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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
SENATE BILL 1107 By: Jett
AS INTRODUCED
An Act relating to financial services; creating the
Financial Services Freedom Act; providing short
title; stating intent; defining terms; prohibiting
financial institutions from refusing service based on
certain factors; authorizing customers to request
certain information upon denial of service;
prescribing procedures for providing information;
authorizing the Attorney General to bring civil
action and seek remedies; authorizing persons to
initiate civil action; providing for recovery of
damages; prescribing recovery amounts; authorizing
persons to obtain injunction or restraining order
under certain circumstance; amending 15 O.S. 2021,
Section 753, as amended by Section 1, Chapter 368,
O.S.L. 2023 (15 O.S. Supp. 2024, Section 753), which
relates to the Oklahoma Consumer Protection Act;
making violation of certain provisions unlawful;
providing for noncodification; providing for
codification; and providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law not to be
codified in the Oklahoma Statutes reads as follows:
This act shall be known and may be cited as the “Financial
Services Freedom Act”.
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SECTION 2. NEW LAW A new section of law not to be
codified in the Oklahoma Statutes reads as follows:
A. The Financial Services Freedom Act protects consumers by
providing transparency and safeguarding against politicized
debanking. The bill prohibits large banks and payment processors
from discriminating against customers because of their religious or
political speech or views, among other criteria often flagged as
part of a social credit score. It also increases transparency by
giving customers a right to an explanation from the financial
institution if their service is denied, restricted, or terminated.
B. This Legislature finds that:
1. Obtaining access to financial services is a basic
requirement for a person to meaningfully participate in the
marketplace of this state;
2. On account of their fundamental role in the marketplace,
this state and the United States government have given financial
institutions significant privileges and have enacted state and
federal laws that guarantee access to certain financial services
without discrimination based on race, color, religion, national
origin, sex, and other factors;
3. New banks and other financial institutions face significant
barriers to entry that reduce the competitiveness of the market and
allow existing institutions to wield significant power;
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4. Financial institutions should not act as de facto regulators
of private conduct by denying financial services based on a person’s
religious exercise, association, speech, social views, or
participation in a particular industry;
5. Financial institutions have a responsibility to make
decisions about whether to provide a person with financial services
on the basis of impartial criteria free from discrimination or
favoritism based on the above factors;
6. Financial institutions also have a responsibility to
disclose the conditions under which they will deny financial
services, and if they deny financial services, to provide upon
request a truthful and complete explanation to the person as to why
financial services were denied;
7. Financial institutions face increasing internal and external
pressures to impede otherwise lawful commerce based on a person’s
religious exercise, associations, speech, social views, or
participation in particular industries, and to do so covertly,
without informing the person or the public why services were or will
be denied;
8. When financial institutions omit material information about
when they will deny financial services or why they denied financial
services to a person, this lack of transparency harms specific
persons and the general marketplace;
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9. This kind of deception and unfair discrimination in the
provision of financial services threatens the economy, security, and
the soundness of banking and other financial markets in this state;
and
10. These deceptive and unfairly discriminatory practices
threaten the ability of the citizens of this state to speak freely
as part of the democratic process and to live freely according to
the dictates of their consciences, and these practices also violate
the public trust.
SECTION 3. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2300 of Title 6, unless there is
created a duplication in numbering, reads as follows:
A. As used in this section:
1. “Discriminate in the provision of financial services” means
utilizing a social credit score to directly or indirectly decline to
provide full and equal enjoyment in the provision of financial
services, including the refusal to provide, termination of, or
restriction of financial services;
2. “Financial institution” means a bank having total assets
over One Hundred Billion Dollars ($100,000,000,000.00) or a payment
processor, credit card company, credit card network, payment
network, payment service provider, or payment gateway that has
processed more than One Hundred Billion Dollars
($100,000,000,000.00) in transactions in the last calendar year. A
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financial institution shall include any affiliate or subsidiary
company, and the assets and the amount of transactions processed by
such affiliate or subsidiary;
3. “Financial service” means any financial productor service
offered by a financial institution;
4. “Person” means any individual, partnership, association,
joint stock company, trust, corporation, nonprofit organization, or
other business or legal entity;
5. “Protected from government interference” means a reference
