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Bill

SB 1107

Financial services; creating the Financial Services Freedom Act. Effective date.

2025 Regular Session Introduced by Shane Jett

Oklahoma bill proposing Financial Services Freedom Act fails committee after proposing regulatory or tax changes for state financial services providers.

Coauthored by Senator Hamilton
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WeVote Research Nonpartisan
Bill Summary · SB 1107

Legislative bill overview

SB 1107, the Financial Services Freedom Act, is an Oklahoma bill introduced by Senator Shane Jett that appears designed to modify regulatory or operational requirements for financial services providers in the state. The bill failed in the Revenue and Taxation Committee on March 3, 2025, after being referred for consideration in early February.

Why is this important

Financial services legislation can significantly affect how banks, credit unions, lenders, and other financial institutions operate within a state, potentially impacting consumer access to credit, fees, and service availability. The bill's placement in the Revenue and Taxation Committee suggests it may have involved tax treatment or regulatory compliance issues affecting the financial sector's obligations or structure.

Potential points of contention

  • Regulatory scope: "Freedom" language in financial services bills often signals reduced oversight or compliance requirements, which consumer protection advocates may oppose while industry groups support
  • Tax implications: Committee assignment suggests potential changes to how financial services are taxed, which could affect state revenue or create competitive advantages/disadvantages
  • Consumer protections vs. industry flexibility: Balancing deregulation with safeguards for depositors and borrowers is typically contentious in financial services legislation

Compiled from official sources — confirm details with the bill’s official record.

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