STATE STATUTES

Oklahoma

Table of Contents

TITLE 59. PROFESSIONS AND OCCUPATIONS

 OKLAHOMA SMALL LENDERS ACT

 

  • 3150. Short Title

This act shall be known and may be cited as the “Oklahoma Small Lenders Act”.

 

  • 3150.1. Definitions

As used in this act, unless the context requires otherwise:

 

  1. “Administrator” means the Administrator of the Department of Consumer Credit or the Administrator’s designee;

 

  1. “Affiliate” means a person or organization directly or indirectly controlling, controlled by or under common control with the licensee;

 

  1. “Control” means possession, directly or indirectly, of the power to direct or cause the direction of management and policies of a person, whether through ownership of voting securities, by contract or otherwise. No individual shall be deemed to control a person solely on account of being a director, officer or employee of the person. For purposes of this paragraph, a person who directly or indirectly owns, controls, holds the power to vote or holds proxies representing twenty-five percent (25%) or more of the current outstanding voting securities issued by another person is presumed to control the other person, and the Administrator may determine whether a person, in fact, controls another person;

 

  1. “Controlling person” means any person in control of a licensee;

 

  1. “Department” means the Department of Consumer Credit;

 

  1. “Small loan” means a loan made pursuant to a written agreement subject to this act between a licensee and customer establishing a credit plan under which the licensee contemplates credit transactions from time to time that:
  2. shall be unsecured,
  3. shall not have a term longer than twelve (12) months or less than sixty (60) days,
  4. shall be fully amortized and payable in substantially equal periodic payments, and
  5. are subject to prepayment in whole or in part at any time without penalty;

 

  1. “Licensee” means a person licensed to offer small loans pursuant to this act;

 

  1. “Person” means an individual, group of individuals, partnership, association, corporation or any other business, unit or legal entity; and

 

  1. “Default” means:
  2. the failure of a customer to make a required payment within a certain number of days of the due date as agreed upon by the licensee and the customer per the small loan agreement; provided, that such agreed-upon number of days not exceed sixty-one (61) days after a failure to make a required payment on the due date, or
  3. the customer’s failure to otherwise perform the obligations under the small loan agreement.

 

  • 3150.2. Licensure – Prohibition of Making Small Loans without License
  1. Beginning on August 1, 2020, no person shall engage in the business of making small loans as defined in this act, unless the 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.

 

  1. 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.

 

  1. 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.

 

  • 3150.3. Licensing Requirements – Compliance Review
  1. An applicant for a license to make small loans shall meet the following requirements:
  2. A tangible net worth that comprises tangible assets, less liabilities, of not less than Fifty Thousand Dollars ($50,000.00) for each location; and
  3. 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:
  4. the business records and the capital adequacy of the applicant,
  5. 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
  6. 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 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.

 

  1. The Administrator shall periodically review the licensee’s compliance with subsection A of this section.

 

  • 3150.4. Application for Licensure – Application for License Form
  1. On and after January 1, 2020, a person may apply for licensure pursuant to the Oklahoma Small Lenders Act; provided, however, no person is authorized to make any small loan pursuant to this act until August 1, 2020, and thereafter; and provided further, such person making any small loan must be in possession of a valid license issued pursuant to this act.

 

  1. Each application for a license shall be in a form established by the Administrator of the Department of Consumer Credit by promulgation of an administrative rule and shall include the following:
  2. The legal name, residence and business address of the applicant and, if the applicant is a partnership, association or corporation, the legal name, residence and business address of every member, officer, managing employee and director of the applicant;
  3. Every person licensed under this act shall maintain an agent in this state for service of process. The name, address, telephone number and electronic mail address of the agent shall be filed with the application. The Administrator shall be notified in writing by the licensee at least five (5) days prior to any change in the status of an agent; and
  4. Other data and information the Administrator may require about the applicant, its directors, trustees, officers, members, managing employees or agents.

 

  • 3150.5. Requirements for Application for Licensure – Criminal Background Check
  1. Each application for a license required by this act shall be accompanied by:
  2. 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;
  3. 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
  4. 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 not less than three (3) years following the expiration, revocation or surrender of the licensee’s license.

 

  1. 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.

