2018 Oklahoma Statutes
Title 14A. Consumer Credit Code
§14A-3-504. Issuance or denial of license to make supervised loans.

(1) On filing such application, bond, and payment of the required fees, the Administrator of Consumer Credit shall investigate the facts and if the Administrator shall find the financial responsibility, experience, character and general fitness of the applicant are such as to command the confidence of the public and to warrant belief the business will be operated lawfully and fairly, within the purposes of this title, and the applicant has available for the operation of such business net assets of at least Twenty-five Thousand Dollars ($25,000.00), the Administrator shall grant such application and issue to the applicant a license which shall be the applicant's license and authority to make supervised loans under the provisions of this title.

(2) If the Administrator shall not so find, the Administrator shall notify the applicant, who shall, on request within thirty (30) days be entitled to a hearing on such application within sixty (60) days after the date of the request. The investigation fee shall be retained by the Administrator, but the annual fee shall be returned to the applicant in the event of denial.

(3) Each application for a license shall be granted or denied within ninety (90) days from its filing with the required fees, or, from the hearing thereon, if any, unless the period is extended by written agreement between the applicant and the Administrator or the independent hearing examiner.

(4) Each license shall state the address of the office from which the business is to be conducted and the name of the licensee. The license shall be displayed at the place of business named in the license. The license shall not be transferable or assignable except upon approval by the Administrator.

(5) Each license shall remain in full force and effect until relinquished, suspended, revoked or expired. Every licensee shall, on or before each December 1, pay to the Administrator a fee for each license held by the licensee, as the annual fee for the succeeding calendar year. The license shall expire December 31 of any year for which an annual fee has not been paid. There shall be a late fee for a late application for renewal of a license received after December 1. The fee for a duplicate or amended license shall be prescribed by rule of the Commission on Consumer Credit.

(6) Every licensee shall maintain net assets of at least Twenty-five Thousand Dollars ($25,000.00), either used or readily available for use, in the conduct of the business of each licensed office.

(7) A separate license shall be required for each office operated under this title. The Administrator may issue more than one license to any one person upon compliance with this part as to each license. Nothing contained herein, however, shall be construed to require a license for any place of business devoted to accounting or other record keeping and where supervised loans are not made.

(8) When a licensee wishes to move an office to another location, the licensee shall give thirty (30) days' written notice to the Administrator, who shall amend the license accordingly.

(9) For purposes of this section, the term "office" shall mean a location occupied by a licensee with the following characteristics:

(a)a manager for the office who is not common to any other supervised lender's office,

(b)a street and mailing address separate from any other supervised lender's office,

(c)an entrance through which the public may access only one supervised lender's office,

(d)separation from any other supervised lender's office by walls or otherwise and through which neither employees nor the public may pass, and

(e)any other characteristics required pursuant to rule adopted by the Administrator.

(10) Any person holding a license under this title who shall violate any provision hereof shall be subject to forfeiture of each license held by the licensee and if a corporation, its charter shall be subject to forfeiture, and it shall be the duty of the Attorney General, when any such violation is called to the Attorney General's attention, to file suit for such forfeiture of charter and cancellation of the license in a district court in Oklahoma County.

Added by Laws 1969, c. 352, § 3-504, eff. July 1, 1969. Amended by Laws 1987, c. 208, § 41, operative July 1, 1987; Laws 1987, c. 236, § 67, emerg. eff. July 20, 1987; Laws 1997, c. 288, § 5; Laws 2000, c. 217, § 16, eff. July 1, 2000; Laws 2010, c. 415, § 2, eff. July 1, 2010; Laws 2015, c. 152, § 1, eff. Nov. 1, 2015.

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