Sections 2201 through 2206 of this title and Section 5 and 6 of this act shall be known and may be cited as the "Financial Privacy Act". Its purpose is to maintain the privacy and confidentiality of the records of customers of financial institutions.

2202. Definitions [Back]

(a) "Financial institution" means any office or branch of a bank, savings bank, savings association, building and loan association, savings and loan association and credit union located in the State of Oklahoma.

(b) "Financial record" means any original of, or any copy of, any record held by a financial institution, or any information derived therefrom, pertaining to a customer's relationship with the financial institution.

(c) "Government authority" means any agency, board, commission or department of the State of Oklahoma, or any officer, employee, representative, or agent thereof.

(d) "Customer" means any person, corporation, partnership or other legal entity, or authorized representative thereof, who utilized or is utilizing a service of a financial institution, or for whom a financial institution is acting or has acted as a fiduciary, in relation to an account maintained in the customer's name.

(e) "Supervisory agency" means, with respect to any particular financial institution, any state agency, board, commission or department which has statutory authority to examine the financial condition or business operations of that institution.

2203. Financial institutions prohibited from disclosing financial records unless [Back]

A financial institution is prohibited from giving, releasing or disclosing any financial record to any government authority unless:

(a) it has written consent from the customer for the specific record requested; or

(b) it has been served with a subpoena issued pursuant to Section 4 for the specific record requested.

2204. Subpoena of financial records [Back]

A. A court of competent jurisdiction, state agency or legislative committee may issue a subpoena for a customer's financial record only if such subpoena is authorized by law. Said subpoena shall specify what financial record is sought. A subpoena issued by a state agency or legislative committee shall be enforced pursuant to Section 315 of Title 75 of the Oklahoma Statutes.

B. A copy of the subpoena shall be served on the customer or mailed to his last-known address on or before the date the subpoena is served on the financial institution.

C. The customer shall have fourteen (14) days after the subpoena was served or mailed in which to file a Motion to Quash the subpoena on the following grounds:

1. That the financial record sought is incompetent, irrelevant or immaterial for the purpose or purposes for which it is sought;

2. That the release of the financial record would cause an unreasonable burden or hardship under the circumstances;

3. That the government authority seeking said financial record is attempting to harass the customer; or

4. That there is no merit in the purpose or purposes for which said financial record is sought.

If the subpoena was issued by the district court, the motion to quash the subpoena shall be filed in the district court that issued the subpoena. If the subpoena was issued by a state agency or a legislative committee, the motion to quash the subpoena shall be filed with the state agency or legislative committee that issued the subpoena.

D. A copy of the motion to quash filed by the customer shall be served by personal service or by mail on:

1. A chairman, presiding officer or any member of the governing body of the government authority seeking the records; and

2. Any officer of the financial institution which has been served the subpoena, at least ten (10) days before any hearing on the motion to quash.

E. Failure of the customer to file a motion to quash in the time provided for in subsection C shall constitute a waiver of his right to object to the release or disclosure of the financial record sought by the government authority.

F. During the period for filing the motion to quash and continuing until a ruling is made on such motion, if one is filed, the financial institution shall make available to its customer a copy of the records sought and shall preserve the original records without alteration.

G. The notice and challenge procedures provided for in this section shall not apply when the financial records of the customer:

1. Are sought pursuant to a subpoena in connection with litigation to which the customer is a party, including, but not limited to, litigation between a government authority and the customer; or

2. Are sought pursuant to an administrative subpoena in an adjudicatory proceeding in which the customer is a party.

2205. Disclosures or releases authorized [Back]

A. Nothing in the Financial Privacy Act shall prohibit the disclosure or release of any financial record or information to any supervisory agency in the exercise of its supervisory or regulatory functions with respect to a financial institution.

B. Nothing in the Financial Privacy Act prohibits a financial institution from disclosing or releasing any financial record or information to another financial institution for the usual and regular business purposes of the latter or from providing copies of any financial record to any court or government authority as an incident to perfecting a security interest, proving a claim in bankruptcy or otherwise collecting on a debt either owed the financial institution itself or owed the financial institution in its role as a fiduciary.

