A. Nothing in the Sale of Checks Act shall apply to the receipt of money by any incorporated telegraph company at any agency or office of the company for immediate transmission by telegraph, or to the receipt of money for the purpose of transmitting or transferring it to foreign countries.

B. Nothing in the Sale of Checks Act shall apply to the sale or issuance of checks by governmental departments. No federally insured financial institutions authorized to do business in this state, including banks, savings and loan associations, and credit unions, whether the federally insured financial institutions are organized under the laws of this state or of the United States, shall be subject to this act where the institution is selling or issuing checks drawn only on itself or on another federally insured financial institution or representing insured deposits held at the institution.

C. Nothing in this act shall apply to a company that maintains a license under the Oklahoma Financial Transaction Reporting Act. Provided, a person selling checks that are exempt pursuant to this subsection must maintain a bond covering its money transmission activities and sale of checks activities in an amount not less than the maximum required pursuant to the rules of the board.

Added by Laws 1961, p. 427, § 4. Amended by Laws 1988, c. 216, § 3, eff. Nov. 1, 1988; Laws 1990, c. 104, § 1, eff. Sept. 1, 1990; Laws 2013, c. 62, § 10, emerg. eff. April 18, 2013; Laws 2016, c. 127, § 5, emerg. eff. Apr. 20, 2016.