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Can I collect bank account information from participants in Oklahoma? What are the requirements?

Based on the documents provided, it appears that you can collect bank account information from participants in Oklahoma, but you must follow the requirements outlined in [1.1], [1.3], [4.1], and [1.4].

Requirements for collecting bank account information

According to [1.1], each short-term or long-term account holder must provide personal information as required by the organization licensee and the Commission, including an address to which communications are to be delivered. The organization licensee must provide a confidential account number and password to be used by the patron to confirm the validity of every account transaction.

Additionally, [1.3] states that the organization licensee must notify the patron, at the time of opening the account, of any rules the organization licensee has made concerning deposits, withdrawals, average daily balance, user fees, interest payments, and any other aspect of the operation of the account. The organization licensee must also notify the patron whenever the rules governing the account are changed, with such notification occurring before the new rules are applied to the account and including the opportunity for the patron to close or cash-in the account. The patron shall be deemed to have accepted the rules of account operation upon opening or not closing the account.

Furthermore, [4.1] states that a licensee shall not, directly or through an affiliate, disclose, other than to a consumer reporting agency, a policy number or similar form of access number or access code for a consumer’s policy or transaction account to any nonaffiliated third party for use in telemarketing, direct mail marketing or other marketing through electronic mail to the consumer.

Finally, [1.4] states that deposits may be made in cash or by check, whereby the proceeds of the check may first need banker’s clearance. Holding periods will be determined by the organization licensee and advised to the account holder. A receipt for the deposit must be issued to the account holder, but does not need to reflect the current account balance.

Conclusion

Based on the documents provided, it appears that you can collect bank account information from participants in Oklahoma, but you must follow the requirements outlined in [1.1], [1.3], [4.1], and [1.4].

Source(s):
Jurisdiction

Oklahoma