SB785 amends the Oklahoma Banking Code’s definitions section to update and modernize statutory language. The bill revises a long list of defined terms used throughout the code, including terms such as acquisition, bank, branch bank, capital, deposits, merger, savings association, trust company, and related banking and regulatory concepts. It also updates terminology for gender-neutral and current usage, such as replacing or standardizing references like “chairman” to “chair,” and makes conforming reference changes throughout the definitions section.
A notable substantive change is the addition of a definition for “central bank digital currency,” which is expressly described as a digital currency or digital monetary unit of account issued by the Federal Reserve, a federal agency, or foreign governmental or reserve authorities and made directly available to consumers. The bill also revises the definition of “currency” to exclude central bank digital currency, signaling that CBDC would not be treated as traditional currency under the Oklahoma Banking Code. The bill is set to take effect November 1, 2025.
Impact
SB785 would amend 6 O.S. 2021, Section 102, the definitions section of the Oklahoma Banking Code. Because these definitions are used throughout the code, the bill would affect how banks, savings associations, holding companies, the Banking Commissioner, and other regulated entities interpret and apply numerous provisions of state banking law. The most consequential legal effect is the explicit exclusion of central bank digital currency from the statutory definition of currency, which could influence future regulatory treatment of digital money and related banking transactions in Oklahoma.
Sentiment
The available legislative record shows no committee transcript and no recorded votes, so there is no direct evidence of debate or opposition in the materials provided. Based on the bill text, the measure appears largely technical and administrative, focused on updating definitions and statutory references rather than changing core banking policy. The inclusion of a CBDC definition suggests some forward-looking policy attention, but the overall tone of the bill is neutral and housekeeping-oriented.
Contention
No specific points of contention are documented in the provided materials. The only provision that may draw policy attention is the new treatment of central bank digital currency, especially the decision to exclude it from the definition of currency while separately defining it in the code. That issue could matter to banks, regulators, and parties interested in digital payments or federal monetary policy, but the record provided does not show any expressed disagreement or support from legislators or stakeholders.