Oklahoma § 59-3150.2 - License required – Eligibility for licensure
Full text of Oklahoma Oklahoma Statutes § 59-3150.2 — License required – Eligibility for licensure, with citation guidance and answers to common questions.
§ 59-3150.2. License required – Eligibility for licensure
A. Beginning on August 1, 2020, no person shall engage in the
business of making small loans as defined in this act, unless the
Oklahoma Statutes - Title 59. Professions and Occupations
person is licensed by the Department of Consumer Credit as provided
by this act. A person shall be deemed to be engaged in the business
of making small loans in this state if the person regularly makes
loans for a fee or induces a consumer, while located in this state,
to enter into a small loan in this state through the use of
facsimile, telephone, Internet or other means. A separate license
shall be required for each location from which the business of
making small loans is conducted.
B. Any nonresident person seeking licensure under this act
shall furnish the Administrator of the Department of Consumer Credit
with the name and address of a resident of this state upon whom
notices or orders issued by the Administrator, or process affecting
a licensee under this act, may be served. A nonresident licensee
shall notify the Administrator in writing of any change in its
designated agent for service of process as provided in paragraph 2
of Section 5 of this act, and the change shall not become effective
until approved by the Administrator.
C. No person doing business under the authority of any law of
Oklahoma or of the United States relating to banks, savings
institutions, trust companies, building and loan associations,
industrial loan associations or credit unions shall be eligible for
licensure under this act.
Added by Laws 2019, c. 89, § 4, eff. Nov. 1, 2019.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 59-3150.2
What does Oklahoma Statutes § 59-3150.2 cover?
Section 59-3150.2 ("License required – Eligibility for licensure") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 59-3150.2?
A common citation format is "Oklahoma Statutes § 59-3150.2" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 59-3150.2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.