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Successful Legislative Session

The Second Session of the 51st Oklahoma Legislature is in the books, and we “done good” as they say.  More than 2000 bills were introduced in the Second Session, including a number of bills that would have cost banks money in a number of different ways.  We managed to kill every anti-banking bill, many of them before the Session even began.

 

Here's a run-down on the key bills that we supported:

 

  • HB 2245 deals with “identity theft”.  It was passed and signed into law by Governor Henry.  Our amendment was added to clarify what constitutes a “security breach” which, in turn, triggers the notification requirements.   AARP's concerns were rejected, not that AARP is a bad organization, but they wanted to expand the list of possibilities about what could actually constitute a "security breach" to include personal notes, telephone messages and other writings.  This particular bill is airmed at computer "hackers", and that's what we were working toward with the author.

 

  • HB 2725 – Commissioner Thompson's bill was passed and signed by Governor Henry.  It gives the Commissioner the authority to authorize a bank to set up a temporary location in the event of a natural disaster; authorizes the Department to rebate a pro-rated portion of bank assessments under appropriate circumstances; allows for temporary branches to be operated up to 15 days each year in conjunction with “special events” open to the general public; and allows for a temporary branch on college campuses to be located for up to seven (7) days each year (up from three (3) days). 

  • HB 2726 – The bill requires the Personal Representative (PR) of an estate that no action has been taken on a claim.  Under former law the PR was only required to notify claimants if a claim was either approved or denied, and the PR's “inaction” constituted a de facto denial without notice to the claimant.  The bill has been signed by Governor Henry.      

  • HB 2587 – Authorizes county clerks to accept electronic filing of real estate documents, including electronic fee payments, e-mail filing of images of paper documents, filing of electronically-generated documents not existing in paper form, and documents with electronic signatures.  Passed and signed by Governor Henry.

  • SB 1980 – The bill deals with the business of “stranger-originated” life insurance policies and viatical settlements.  It includes an amendment that gives the trustee of a life insurance trust and insurable interest in the lives of the grantor and the beneficiaries of the trust.  Passed and signed into law by Governor Henry.   

 

     

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