Oklahoma § 59-3150.3 - Applicant requirements

§ 59-3150.3. Applicant requirements

A. An applicant for a license to make small loans shall meet

the following requirements:

1. A tangible net worth that comprises tangible assets, less

liabilities, of not less than Fifty Thousand Dollars ($50,000.00)

for each location; and

2. The financial responsibility, financial condition, business

experience, character and general fitness of the applicant shall

reasonably warrant the belief that the applicant's business shall be

conducted lawfully, honestly, carefully and efficiently. In

determining whether these qualifications have been met and for the

purpose of investigating compliance with this act, the Administrator

of the Department of Consumer Credit may review and approve:

a.

the business records and the capital adequacy of the

applicant,

b.

the competence, experience, integrity and financial

ability of any person who is a director, officer, a

shareholder with ten percent (10%) or more shares of

the applicant, or a person who owns or controls the

applicant, and

c.

any record of the applicant or any person referred to

in this act for any criminal activity, fraud or other

act of personal dishonesty; any act, omission or

Oklahoma Statutes - Title 59. Professions and Occupations

practice that constitutes a breach of a fiduciary

duty; or any suspension, revocation or removal by any

agency or department of the United States or any

state, from participation in the conduct of any

business.

B. The Administrator shall periodically review the licensee's

compliance with subsection A of this section.

Added by Laws 2019, c. 89, § 5, eff. Nov. 1, 2019.