Oklahoma permits inter-agency information-sharing agreements

State Issues State Legislation Consumer Finance Examination

On April 22, the Oklahoma governor signed HB 1387 to permit the state’s Administrator of Consumer Credit to enter into certain cooperative, coordinating, information-sharing agreements with other agencies in place of conducting a separate examination or investigation. According to the Act, the information-sharing agreements apply to any agency that has “supervisory or regulatory responsibility over any entity that has been or may be licensed by the Department of Consumer Credit or any organization affiliated with or representing one or more” such agency, as well as the Oklahoma State Banking Department. The Act is effective November 1.