If I'm reading this right, it looks like it may have been introduced by Moore in January 2025. This is where I'm finding that information: https://legiscan.com/OK/drafts/HB1741/2025
Thanks for helping with this. I'd love to help push this along.. do bills need to start in the house and then move to the senate or can they also be introduced in the senate? Unfortunately, I'm not well versed in the political process.
Every state is different in how they handle Bills but they can start in either the House or the Senate, it depends on who the Prime Sponsor is. It was introduced as you say, but there has been no activity for several weeks so i do not know the status. I was told by Rep. Maynard that it was unlikely to move forward this session. Also, I do not know where OK is with the legislative calendar and whether there is still time this session to move this Bill.
Hi Don, thanks for the reply. I have a meeting scheduled with my senator, Rep Kristen Thompson on April 2nd at 1pm CST. I'll look for the bill from Rep Maynard. Do you have any recommendations on how to introduce this situation to someone who might be unfamiliar with it? I appreciate any direction you may be able to provide. I have a relatively good handle on the material but there are still some spots that are relatively fuzzy. For example, brokerage accounts usually have insurance associated with them, similar to FDIC - would that kick in and cover one's assets? Also, are home loans (or the colleterial for the loan, i.e. the home itself) also leveraged in the derivatives market and put at risk? Thanks again for the direction!
Real property, homes, etc. are not impacted by UCC Article 8. There could be risks down the road due to changes made to UCC Article 9 but that's a topic for another day, perhaps I will address that at some point on the Substack.
SIPC insurance (similar to FDIC insurance) covers retail (individual) investors in some situations - but it does not cover institutional investors (like the state pension plans).
I laugh when the opposition says The Great Taking CANNOT happen - but then they say 'if it does' there is SIPC coverage...insurance kicking in would seem to require a loss...something they first say cannot happen.
Further the SIPC fund is relatively small, it is intended to cover the failure of one broker at a time, not a sytemic collapse AND since what investors 'own' is a security entitlement - essentially a contract with their broker there is a question whether SIPC coverage even applies.
Has any legislation been started in Oklahoma? I emailed my representative about the UCC. Thanks in advance - I tried to email the address on the website but it came back as undeliverable. Thank you
If I'm reading this right, it looks like it may have been introduced by Moore in January 2025. This is where I'm finding that information: https://legiscan.com/OK/drafts/HB1741/2025
Thanks for helping with this. I'd love to help push this along.. do bills need to start in the house and then move to the senate or can they also be introduced in the senate? Unfortunately, I'm not well versed in the political process.
Thanks again, Don!
Every state is different in how they handle Bills but they can start in either the House or the Senate, it depends on who the Prime Sponsor is. It was introduced as you say, but there has been no activity for several weeks so i do not know the status. I was told by Rep. Maynard that it was unlikely to move forward this session. Also, I do not know where OK is with the legislative calendar and whether there is still time this session to move this Bill.
Hi Don, thanks for the reply. I have a meeting scheduled with my senator, Rep Kristen Thompson on April 2nd at 1pm CST. I'll look for the bill from Rep Maynard. Do you have any recommendations on how to introduce this situation to someone who might be unfamiliar with it? I appreciate any direction you may be able to provide. I have a relatively good handle on the material but there are still some spots that are relatively fuzzy. For example, brokerage accounts usually have insurance associated with them, similar to FDIC - would that kick in and cover one's assets? Also, are home loans (or the colleterial for the loan, i.e. the home itself) also leveraged in the derivatives market and put at risk? Thanks again for the direction!
Real property, homes, etc. are not impacted by UCC Article 8. There could be risks down the road due to changes made to UCC Article 9 but that's a topic for another day, perhaps I will address that at some point on the Substack.
SIPC insurance (similar to FDIC insurance) covers retail (individual) investors in some situations - but it does not cover institutional investors (like the state pension plans).
I laugh when the opposition says The Great Taking CANNOT happen - but then they say 'if it does' there is SIPC coverage...insurance kicking in would seem to require a loss...something they first say cannot happen.
Further the SIPC fund is relatively small, it is intended to cover the failure of one broker at a time, not a sytemic collapse AND since what investors 'own' is a security entitlement - essentially a contract with their broker there is a question whether SIPC coverage even applies.
Has any legislation been started in Oklahoma? I emailed my representative about the UCC. Thanks in advance - I tried to email the address on the website but it came back as undeliverable. Thank you
Good morning Daniel, thank you for the support.
Rep. Maynard sponsored a summer study in OK, the hearing was in October. There is a link to it on our Subtack and our website.
Rep. Maynard did not file the bill, he was already booked up.
Rep. Moore had HB 1741 drafted - this version was based on the 2023 SD bill and had some errors. It was not formally introduced as far as I know.
drg