H.B. 3521 - Effective November 1, 2026

House Bill 3521 – effective November 1, 2026

On May 6, 2026, the Oklahoma Legislature passed the Oklahoma Money Transmission Modernization Act (Okla. Stat. Ann. tit. 6, § 1551 et seq). This new law originated in House Bill 3521, which was authored by Representative T.J. Marti and Senator Aaron Reinhardt.  House Bill 3521 will become effective on November 1, 2026.  It is now codified in the Oklahoma Statutes at Title 6, Section 1551 et seq.

House Bill 3521 was modeled after the CSBS Model Money Transmission Modernization Act, which has been adopted by 30 other states. The purpose behind House Bill 3521 is to create uniformity and provide the following updates to Oklahoma’s money transmission laws:

• Modernize safety and soundness requirements to ensure customer funds are protected in an environment that supports innovative and competitive business practices;
• Recognize the Nationwide Multistate Licensing System (“NMLS”) as the appropriate system for licensing money transmitters;
• Replace the outdated Oklahoma Financial Transaction Reporting Act (Title 6 Okla. Stat. §§ 1511 - 1515) and its corresponding rules (Okla. Admin. Code Title 85, Chapter 15);
• Create an agent-of-the-payee exemption;
• Require payment processors to hold a license unless exempted by the Oklahoma Banking Commissioner;
• Increase the fees payable by applicants so the Oklahoma State Banking Department and the Bureau of Narcotics will be compensated for performing extensive reviews and background checks;
• Create uniformity with the recently adopted laws regarding digital asset kiosks (See Title 6 Okla. Stat. §§ 1520 – 1520.1) to help ensure money transmitter companies comply with the law.

Fees:

• Application fee $4000 ($3000 if received before 11/01/2026)
• License fee $3000 ($2000 if received before 11/01/2026)
• Renewal fee $3000
• Change in Control (ACN) $4000 ($3000 if received before 11/01/2026)

Information Regarding Upcoming Renewals:

• Documents uploaded to NMLS do not need to be mailed or emailed to the Department.
• Upload the completed renewal report to NMLS under “additional requirements”.
• Check to see if bond is complete and correct amount.
• Agent/Kiosk fees are no longer required.