Oklahoma SB 822: Currency; defining terms; specifying prohibited institutions and transactions. Effective date.

Bill Text

Req. No. 108 Page 1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

STATE OF OKLAHOMA

1st Session of the 57th Legislature (2019)

SENATE BILL NO. 822 By: Dahm

AS INTRODUCED

An Act relating to currency; defining certain terms;
specifying types of institutions and transactions
prohibited from application of the act; providing for
codification; and providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 16-101 of Title 12A, unless
there is created a duplication in numbering, reads as follows:
As used in this act:
"Virtual currency" means any type of digital representation of
value that:
1. Is used as a medium of exchange, unit of account or store of
value; and
2. Is not recognized as legal tender by the United States
government.
SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 16-102 of Title 12A, unless
there is created a duplication in numbering, reads as follows:

Req. No. 108 Page 2
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

This act shall not apply to:
1. Banks, bank holding companies, credit unions, building and
loan associations, savings and loan associations, savings banks or
mutual banks organized under the laws of any state or the United
States, provided they do not issue or sell payment instruments
through authorized delegates or subdelegates who are not banks, bank
holding companies, credit unions, building and loan associations,
savings and loan associations, savings banks or mutual banks;
2. Electronic transfer of government benefits for any federal,
state or county governmental agency as defined in Federal Reserve
Board Regulation E by a contractor for and on behalf of the United
States or any department, agency or instrumentality thereof, or any
state or any political subdivisions thereof; and
3. Buying, selling, issuing or taking custody of payment
instruments or stored value in the form of virtual currency or
receiving virtual currency for transmission to a location within or
outside the United States by any means.
SECTION 3. This act shall become effective November 1, 2019.

57-1-108 MD 1/25/2019 5:33:11 PM