 

  • 3150.6. Approval and Issuance of License – Posting of License
  1. Upon the filing of an application in a form prescribed by the Administrator of the Department of Consumer Credit, accompanied by the fees and documents required by this act, the Administrator shall investigate to ascertain whether the requirements prescribed by this act have been satisfied. If the Administrator finds that the requirements have been satisfied and approves the documents, the Administrator shall issue to the applicant a license to engage in the business of making small loans in this state.

 

  1. The license shall be conspicuously posted in the licensee’s place of business at all times.

 

  • 3150.7. Denial of Application – Notification of Applicant – Hearing
  1. If the Administrator of the Department of Consumer Credit determines that an applicant is not qualified to receive a license, the Administrator shall notify the applicant in writing that the application has been denied, stating the basis for denial.

 

  1. If the Administrator denies an application, or if the Administrator fails to act on an application within ninety (90) days after the filing of a properly completed application, the applicant may make a written demand to the Administrator for a hearing before the Administrator on the question of whether the license should be granted.

 

  1. Any hearing on the denial of a license shall be conducted pursuant to the Administrative Procedures Act; provided, that the burden of proof that the applicant is entitled to a license shall be on the applicant. A decision of the Administrator following any hearing on the denial of a license is subject to review pursuant to the provisions of the Administrative Procedures Act.

 

  • 3150.8. Expiration of License – Renewal
  1. Any license issued between January 1, 2020, and December 31, 2020, shall expire on December 31, 2021. All licenses issued on and after January 1, 2021, shall expire on December 31 in the year such license is issued, unless earlier surrendered, suspended or revoked pursuant to this act. On and after January 1, 2021, an initial license fee may be prorated to correspond to the number of months between the issuing date and the expiration date of December 31 of the same year.

 

  1. Each license may be renewed for the ensuing twelve-month period upon application by the license holder showing continued compliance with the requirements of this act and the payment to the Administrator of the Department of Consumer Credit annually by December 1 of a license renewal fee of Five Hundred Fifty Dollars ($550.00).

 

  1. A licensee making timely and complete application for renewal of its license shall be permitted to continue to operate under its existing license until its application is approved or denied.

 

  • 3150.9. Non-transferability – Change in Control of Licensee – Notification
  1. A license issued pursuant to this act is not transferable or assignable.

 

  1. 1. The prior written approval of the Administrator of the Department of Consumer Credit is required for the continued operation of a small loan business whenever a change in control of a licensee is proposed. The Administrator may require information deemed necessary to determine whether a new application is required. Reasonable and actual costs incurred by the Administrator in investigating a change-of-control request shall be paid by the person requesting approval. If the person acquiring control of a licensee is already licensed under this act, the person shall notify the Administrator thirty (30) days prior to the acquisition.

 

  1. Whenever control is acquired or exercised in violation of this section, the license shall be deemed revoked as of the date of the unlawful acquisition of control. The licensee or its controlling person shall surrender the license to the Administrator on demand.

 

  1. A licensee shall notify the Administrator thirty (30) days before any change in the licensee’s principal place of business, branch office or name.

 

  • 3150.10. Fees – Maximum Aggregated Principal Loan – Interest Rate Limit – Restrictions – Methods of Payment – Default on Loan – Returned Checks
  1. A licensee authorized to make small loans under this act may charge and collect fees in a manner consistent with this section.

 

  1. A licensee may only charge and collect a periodic interest rate not to exceed seventeen percent (17%) per month unless otherwise provided by this title.

 

  1. The maximum aggregated principal loan amount of all small loans outstanding across all licensees per customer shall be One Thousand Five Hundred Dollars ($1,500.00) and adjusted every other year by the Administrator of the Department of Consumer Credit to reflect the percentage changes in the Consumer Price Index published by the Bureau of Labor Statistics of the Department of Labor. To ensure that the maximum aggregated principal amount is not exceeded, the licensee shall verify outstanding amounts by using a private database approved by the Administrator. To comply with the verification required under this act, a lender may be charged a fee by the database provider not to exceed Two Dollars and twenty cents ($2.20) for each full or partial 30-day period that a balance is scheduled to be outstanding.

 

  1. 1. Notwithstanding the maximum aggregate loan amount established in subsection C of this section, a lender is prohibited from making a small loan if the total scheduled payments coming due in a month exceeds twenty percent (20%) of the borrower’s gross monthly income.
  2. For the purposes of determining a borrower’s gross monthly income under this subsection, a lender shall obtain and maintain documentation of the borrower’s proof of income or third-party verification of all income considered in making the borrower’s gross monthly income determination.
  3. For the purposes of this subsection, “month” means a period extending from a given date in one (1) calendar month to the same date in the succeeding calendar month; or if there is no same date in the succeeding calendar month, the last day of the succeeding calendar month.

