SB 2067: Financial institutions; Financial Privacy Act; permitting disclosure or release of information for investigations of financial exploitation of protected adults. Effective date. - Oklahoma

Floor (House) → Floor (Senate) · 5 edits

MODERATE

The bill was transitioned from the House to the Senate floor, resulting in a complete rewrite of the definitions and reporting requirements. The Senate version expands the definition of 'financial exploitation' to include specific tactics like intimidation and deception, broadens the list of agencies that can be notified, and adds a new provision allowing institutions to notify trusted third parties unless they are suspected of being the exploiters.

Scope change

The scope of the bill was significantly expanded in the Senate version. It now explicitly covers 'vulnerable adults' (defined by state law) rather than just 'protected adults' (aged 62+ or incapacitated), and it clarifies that reports are not required for the same conduct if already reported as abuse or neglect.

DEFINITION

The definition of 'financial exploitation' was updated to include specific methods such as intimidation, coercion, harassment, duress, and false pretenses, whereas the House version only mentioned deception and undue influence.

REQUIREMENT

A new requirement was added allowing financial institutions to notify a trusted third party about suspected exploitation, provided the institution does not suspect that third party of being the exploiter.

The Senate version explicitly authorizes institutions to report suspected exploitation to additional agencies like the Attorney General, FTC, and law enforcement, beyond just the Department of Human Services.

The Senate version clarifies that a separate report for abuse, neglect, or exploitation is not required if the financial institution has already reported the specific conduct as financial exploitation.

ELIGIBILITY

The term 'vulnerable adult' was adopted from existing state law (Title 43A), potentially broadening the group of people covered compared to the House version's specific age and incapacity criteria.

SB2067 (3-04-26) (ALVORD) FS FA2.PDF → Floor (House) · 1 edit

MINOR

The bill text was reformatted from a Senate floor substitute version to a House floor version, resulting in significant layout changes and the addition of a header indicating 'BOLD FACE denotes Committee Amendments.' The actual legislative text regarding financial privacy and exploitation definitions appears identical in both versions, with no substantive policy changes to the law's requirements or scope.

TECHNICAL

The document header and page numbering were updated to reflect the House floor version and include a note about committee amendments, but the legal content of the bill remains unchanged.

SB2067 (2-18-26) (MANN) FS WDFA1.PDF → SB2067 (3-04-26) (ALVORD) FS FA2.PDF · 6 edits

MODERATE

The bill was significantly rewritten to shift its focus from protecting 'vulnerable adults' broadly to specifically addressing financial exploitation of 'protected adults' (defined as those 62+ or incapacitated). The new version amends the Financial Privacy Act to allow institutions to share records with government agencies for investigations, whereas the previous version created entirely new sections for reporting and holds.

Scope change

The bill's scope changed from a standalone act creating new laws for vulnerable adult protection to an amendment of the existing Financial Privacy Act, expanding the circumstances under which financial institutions can disclose customer records to law enforcement.

DEFINITION

The definition of the protected population was narrowed and standardized to align with the Protective Services for Vulnerable Adults Act, specifying individuals aged 62 or older and incapacitated persons.

New terms were added to define 'agency' (including the Department of Human Services and district attorneys) and 'trusted contact' in the context of financial institutions.

REQUIREMENT

New provisions allow financial institutions to disclose or release financial records to supervisory agencies, courts, or government authorities specifically for investigating financial exploitation.

Institutions are now required to notify a government authority if an employee suspects financial exploitation, rather than just reporting to the Department of Human Services.

Provisions regarding temporary transaction holds and specific reporting deadlines to the Department of Human Services were removed or replaced with the new disclosure framework.

ENFORCEMENT

The bill now explicitly permits courts to order institutions not to notify a customer about a grand jury subpoena if disclosure would impede an ongoing criminal investigation.

Enrolled (final version) → SB2067 (2-18-26) (MANN) FS FA1.PDF · 4 edits

MODERATE

The bill was completely rewritten and renumbered as a floor substitute, shifting from a general financial privacy amendment to a specific 'Protection of Vulnerable Adults from Financial Exploitation Act'. The new version expands the scope to include 'trust businesses' alongside financial institutions, lowers the age threshold for protection from 62 to 55, and establishes a mandatory 5-day reporting deadline for suspected exploitation to the Department of Human Services.

Scope change

The bill's scope expanded to explicitly include trust businesses and lowered the age of eligibility for protection from 62 to 55 years old.

DEFINITION

The age threshold for a 'protected adult' was lowered from 62 to 55 years old, and the definition of 'financial exploitation' was streamlined to remove references to specific legal mechanisms like guardianship.

REQUIREMENT

New mandatory requirements were added for both financial institutions and trust businesses to assess suspected exploitation and report findings to the Department of Human Services within five business days.

New provisions require institutions to adopt internal policies and procedures for detecting, assessing, and reporting financial exploitation.

TECHNICAL

The bill text was completely restructured with new section numbers, a new short title, and updated formatting as a floor substitute.

Engrossed → Enrolled (final version) · 3 edits · Apr 29, 2026

MINOR

The bill was finalized as an enrolled version, retaining the core amendments to the Financial Privacy Act that allow financial institutions to share records with agencies investigating financial exploitation. The text was cleaned up to remove draft markers and page numbers, while the substantive legal language regarding definitions, notification duties, and reporting exceptions remained consistent with the engrossed version.

Scope change

The scope of the law remains focused on financial institutions and protected adults; no new entities were added or removed from the applicability of the act.

TECHNICAL

Removed draft formatting markers, page headers, and line numbers to finalize the bill text for official enactment.

Standardized the header from 'Engrossed' to 'Enrolled' to indicate the final version approved by both legislative houses.

Removed a blank line in the definitions section that appeared in the draft version.

Introduced → Engrossed · 6 edits · Mar 17, 2026

MODERATE

The bill was completely rewritten and restructured from a standalone 'Protection of Vulnerable Adults' act into a broader 'Financial Privacy Act' amendment. The new version expands protections to include all adults aged 62 and older, not just those previously defined as 'vulnerable' or 'incapacitated.' It also shifts the primary legal framework from Title 43A (Protective Services) to Title 6 (Financial Institutions), creating new specific definitions and procedures for financial institutions to handle suspected exploitation cases.

Scope change

The bill's scope expanded significantly from protecting only 'vulnerable adults' to protecting all 'protected adults' (defined as anyone 62+ or incapacitated). The legislation also changed from a standalone new law to an amendment of existing financial privacy statutes.

DEFINITION

The definition of 'vulnerable adult' was replaced with 'protected adult,' now explicitly including any individual aged 62 or older, in addition to incapacitated persons.

New definitions were added for 'account,' 'agency,' 'financial institution,' 'institution,' 'protected adult,' 'trust business,' and 'trusted contact' to clarify the scope of the new rules.

REQUIREMENT

New requirements were added for financial institutions to notify a designated 'trusted contact' when suspected financial exploitation is identified, unless that contact is suspected of the exploitation.

New provisions authorize institutions to place temporary holds on accounts during an investigation of suspected financial exploitation.

ENFORCEMENT

The reporting mechanism was changed from a standalone report to a specific exception within the Financial Privacy Act, allowing disclosure of records to agencies investigating exploitation without violating privacy rules.

TECHNICAL

The original standalone bill text, including specific codification sections under Title 43A and the original short title, was removed and replaced with the new Title 6 amendment structure.

Financial institutions; Financial Privacy Act; permitting disclosure or release of information for investigations of financial exploitation of protected adults. Effective date.

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