Oklahoma § 59-1952 - License required - Contents - Display - Transferability Multiple licenses - Exemptions - Applications - Contents Modifications - Forms

§ 59-1952. License required - Contents - Display - Transferability Multiple licenses - Exemptions - Applications - Contents Modifications - Forms

A. No person shall engage in business as a rental-purchase

lessor without first obtaining a license issued by the

Administrator. Each license shall state the address of the office

from which business is to be conducted and the name of the licensee.

The license shall be displayed at the place of business named in the

license. The license shall not be transferable or assignable except

upon approval by the Administrator. A separate license shall be

required for each office operated pursuant to the Oklahoma RentalPurchase Act. The Administrator may issue more than one license to

any one person upon compliance with this section as to each license.

This subsection shall not be construed to require a license for any

place of business devoted to accounting or other record keeping and

where rental-purchase agreements are not made.

B. Each person shall file a license application form with the

Administrator within thirty (30) days prior to commencing business

in this state for each place of business in which rental-purchase

agreements are transacted, and thereafter, by December 1st of each

year. The license application must state:

1. The name of the person;

2. The name in which business is transacted if different from

paragraph 1 or 3 of this subsection;

3. The address of the principal office;

4. An indication that the lessor engages in the business of

making rental-purchase agreements;

5. The address of the designated agent upon whom service of

process may be made in this state; and

6. Such other relevant information as the Administrator may

desire.

Oklahoma Statutes - Title 59. Professions and Occupations

C. If information in an application becomes inaccurate after

filing, modifications to the application shall be brought to the

attention of the Department of Consumer Credit within thirty (30)

days from such change.

D. The license application shall be on a form or forms provided

by the Administrator.

Added by Laws 1988, c. 106, § 3, eff. Nov. 1, 1988. Amended by Laws

1989, c. 106, § 2, emerg. eff. April 26, 1989.