to any speech, religious exercise, association, expression, or
conduct that is protected by the First Amendment to the United
States Constitution other than activities that the Supreme Court of
the United States has expressly held are unprotected as of the
effective date of this act, including obscenity, fraud, incitement,
true threats, fighting words, or defamation; and
6. a. “Social credit score” means any analysis, rating,
scoring, list, or tabulation that evaluates the
following:
(1) the exercise of religion that is protected from
government interference by the First Amendment to
the United States Constitution, Section 2 of
Article I of the Oklahoma Constitution, or
federal or state law, including all aspects of
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religious observance and practices, beliefs, and
affiliations,
(2) any speech, expression, or association that is
protected from government interference by the
First Amendment to the United States Constitution
or federal or state law, including opinions,
speech, or other expressive activities, including
the lawful preservation of privacy regarding
those activities, including the refusal to
disclose lobbying, political activity, or
contributions beyond what is required by
applicable state and federal law,
(3) failure or refusal to adopt any targets or
disclosures related to greenhouse gas emissions
beyond what is required by applicable state and
federal law,
(4) failure or refusal to conduct any type of racial,
diversity, or gender audit or disclosure or to
provide any sort of quota, preference, or benefit
based, in whole or in part, on race, diversity,
or gender,
(5) failure or refusal to facilitate or assist
employees in obtaining abortions or gender
reassignment services, or
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(6) except as provided in subparagraph a of this
paragraph, participation in the following lawful
business associations or business activities:
(a) business activities with an entity that
engages in the manufacture, distribution,
wholesale, supply, or retail sale of
firearms, firearms accessories, or
ammunition,
(b) business activity with an entity that
engages in the exploration, production,
utilization, transportation, sale, or
manufacture of fossil fuel or fossil fuel-
based energy, or
(c) agriculture, and
b. For the purpose of division 6 of subparagraph a,
social credit score shall not include the financial
institution evaluating quantifiable risks of a person
based on impartial, financial risk-based standards
that include activities described in division 6 of
subparagraph a, if the standards are established in
advance by the financial institution and publicly
disclosed to customers and potential customers.
These terms defined in this subsection shall be construed in
favor of the broad protection of the conduct, opinions, and beliefs
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protected by the First Amendment to the United States Constitution,
applicable federal law, the Oklahoma Constitution, and state law.
B. If a financial institution refuses to provide, restricts, or
terminates service to a customer, that customer may request a
statement of specific reasons within ninety (90) days after
receiving notice of the refusal to provide, restriction of, or
termination of service. The customer may request the statement from
a customer service representative or designated account
representative by phone, mail, or electronic mail. Unless
prohibited by law, the financial institution shall transmit the
statement of specific reasons via mail and electronic mail within
fourteen (14) days of receipt of the request. The statement of
specific reasons shall include:
1. A detailed explanation of the basis for the denial or
termination of service, including a description of any of the
speech, religious exercise, business activity of the consumer with a
particular industry, or other conduct that was, in whole or in part,
the basis of the denial or termination of service;
2. A copy of the terms of service agreed to by the customer and
the financial institution; and
3. A citation to the specific provisions of the terms of
service upon which the financial institution relied to refuse to
provide, restrict, or terminate service if relevant.
C. A financial institution shall not:
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1. Discriminate in the provision of financial services to a
person; or
2. Agree, conspire, or coordinate, directly or indirectly,
including through any intermediary or third party, with another
person, or group of persons, to engage in activity prohibited by
paragraph 1 of this subsection.
D. Any violation of this section shall be considered a
violation of the Oklahoma Consumer Protection Act, Section 751d et
seq. of Title 15 of the Oklahoma Statutes.
E. If the Attorney General has reasonable cause to believe that
any financial institution has engaged in, is engaging in, or intends
to engage in any violation of this section, the Attorney General may
investigate, bring civil action, and seek remedies as provided in
the Oklahoma Consumer Protection Act.
F. Any person harmed by a violation of this section may
initiate a civil action for either or both of the following:
1. To recover actual damages or Ten Thousand Dollars
($10,000.00), whichever is greater, for each violation. If the
trier of fact finds that the violation was willful, it may increase
the damages to an amount not to exceed three times the actual
damages sustained, or Thirty Thousand Dollars ($30,000.00),
whichever is greater. A court shall award a prevailing plaintiff
reasonable attorney fees and court costs; or
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2. To obtain preventative relief, including an application for
a permanent or temporary injunction, restraining order, or other
order as necessary to enforce the provisions of this section.
