Oklahoma § 59-3150.5 - Application fees – Audited financial statement – Surety

§ 59-3150.5. Application fees – Audited financial statement – Surety

bond – Criminal history records check.

A. Each application for a license required by this act shall be

accompanied by:

1. A filing fee of Seven Hundred Dollars ($700.00), a license

fee of Five Hundred Dollars ($500.00) and a supervision fee of Seven

Hundred Dollars ($700.00). In the event of a denial of the

application per Section 9 of this act, the license and supervision

fees shall be returned to the applicant. The filing fee, the

license fee and supervision fee shall be applicable to each

location;

Oklahoma Statutes - Title 59. Professions and Occupations

2. An audited financial statement including but not limited to

a balance sheet, a statement of income or loss and a statement of

changes in financial position for the immediately preceding fiscal

year, prepared in accordance with generally accepted accounting

principles by a certified public accountant or public accounting

firm, neither of which is affiliated with the applicant. For a

newly created entity, the Administrator of the Department of

Consumer Credit may accept only a balance sheet prepared by a

certified public accountant or public accounting firm, neither of

which is affiliated with the applicant, accompanied by a projected

income statement demonstrating that the applicant will have adequate

capital after payment of start-up costs. If the applicant does not

have an audited financial statement meeting the above requirements,

it may submit a financial statement of its company if the financial

statement is audited in accordance with generally accepted

accounting principles by a certified public accountant or public

accounting firm neither of which is affiliated with the applicant;

and

3. A surety bond, issued by an insurer regulated under the

Insurance Commissioner of this state and not affiliated with the

applicant, in the amount of Twenty-five Thousand Dollars

($25,000.00) for each location. However, the aggregate amount of

the surety bond required for a single licensee shall not exceed Two

Hundred Thousand Dollars ($200,000.00). In lieu of the surety bond,

the applicant shall file an irrevocable letter of credit, in the

amount of the surety bond, issued by any federally insured bank,

savings bank or credit union, none of which is affiliated with the

applicant. The surety bond or irrevocable letter of credit shall be

in a form satisfactory to the Administrator and shall be payable to

the Department of Consumer Credit for the benefit of any person who

is injured pursuant to a small loan by the fraud, misrepresentation,

breach of contract, financial failure or violation of any provision

of this act by a licensee. In the case of a surety bond, the

aggregate liability of the surety bond shall not exceed the

principal sum of the surety bond. In the case of an irrevocable

letter of credit, applicants shall obtain letters of credit for

terms of not less than three (3) years and renew the letters of

credit annually. If the licensee fails to pay a person or the

Administrator, as required by this act, then a person may bring suit

against the licensee directly on the surety bond or irrevocable

letter of credit in any court of competent jurisdiction, or the

Administrator may bring suit in the District Court of Oklahoma

County or the county of the aggrieved, which shall have exclusive

venue in all matters relating to this section on behalf of those

persons, in either one or successive actions. The surety bond or

irrevocable letter of credit shall be maintained by the licensee for

Oklahoma Statutes - Title 59. Professions and Occupations

not less than three (3) years following the expiration, revocation

or surrender of the licensee's license.

B. 1. The Administrator is authorized to require an applicant

for a license to consent to a criminal history records check and to

provide fingerprints with the application in a form acceptable to

the Administrator. The Administrator may require such consent and

fingerprints from any individual who is a director, officer or ten

percent (10%) or more shareholder of the applicant or who owns or

controls the applicant, as well as from any other individual

associated with the applicant as is reasonably necessary to meet the

purposes of this act. Refusal of any person to consent to a

criminal history records check or to provide fingerprints pursuant

to this subsection constitutes grounds for the Administrator to deny

the applicant a license.

2. Any criminal history records check conducted pursuant to

this subsection shall be conducted by the Oklahoma State Bureau of

Investigation, the Federal Bureau of Investigation or both, and the

results of the criminal history records check shall be forwarded to

the Administrator.

Added by Laws 2019, c. 89, § 7, eff. Nov. 1, 2019.