Oklahoma § 59-3150.1 - Definitions

§ 59-3150.1. Definitions

As used in this act, unless the context requires otherwise:

1. "Administrator" means the Administrator of the Department of

Consumer Credit or the Administrator's designee;

Oklahoma Statutes - Title 59. Professions and Occupations

2. "Affiliate" means a person or organization directly or

indirectly controlling, controlled by or under common control with

the licensee;

3. "Control" means possession, directly or indirectly, of the

power to direct or cause the direction of management and policies of

a person, whether through ownership of voting securities, by

contract or otherwise. No individual shall be deemed to control a

person solely on account of being a director, officer or employee of

the person. For purposes of this paragraph, a person who directly

or indirectly owns, controls, holds the power to vote or holds

proxies representing twenty-five percent (25%) or more of the

current outstanding voting securities issued by another person is

presumed to control the other person, and the Administrator may

determine whether a person, in fact, controls another person;

4. "Controlling person" means any person in control of a

licensee;

5. "Department" means the Department of Consumer Credit;

6. "Small loan" means a loan made pursuant to a written

agreement subject to this act between a licensee and customer

establishing a credit plan under which the licensee contemplates

credit transactions from time to time that:

a.

shall be unsecured,

b.

shall not have a term longer than twelve (12) months

or less than sixty (60) days,

c.

shall be fully amortized and payable in substantially

equal periodic payments, and

d.

are subject to prepayment in whole or in part at any

time without penalty;

7. "Licensee" means a person licensed to offer small loans

pursuant to this act;

8. "Person" means an individual, group of individuals,

partnership, association, corporation or any other business, unit or

legal entity; and

9. "Default" means:

a.

the failure of a customer to make a required payment

within a certain number of days of the due date as

agreed upon by the licensee and the customer per the

small loan agreement; provided, that such agreed-upon

number of days not exceed sixty-one (61) days after a

failure to make a required payment on the due date, or

b.

the customer's failure to otherwise perform the

obligations under the small loan agreement.

Added by Laws 2019, c. 89, § 3, eff. Nov. 1, 2019.