Oklahoma § 59-1503A - Eligibility for license - Felons - Verifying net assets

§ 59-1503A. Eligibility for license - Felons - Verifying net assets

requirement – Definitions.

A. To be eligible for a pawnshop license, an applicant shall:

1. Have net assets of at least Twenty-five Thousand Dollars

($25,000.00); and

2. Show that the pawnshop will be operated lawfully and fairly

within the purpose of the Oklahoma Pawnshop Act.

B. The Administrator shall find ineligible an applicant who has

a conviction for a felony crime that substantially relates to the

occupation of a pawnbroker or poses a reasonable threat to public

safety.

C. If the Administrator is unable to verify that the applicant

meets the net assets requirement for a pawnshop license, the

Administrator may require a finding, including the presentation of a

current balance sheet, by an accounting firm or individual holding a

permit to practice public accounting in this state, that the

accountant has reviewed the books and records of the applicant and

that the applicant meets the net assets requirement.

D. As used in this section:

1. "Substantially relates" means the nature of criminal conduct

for which the person was convicted has a direct bearing on the

fitness or ability to perform one or more of the duties or

responsibilities necessarily related to the occupation; and

2. "Poses a reasonable threat" means the nature of criminal

conduct for which the person was convicted involved an act or threat

of harm against another and has a bearing on the fitness or ability

to serve the public or work with others in the occupation.

Added by Laws 1988, c. 191, § 7, eff. Nov. 1, 1988. Amended by Laws

2015, c. 183, § 9, eff. Nov. 1, 2015; Laws 2019, c. 363, § 53, eff.

Nov. 1, 2019.