Oklahoma law sets licensing and customer rules for money transfer businesses

Money transfer businesses must get a state license to operate, unless an exception applies. The rule covers businesses that sell payment instruments or stored value, receive money to send, or provide payroll processing services in Oklahoma. Banks, government agencies, and certain payment services are among the exempt groups. A licensed provider’s agent may act under a written contract and within the authority it grants. The act takes effect November 1, 2026.

Licensed providers must follow rules for sending, refunding, and documenting covered transfers. These rules cover licensed providers and their authorized agents handling covered transfers; separate rules apply to providers offering payroll services. A sender may request a refund in writing, but exceptions apply, including when the money has already been sent or a suspected crime prevents completion. Receipt rules exclude transfers covered by the federal Remittance Rule, some business payments, and payroll services. A payroll provider need not make worker pay statements available if its client identifies the recipients and is responsible for providing that information. A covered refund is due within 10 days after the provider receives the sender’s written request, unless an exception applies.

Providers must protect customer money and report business and financial information to the Banking Commissioner. These duties apply to licensed providers and, where specified, their authorized agents; penalties also apply to people who knowingly conduct unlicensed money transmission or intentionally falsify required records. Providers must maintain required security, such as a bond, and eligible investments worth at least their outstanding transfer obligations; the Commissioner may grant some exemptions or require more security in specified circumstances. The Commissioner may inspect providers and their agents, require records, and suspend or revoke licenses for specified reasons. Knowingly operating without a required license or intentionally falsifying required records can bring felony penalties. The act takes effect November 1, 2026; quarterly reports are generally due within 45 days after each calendar quarter.