Oklahoma § 59-3116 - Additional powers of Administrator

§ 59-3116. Additional powers of Administrator

A. In addition to other powers granted by this act, the

Administrator of Consumer Credit may, within the limitations

provided by law:

1. Maintain a list of licensees, which shall be available to

interested persons and the public. The Administrator shall also

provide a toll-free number whereby consumers may obtain information

about licensees;

2. Establish a complaint process whereby an aggrieved debtor or

a member of the public may file a complaint against a licensee or

nonlicensee who violates any provision of this act. The

Administrator shall hold hearings upon the request of a party to the

complaint, make findings of fact and conclusions of law, issue cease

and desist orders and suspend or revoke a license granted under this

act;

3. Take action designed to obtain voluntary compliance with

this act or commence proceedings on the Administrator’s own

initiative;

4. Counsel persons and groups on their rights and duties under

this act; and

5. With approval of the Commission on Consumer Credit,

promulgate, amend and repeal administrative rules to carry out the

provisions of the act, as provided by the Administrative Procedures

Act.

B. The Administrator may conduct a study regarding the system

of verification of the existence of deferred deposit loans as

provided in paragraph 2 of subsection B of Section 9 of this act to

determine:

1. If the system adequately provides lenders with information

as to the existence of outstanding deferred deposit loans made by

other lenders; and

2. If it is feasible for the Department of Consumer Credit to

develop and maintain a database of outstanding deferred deposit

loans to provide such information to lenders.

The Administrator shall consult with representatives of deferred

deposit lenders, advocates for consumers of this state and other

interested parties to conduct the study. The Administrator shall

issue a report of any such findings to the President Pro Tempore of

the Senate and the Speaker of the House of Representatives not later

than December 1, 2004.

Added by Laws 2003, c. 240, § 16, eff. Sept. 1, 2003.