Newspaper article THE JOURNAL RECORD

House Banking Committee Passes Financial Records Disclosure Bills

Newspaper article THE JOURNAL RECORD

House Banking Committee Passes Financial Records Disclosure Bills

Article excerpt

controversy, the Oklahoma House Banking and Finance Committee Tuesday passed bills concerning the disclosure of customer financial records and requiring a written agreement on loans in excess of $5,000.

Both bills now face House of Representatives consideration.

House Bill 1005 would allow law enforcement officers to obtain a customer's name, address, financial account number or type of account for use in a criminal law enforcement inquiry.

The bill, passed unanimously on a voice vote, was a committee substitute for House Bill 1005 by Rep. Joe Heaton, R-Oklahoma City, and House Bill 1021 by Rep. Earnest Istook, D-Oklahoma City.

The bill limits access to only those four items and stipulates that an inquiry must be prompted by a subpoena. Access to further information on a customer's account would still be governed by the federal Financial Privacy Act, which Heaton said requires 14-day written notice to the customer.

House Bill 1005 also would exempt from the Bank Privacy Act those instances where the customer whose records are sought is a party to civil litigation. The Oklahoma Discovery Code would govern those cases. The bill would allow a financial institution to recover its expenses for providing records if the institution is not a party to the litigation.

The committee also unanimously passed House Bill 1028, which states a lender or borrower cannot bring action on a credit agreement of more than $5,000 unless the agreement is in writing. …

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