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Can you summarize OKST Title 6, Chapter 6?
Banks and Trust Companies > Financial Privacy Act
Short Summary
The Financial Privacy Act, part of the Oklahoma Statutes, governs the disclosure and release of financial records by financial institutions. It requires government authorities to certify in writing that they have complied with the applicable provisions of the Act before a financial institution can release customer records. Financial institutions and their employees are protected from liability for disclosing records in good faith reliance on a government authority’s certificate. The Act also addresses the costs associated with assembling, reproducing, or providing financial records, specifying that government authorities must pay reasonable fees to financial institutions for these services. Financial institutions may also receive reimbursement for costs incurred due to complying with legal process. The Act allows financial institutions to disclose records to supervisory agencies for regulatory purposes, to other financial institutions for regular business purposes, and to courts and government authorities for specific purposes such as perfecting a security interest or collecting on a debt. Financial institutions are also permitted to notify government authorities if they have information relevant to a possible violation of any statute or regulation. The Act includes provisions related to court orders or subpoenas issued in connection with proceedings before a multicounty grand jury. Additionally, the Act governs the issuance and enforcement of subpoenas for a customer’s financial records, specifying the requirements for authorization, service, and customer objections. It prohibits financial institutions from disclosing financial records to government authorities unless they have written consent from the customer or have been served with a subpoena. The Financial Privacy Act aims to maintain the privacy and confidentiality of customer records held by financial institutions in Oklahoma.
Whom does it apply to?
Financial institutions, government authorities, customers
What does it govern?
Financial Privacy Act
What are exemptions?
No specific exemptions mentioned
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Oklahoma