C. Nothing in the Financial Privacy Act prohibits a financial institution from notifying a government authority that such institution or an officer, employee or agent of such institution has information that may be relevant to a possible violation of any statute or regulation.

D. Sections 2201 through 2204 of this title shall not apply to any court order or subpoena issued in connection with proceedings before a multicounty grand jury, except that a court shall have authority to order a financial institution, on which a multicounty grand jury subpoena for customer records has been served, not to notify the customer of the existence of the subpoena or information that has been furnished to the multicounty grand jury. The court may order that the customer not be notified only if it finds:

1. That the requested records are relevant to an ongoing criminal investigation being conducted by the multicounty grand jury; and

2. That disclosure of the existence or issuance of, or compliance with the subpoena may frustrate or impede the investigation.

2206. Costs of assembling, reproducing or providing financial records [Back]

A. A government authority shall pay to the financial institution assembling, reproducing or providing any financial record of a customer a reasonable fee for such costs, including copying costs and labor costs, to be paid prior to the time the record is released.

B. For purposes of this section, the following fees shall be deemed reasonable:

1. Search and processing costs. Reimbursement for search and processing costs shall be the total amount of direct personnel time incurred in locating and retrieving, reproducing, packaging and preparing financial records for shipment or delivery. The rate for search and processing costs shall be Eleven Dollars ($11.00) per hour per person for clerical or technical personnel, computed on the basis of Two Dollars and seventy-five cents ($2.75) per quarter hour or fraction thereof, and Seventeen Dollars ($17.00) per hour per person for management or supervisory personnel, computed on the basis of Four Dollars and twenty-five cents ($4.25) per quarter hour or fraction thereof, and shall be limited to the total amount of personnel time spent in locating and retrieving documents or information or reproducing or packaging and preparing documents for shipment where required or requested by a government authority. If itemized separately, search and processing costs may include the actual cost of extracting information stored by computer in the format in which it is normally produced, based on computer time and necessary supplies. Personnel time for computer search may be paid for only at the rate specified in this paragraph;

2. Reproduction costs Reimbursement for reproduction costs shall be for costs incurred in making copies of documents required or requested. The rate for reproduction costs for making copies of required or requested documents shall be twenty-five cents ($0.25) for each page, including copies produced by reader/printer reproduction processes. Photographs, films, computer tapes and other materials shall be reimbursed at actual cost;

3. Transportation costs. Reimbursement for transportation costs shall be for necessary costs, directly incurred, to transport personnel to locate and retrieve the information required or requested, and necessary costs, directly incurred solely by the need to convey the required or requested material to the place of examination; and

4. Directly incurred costs. A financial institution also may receive reimbursement for costs incurred solely and necessarily as a consequence of searching for, reproducing or transporting books, papers, records, or other data, in order to comply with legal process. If a financial institution has records that are stored at an independent storage facility that charges a fee to search for, reproduce, or transport particular records requested, these costs shall be considered to be directly incurred by the financial institution.

2207. Search Warrant [Back]

A. A government authority may obtain financial records for use in a criminal investigation or proceeding through use of a search warrant obtained pursuant to a hearing wherein the court finds that the records are relevant to a legitimate law enforcement inquiry and delayed notice is appropriate as prescribed in paragraph 2 of subsection D of Section 2205 of Title 6 of the Oklahoma Statutes.

B. No later than ninety (90) days after the government authority serves the search warrant upon the financial institution, it shall mail to the last-known address of the customer a copy of the search warrant together with a notice that the records were obtained on a certain date.

C. Search warrants served upon a financial institution may be served only upon the person in charge, as designated by the institution, and only during normal business hours.

D. The financial institution shall be given a reasonable time, not to exceed ten (10) calendar days, to search the records and produce and deliver the requested information.

E. If the financial institution is uncertain whether the financial records requested are those of its customer, the financial institution shall deliver the records for in camera inspection by the court.

2208. Certificate of Compliance [Back]

A. A financial institution shall not release the records of a customer until the government authority seeking the records certifies in writing that it has complied with the applicable provisions of the Financial Privacy Act.

B. Any financial institution or employee thereof that discloses the financial records of a customer pursuant to the Financial Privacy Act in good faith reliance upon a certificate of the government authority shall not be liable to the customer for the disclosure under any law or regulation.