Oklahoma § 59-3113 - License qualifications - Application - Investigation of

§ 59-3113. License qualifications - Application - Investigation of

qualifications - Issuance or denial - Appeal - Fees.

A. To qualify for a license issued pursuant to the Deferred

Deposit Lending Act, an applicant shall have:

1. A minimum net worth, determined in accordance with generally

accepted accounting principles, of at least Twenty-five Thousand

Dollars ($25,000.00) available for operation of each licensed

location, with a maximum aggregate net worth requirement of Two

Hundred Fifty Thousand Dollars ($250,000.00) for an owner of

multiple locations; and

2. The financial responsibility, experience and general fitness

so as to command the confidence of the public and to warrant the

belief that the business will be operated lawfully, honestly, fairly

and efficiently.

B. An application for a license pursuant to the Deferred

Deposit Lending Act must be in writing, under oath, and on a form

prescribed by the Administrator of Consumer Credit. The application

must set forth all of the following:

Oklahoma Statutes - Title 59. Professions and Occupations

1. The legal name and residence and business addresses of the

applicant and, if the applicant is a partnership, association or

corporation, of every member, officer, managing employee and

director of it;

2. The location of the registered office of the applicant;

3. The registered agent of the applicant if the applicant is

required by other law to have a registered agent;

4. The addresses of the locations to be licensed; and

5. Other information concerning the financial responsibility,

background, experience and activities, such as other partnerships,

associations and corporations located at or adjacent to the licensed

location of the applicant and its members, officers, managing

employees and directors as the Administrator may require.

C. On receipt of an application in the form prescribed by the

Administrator and accompanied by the required license fee, the

Administrator shall investigate whether the qualifications for

license are satisfied. If the Administrator finds that the

qualifications are satisfied, the Administrator shall issue to the

applicant a license to engage in the business of making deferred

deposit loans. If the Administrator fails to issue a license, the

Administrator shall notify the applicant of the denial and the

reasons for the denial. The provisions of the Administrative

Procedures Act shall apply to the appeal of the denial of a license.

D. Each application, regardless of the number of locations to

be operated by a single licensee, must be accompanied by payment of

an application fee as prescribed by rule of the Commission on

Consumer Credit and an investigation fee as prescribed by rule of

the Commission on Consumer Credit. These fees shall not be

refundable or abatable. If the license is granted, however, payment

of the application fee shall satisfy the fee requirement for the

first license year or its remainder.

E. Each license shall remain in full force and effect until

relinquished, suspended, revoked or expired. A license expires

annually and may be renewed on payment of a license fee as

prescribed by rule of the Commission on Consumer Credit. The annual

license renewal fee for an application with more than one location

shall be as prescribed by rule of the Commission on Consumer Credit

for each location.

F. The Commission on Consumer Credit shall prescribe by rule a

fee for each license change, duplicate license or returned check.

G. The Commission on Consumer Credit shall prescribe by rule a

late fee if a license is not renewed on or before the expiration of

the license.

Added by Laws 2003, c. 240, § 13, eff. Sept. 1, 2003. Amended by

Laws 2010, c. 415, § 32, eff. July 1, 2010; Laws 2019, c. 363, § 72,

eff. Nov. 1, 2019.

Oklahoma Statutes - Title 59. Professions and Occupations