2021 Oklahoma Statutes Title 24. Debtor and Creditor

§24-15. Debt pooling – Prohibition.

No person, firm, company or corporation shall engage in or operate a business known as debt pooling. 

Laws 1957, p. 161, § 1.

§24-16. Debt pooling – Definition.

Debt pooling is defined as making a contract with a particular debtor whereby the debtor agrees to pay a sum or sums of money periodically to the person engaged in the debt pooling who shall distribute the same among certain specified creditors in accordance with a plan agreed upon and the debtor further agrees to pay such person any valuable consideration for such services or for any other services rendered in connection therewith. 

Laws 1957, p. 161, § 2.

§24-17. Debt pooling – Penalties.

Any person, firm, company or corporation violating any of the provisions of this act shall be guilty of a misdemeanor and upon conviction thereof shall be fined not less than One Hundred Dollars ($100.00) nor more than Five Hundred Dollars ($500.00), or by imprisonment in the county jail for not more than thirty (30) days, or by both such fine and imprisonment.

Laws 1957, p. 161, § 3.

§24-18. Debt pooling – Application of act.

The provisions of this act shall not apply to any retail merchants’ trade association, nonprofit association formed for the purpose of collecting accounts and exchanging credit information, bankruptcy actions filed pursuant to the Federal Bankruptcy Act or acts of duly licensed attorneys distributing funds on behalf of clients. 

Laws 1957, p. 161, § 4; Laws 1975, c. 76, § 1, emerg. eff. April 22, 1975.