SECTION 4. AMENDATORY 15 O.S. 2021, Section 753, as
amended by Section 1, Chapter 368, O.S.L. 2023 (15 O.S. Supp. 2024,
Section 753), is amended to read as follows:
Section 753. A person engages in a practice which is declared
to be unlawful under the Oklahoma Consumer Protection Act when, in
the course of the person’s business, the person:
1. Represents, knowingly or with reason to know, that the
subject of a consumer transaction is of a particular make or brand,
when it is of another;
2. Makes a false or misleading representation, knowingly or
with reason to know, as to the source, sponsorship, approval, or
certification of the subject of a consumer transaction;
3. Makes a false or misleading representation, knowingly or
with reason to know, as to affiliation, connection, association
with, or certification by another;
4. Makes a false or misleading representation or designation,
knowingly or with reason to know, of the geographic origin of the
subject of a consumer transaction;
5. Makes a false representation, knowingly or with reason to
know, as to the characteristics, ingredients, uses, benefits,
alterations, or quantities of the subject of a consumer transaction
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or a false representation as to the sponsorship, approval, status,
affiliation or connection of a person therewith;
6. Knowingly or with reason to know, makes a false or
misleading representation or gives the false or misleading
impression of being affiliated with a state agency or an affiliate
of a state agency through advertisement or publication;
7. Represents, knowingly or with reason to know, that the
subject of a consumer transaction is original or new if the person
knows that it is reconditioned, reclaimed, used, or secondhand;
8. Represents, knowingly or with reason to know, that the
subject of a consumer transaction is of a particular standard, style
or model, if it is of another;
9. Advertises, knowingly or with reason to know, the subject of
a consumer transaction with intent not to sell it as advertised;
10. Advertises, knowingly or with reason to know, the subject
of a consumer transaction with intent not to supply reasonably
expected public demand, unless the advertisement discloses a
limitation of quantity;
11. Advertises under the guise of obtaining sales personnel
when in fact the purpose is to sell the subject of a consumer
transaction to the sales personnel applicants;
12. Makes false or misleading statements of fact, knowingly or
with reason to know, concerning the price of the subject of a
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consumer transaction or the reason for, existence of, or amounts of
price reduction;
13. Employs “bait and switch” advertising, which consists of an
offer to sell the subject of a consumer transaction which the seller
does not intend to sell, which advertising is accompanied by one or
more of the following practices:
a. refusal to show the subject of a consumer transaction
advertised,
b. disparagement of the advertised subject of a consumer
transaction or the terms of sale,
c. requiring undisclosed tie-in sales or other
undisclosed conditions to be met prior to selling the
advertised subject of a consumer transaction,
d. refusal to take orders for the subject of a consumer
transaction advertised for delivery within a
reasonable time,
e. showing or demonstrating defective subject of a
consumer transaction which the seller knows is
unusable or impracticable for the purpose set forth in
the advertisement,
f. accepting a deposit for the subject of a consumer
transaction and subsequently charging the buyer for a
higher priced item, or
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g. willful failure to make deliveries of the subject of a
consumer transaction within a reasonable time or to
make a refund therefor upon the request of the
purchaser;
14. Conducts a closing out sale without having first obtained a
license as required in the Oklahoma Consumer Protection Act;
15. Resumes the business for which the closing out sale was
conducted within thirty-six (36) months from the expiration date of
the closing out sale license;
16. Falsely states, knowingly or with reason to know, that
services, replacements or repairs are needed;
17. Violates any provision of the Oklahoma Health Spa Act;
18. Violates any provision of the Home Repair Fraud Act;
19. Violates any provision of the Consumer Disclosure of Prizes
and Gifts Act;
20. Violates any provision of Section 755.1 of this title or
Section 1847a of Title 21 of the Oklahoma Statutes;
21. Commits an unfair or deceptive trade practice as defined in
Section 752 of this title;
22. Violates any provision of Section 169.1 of Title 8 of the
Oklahoma Statutes in fraudulently or intentionally failing or
refusing to honor the contract to provide certain cemetery services
specified in the contract entered into pursuant to the Perpetual
Care Fund Act;
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23. Misrepresents a mail solicitation as an invoice or as a
billing statement;
24. Offers to purchase a mineral or royalty interest through an
offer that resembles an oil and gas lease and that the consumer
believed was an oil and gas lease;
25. Refuses to honor gift certificates, warranties, or any
other merchandise offered by a person in a consumer transaction
executed prior to the closing of the business of the person without
providing a purchaser a means of redeeming such merchandise or
ensuring the warranties offered will be honored by another person;
26. Knowingly causes a charge to be made by any billing method
to a consumer for services which the person knows was not authorized
in advance by the consumer;
27. Knowingly causes a charge to be made by any billing method
to a consumer for a product or products which the person knows was
not authorized in advance by the consumer;
28. Violates Section 752A of this title;
29. Makes deceptive use of another’s name in notification or
solicitation, as defined in Section 752 of this title;
30. Falsely states or implies that any person, product or
service is recommended or endorsed by a named third person;
31. Falsely states that information about the consumer,
including but not limited to, the name, address or phone number of
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the consumer has been provided by a third person, whether that
person is named or unnamed;
32. Acting as a debt collector, contacts a debtor and threatens
to file a suit against the debtor over a debt barred by the statute
of limitations which has passed for filing suit for such debt; or
33. Acting as a debt collector, contacts a debtor and uses
obscene or profane language to collect a debt; or
34. Any violation of the provisions of Section 1 of this act.
SECTION 5. This act shall become effective November 1, 2025.
60-1-40 QD 1/16/2025 3:41:04 PM