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An Act
ENROLLED SENATE
BILL NO. 2067 By: Alvord and Mann of the
Senate
and
Lepak of the House
An Act relating to financial institutions; amending 6
O.S. 2021, Section 2205, which relates to the
Financial Privacy Act; permitting disclosure or
release of information for investigations of
financial exploitation of protected adults; defining
terms; requiring employees of certain institutions to
notify the institution of suspected financial
exploitation of a protected adult; directing certain
institution to notify proper agency; permitting
certain institution to notify trusted contact of
suspected financial exploitation of a protected
adult; authorizing temporary holds; requiring
provision of certain notice of temporary hold;
requiring provision of certain timeline for temporary
hold; exempting notice to trusted contact if contact
is suspected of financial exploitation of the
protected adult; providing immunity for certain
institution and employees for compliance with
section; requiring retention of certain records;
permitting access to certain records upon
certification by an agency that an investigation into
financial exploitation of a protected adult is being
undertaken by the agency; authorizing certain
statement containing financial information during
certain time frame; requiring requests to comply with
the Financial Privacy Act; providing for
codification; and providing an effective date.
SUBJECT: Financial privacy
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BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 6 O.S. 2021, Section 2205, is
amended to read as follows:
Section 2205. A. Nothing in the Financial Privacy Act shall
prohibit the disclosure or release of any financial record or
information to any supervisory agency in the exercise of its
supervisory or regulatory functions with respect to a financial
institution.
B. Nothing in the Financial Privacy Act prohibits a financial
institution from disclosing or releasing any financial record or
information to another financial institution for the usual and
regular business purposes of the latter or from providing copies of
any financial record to any court or government authority as an
incident to perfecting a security interest, proving a claim in
bankruptcy, or otherwise collecting on a debt either owed the
financial institution itself or owed the financial institution in
its role as a fiduciary.
C. Nothing in the Financial Privacy Act prohibits a financial
institution from notifying a government authority that such
institution or an officer, employee, or agent of such institution
has information that may be relevant to a possible violation of any
statute or regulation.
D. Sections 2201 through 2204 of this title shall not apply to
any court order or subpoena issued in connection with proceedings
before a multicounty grand jury, except that a court shall have
authority to order a financial institution, on which a multicounty
grand jury subpoena for customer records has been served, not to
notify the customer of the existence of the subpoena or information
that has been furnished to the multicounty grand jury. The court
may order that the customer not be notified only if it finds:
1. That the requested records are relevant to an ongoing
criminal investigation being conducted by the multicounty grand
jury; and
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2. That disclosure of the existence or issuance of, or
compliance with the subpoena may frustrate or impede the
investigation.
E. Nothing in the Financial Privacy Act shall prohibit the
disclosure or release of any financial record or information as
required by Section 2 of this act.
SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 3401 of Title 6, unless there is
created a duplication in numbering, reads as follows:
A. As used in this section:
1. “Account” means any account of a financial institution or
trust business for which a protected adult has the authority to
transact business;
2. “Agency” means one or more of the following:
a. the Department of Human Services,
b. the office of the district attorney in the county in
which the suspected exploitation occurred, or
c. any state or federal law enforcement agency with
jurisdiction over the area in which the suspected
exploitation occurred;
3. “Financial exploitation” means:
a. the wrongful or unauthorized taking, withholding,
appropriation, or use of money, assets, or property of
a protected adult, or
b. any act or omission taken by a person, including
through the use of a power of attorney, guardianship,
conservatorship, or any other authority, regarding a
protected adult, to:
(1) obtain control, through the use of intimidation,
undue influence, coercion, harassment, duress,
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deception, false representation, or false
pretense, over the protected adult’s money,
assets, or property, or
(2) convert or divert money, assets, or property of
the protected adult to deprive the protected
adult of the ownership, use, benefit, or
possession of the money, assets, or property;
4. “Financial institution” has the same meaning as defined in
Section 2202 of Title 6 of the Oklahoma Statutes;
5. “Institution” means a financial institution or trust
business;
6. “Protected adult” means:
a. an individual sixty-two (62) years of age or older, or
b. an incapacitated person or a vulnerable adult as such
terms are defined in the Protective Services for
Vulnerable Adults Act;
7. “Trust business” means the same as defined in Section 1702
of Title 6 of the Oklahoma Statutes; and
8. “Trusted contact” means any adult person designated by a
customer of an institution that the institution may contact in the
event of an emergency or loss of contact with the customer, or in
the event of suspected third-party fraud or financial exploitation
targeting the customer.
B. If an employee of an institution reasonably believes that
financial exploitation of a protected adult in this state has
occurred, is occurring, has been attempted, is being attempted, or
will be attempted, the employee shall notify the institution of the
suspected financial exploitation. If the institution reasonably
believes that financial exploitation has occurred or is occurring,
the institution shall promptly notify one or more of the proper
agencies pursuant to the provisions of the Protective Services for
Vulnerable Adults Act.
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C. If an institution believes that financial exploitation of a
protected adult has occurred, is occurring, has been attempted, is
being attempted, or will be attempted, in or from this state, the
institution may notify the trusted contact, or in the absence of
such designation, any other third party that the institution
reasonably believes is associated with the protected adult.
