending program. As used in this section, "securities
lending program" means any program, arrangement or agreement whereby
the state deposits securities with a federally or state-chartered
savings and loan association, a trust company, a state or national
bank, or a broker-dealer registered with the National Association of
Securities Dealers, Inc. and insured by the Securities Investors
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Protection Corporation, for the purpose of permitting the financial
institution or broker-dealer to lend securities to a borrower
approved by the State Treasurer in return for a fee or charge paid
by the borrower for the use of such securities. All income from
securities lending, less fees, shall be deposited into the
Securities Lending and Custodial Fee Revolving Fund created in this
section; provided, securities lending income in excess of amounts
necessary to pay for the administration of the program, custodial
fees or other banking fees, shall be deposited into the General
Revenue Fund. Securities loaned under this program shall be subject
to the collateral requirements specified by the State Treasurer.
The State Treasurer must receive collateral equal to at least one
hundred percent (100%) of the market value of the securities loaned,
consisting of securities or instruments which the State Treasurer
can purchase pursuant to Section 89.2 of this title. Nothing herein
shall be deemed to prohibit the implementation of securities lending
programs by the state retirement systems which are designed and
managed by the boards of trustees of such systems.
B. There is hereby created in the State Treasury a revolving
fund for the Office of the State Treasurer, to be designated the
"Securities Lending and Custodial Fee Revolving Fund". The fund
shall be a continuing fund, not subject to fiscal year limitations,
and shall consist of any monies transferred thereto by act of the
Legislature and any monies which may be deposited thereto by the
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State Treasurer's Office as provided by this section. All monies
accruing to the credit of the fund are hereby appropriated and may
be budgeted and expended by the Office of the State Treasurer for
the purposes of administering the program and paying custodial fees
or other banking fees. Expenditures from the fund shall be made
upon warrants issued by the State Treasurer against claims filed as
prescribed by law with the Director of the Office of Management and
Enterprise Services for approval and payment.
SECTION 3. This act shall become effective July 1, 2026.
SECTION 4. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and approval.
60-2-14288 MAH 01/14/26