Money transmission; allowing Insurance Commissioner to require certain information for certain claim to exemption; requiring certain license to engage in business; allowing Commissioner to utilize Nationwide Multistate Licensing System. Effective date.
SB1915 creates the “Oklahoma Money Transmission Modernization Act” and substantially rewrites Oklahoma’s money transmission framework. The bill would require any person engaging in money transmission in Oklahoma to be licensed by the Insurance Commissioner, with specific rules for applications, renewals, control changes, key individuals, authorized delegates, reporting, examinations, and enforcement. It also updates the law governing digital asset kiosk operators so that they must be licensed as money transmitters and comply with new consumer-protection, anti-fraud, disclosure, receipt, refund, and transaction-limit requirements.
The bill defines a broad set of terms covering money transmission, stored value, payment instruments, stablecoin, digital assets, and related licensing concepts. It authorizes the Commissioner to use the Nationwide Multistate Licensing System (NMLS), share information with other regulators, conduct examinations and investigations, recover costs, and issue cease-and-desist orders, fines, suspensions, and revocations. It also creates a new Class D1 felony for certain intentional false statements or unlicensed money transmission activity, and repeals the existing Oklahoma Financial Transaction Reporting Act provisions in 6 O.S. 1511 through 1515.
SB1915 would replace the current statutory money transmission regime with a new title 6 framework centered on the Insurance Commissioner rather than the prior act. It would impose licensing, reporting, bonding, net worth, permissible investment, and recordkeeping requirements on money transmitters and authorized delegates, while expressly covering digital asset kiosk operators and certain stablecoin-related activity. The bill also amends criminal law to add unlicensed money transmission and related false filings to the Class D1 offense list, and it repeals several existing sections of the Oklahoma Financial Transaction Reporting Act.
Based on the bill text and the limited legislative history provided, the measure appears to be framed as a modernization and consumer-protection bill, especially for digital asset kiosks and money transmission businesses. The overall tone is regulatory and enforcement-oriented, with a strong emphasis on fraud prevention, transparency, and supervisory coordination. No committee transcript or recorded votes were provided, so there is no documented opposition or support in the supplied materials beyond the bill’s detailed regulatory approach.
The most notable points of contention are likely to be the bill’s strict licensing and compliance burdens, especially for digital asset kiosk operators and smaller money transmitters. The bill requires substantial fees, quarterly reporting, live customer service, transaction caps for new customers, mandatory fraud warnings, refund obligations, and use of blockchain analytics, which may be viewed as costly or operationally difficult. Another potential area of dispute is the broad enforcement authority given to the Insurance Commissioner, including information requests, confidentiality rules, cost recovery, and the ability to suspend or revoke licenses and impose criminal penalties for unlicensed activity or false filings.