D. 1. An institution transacting business in or from this
state with a protected adult may place a temporary hold on a
transaction with or a disbursement of funds from an account of such
protected adult or an account on which such protected adult is a
beneficiary if:
a. the institution believes that financial exploitation
of a protected adult has occurred, is occurring, has
been attempted, is being attempted, or will be
attempted, and
b. the institution:
(1) immediately, but in no event more than three (3)
business days after the date the temporary hold
is first placed, provides oral or written
notification, which may be electronic, of the
temporary hold and the reason to all parties
authorized to transact business with the account
and to any trusted contact, and
(2) immediately initiates an internal review of the
suspected or attempted financial exploitation of
the protected adult, as necessary.
2. An agency or a court of competent jurisdiction may terminate
or extend a temporary hold authorized by this subsection. Any
temporary hold of a transaction or disbursement of funds as
authorized by this subsection shall expire upon the earlier of:
a. a determination by the institution that the
transaction or disbursement of funds shall not result
in financial exploitation of the protected adult, or
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b. not later than ten (10) business days after the date
on which the institution first placed the temporary
hold on the transaction or disbursement of funds,
unless the institution’s internal review of the facts
and circumstances supports the institution’s
reasonable belief that financial exploitation of the
protected adult has occurred, is occurring, has been
attempted, or will be attempted, or the institution
receives a request for an extension by one or more of
the agencies, in which case the institution may extend
the temporary hold to not later than twenty (20)
business days after the date the institution first
placed the temporary hold on the transaction or
disbursement of the funds.
3. Nothing in this subsection shall require an institution to
place a temporary hold on any transaction with or disbursement of
funds from an account of a protected adult or an account on which
such protected adult is a beneficiary.
E. Notwithstanding the provisions of subsections C and D of
this section, a notification permitted or required by this section
shall not be made to any person the institution reasonably believes
has engaged, is engaging, or will engage in suspected or attempted
financial exploitation of the protected adult.
F. 1. An institution, or any employee of an institution, who
makes a notification or report under subsection B of this section,
makes a notification or report to a third party under subsection C
of this section, provides records to any agency pursuant to
subsection G of this section, or testifies or otherwise participates
in a judicial proceeding arising from such notification, report, or
provision of records, shall be immune from any civil or criminal
liability arising from the notification, report, provision of
records, testimony, or participation in the judicial proceeding,
unless the employee or institution acted in bad faith or with a
malicious purpose.
2. An institution that places, releases, or does not place a
hold on any transaction pursuant to subsection D of this section
shall be immune from any civil or criminal liability, as well as any
disciplinary action from the Banking Department, from that action or
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failure to act, unless the institution acted in bad faith or with a
malicious purpose.
G. An institution shall retain and, to the extent permitted by
state and federal law, may provide access to or copies of records
that are relevant to the suspected or attempted financial
exploitation of a protected adult to any agency upon the written
certification of the agency that an investigation into the financial
exploitation of a protected adult is being undertaken by the agency.
Upon such certification, the agency may request an institution to
furnish, and an institution may, but shall not be required to,
furnish, a statement setting forth the following information with
respect to a customer account specified by the requesting party for
a period of ninety (90) days before and up to sixty (60) days
following the date of occurrence of the alleged illegal act
involving the account:
1. The number of items dishonored;
2. The number of items paid that created overdrafts;
3. The dollar volume of the dishonored items and items paid
which created overdrafts and a statement explaining any credit
arrangement between the bank, credit union, or savings association
and customer to pay overdrafts;
4. The dates and amounts of deposits and debits and the account
balance;
5. A copy of the signature card, including the signature and
any addresses appearing on a customer’s signature card;
6. New bank cards issued;
7. Change of address requests received;
8. Power of attorney or trust documents submitted or executed;
9. The date the account opened and, if applicable, the date the
account closed; and
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10. Surveillance photographs and video recordings of persons
accessing the victim’s financial account via an automated teller
machine (ATM) or from within the institution for dates on which
illegal acts involving the account were alleged to have occurred.
This paragraph shall not be construed to:
a. require an institution to produce a photograph or
video recording if the institution does not possess
the photograph or video recording, or
b. affect any existing civil immunities under state law.
A bank, credit union, or savings association that provides the
requesting party with copies of one or more complete account
statements prepared in the regular course of business shall be
deemed to be in compliance with paragraphs 1 through 4 of this
subsection.
H. Any request for information from an agency, not including
the provisions of this section, shall comply with the Financial
Privacy Act. Nothing in subsection G of this section shall be
construed to prohibit an institution from requiring the agencies to
comply with the Financial Privacy Act.
SECTION 3. This act shall become effective November 1, 2026.
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Passed the Senate the 16th day of March, 2026.
Presiding Officer of the Senate
Passed the House of Representatives the 29th day of April, 2026.
Presiding Officer of the House
of Representatives
OFFICE OF THE GOVERNOR
Received by the Office of the Governor this ____________________
day of ___________________, 20_______, at _______ o'clock _______ M.
By: _________________________________
Approved by the Governor of the State of Oklahoma this _________
day of ___________________, 20_______, at _______ o'clock _______ M.
_________________________________
Governor of the State of Oklahoma
OFFICE OF THE SECRETARY OF STATE
Received by the Office of the Secretary of State this __________
day of __________________, 20 _______, at _______ o'clock _______ M.
By: _________________________________