 

  1. Any small loan under this act shall require payment in the form of cash, money order, debit card, prepaid credit card, automated clearinghouse debit (ACH payment), remotely created check debit (RCC payment) or any other instrument for payment of money on or after the due date of each billing cycle. If the borrower chooses to authorize the electronic payment of money, the lender:
  2. Must get written authorization from the borrower to establish the debit;
  3. Must give written notice to the borrower before the initial funds are transferred;
  4. Must get additional written approval from the borrower after a second failed attempt to make a loan payment due to insufficient funds; and
  5. Is permitted to provide electronic written notices to the borrower as long as the borrower consents to electronic communications.

 

  1. If a customer defaults under the terms of a small loan and the licensee refers the customer’s account to an attorney for collection, the licensee may, if the small loan so provides, charge and collect from the customer a reasonable attorney fee not to exceed fifteen percent (15%) of the outstanding amount.

 

  1. If a check, ACH payment or RCC payment is returned to a licensee from a payor financial institution due to insufficient funds, a licensee shall have the authority to assess a twenty-five-dollar fee against the maker or drawer of the returned check.

 

  • 3150.11. Written Explanation of Fees and Charges – Small Loan Requirements – Consumer Credit Counseling for Defaulting Borrowers
  1. A licensee shall provide each customer a written explanation, in clear, understandable language, of the fees and charges to be charged by the licensee. The style, content and method of executing the required written explanation shall comply with Oklahoma Regulation Z laws and shall contain a statement that the customer may prepay the unpaid balance in whole or in part at any time without penalty. The Administrator of the Department of Consumer Credit may promulgate administrative rules establishing additional requirements in order to assure complete and accurate disclosure of the fees and charges to be charged by a licensee under a small loan.

 

  1. A small loan shall include, along with other state or federal law requirements:
  2. A customer’s right of rescission for any small loan. No lender shall be required to extend a right of rescission past the close of business on the day after loan proceeds are disbursed unless the lender is not open on the day after disbursement, in which case the right of rescission shall be extended to the subsequent day the lender is open; and
  3. A notice informing the customer that complaints may be made to the Administrator, including the Administrator’s telephone number and address.

 

  1. Borrowers who default may undergo consumer credit counseling from a list of organizations approved by the Department of Consumer Credit and made available upon request by the lender.

 

  • 3150.12. Recordkeeping – Deceptive Practices – Exclusivity of Oklahoma Jurisdiction – Compliance with State and Federal Law
  1. Each licensee shall keep and use in its business any books, accounts and records the Administrator of the Department of Consumer Credit may require for purposes of this act and the rules promulgated pursuant thereto. Every licensee shall preserve the books, accounts and records for at least four (4) years. Any licensee, after receiving the prior written approval of the Administrator, may maintain records at a location within or outside this state.

 

  1. A licensee shall not engage in unfair or deceptive acts, practices or advertising in the conduct of the licensed business.

 

  1. A licensee shall not use any device or agreement, including agreements with affiliated licensees, with the intent to obtain greater charges than otherwise would be authorized by this act.

 

  1. A licensee shall comply with any state or federal law, rule or regulation applicable to any business authorized or conducted under this act, including but not limited to Oklahoma Regulation Z, the federal Equal Credit Opportunity Act, 15 U.S.C., Sections 1691-1691f, and the federal Fair Debt Collection Practices Act, 15 U.S.C., Section 1692 et seq.

 

  1. 1. No small loan subject to this act shall:
  2. provide that the law of a jurisdiction other than Oklahoma law applies,
  3. provide that the customer consents to the jurisdiction of another state or foreign country, or
  4. establish venue.
  5. Any provision described in this section that is contained in a written small loan agreement made after the effective date of this act shall be void and not enforceable as a matter of public policy.

 

  • 3150.13. Compliance with Act

The business of making small loans in accordance with this act shall not be subject to or controlled by any other statute governing the imposition of interest, fees or loan charges. A licensee shall not have the powers enumerated in this act without first complying with the law regulating the particular transaction involved, but licensees legally exercising any of the powers set forth in this act shall not be deemed in violation of any other provision of law.

 

  • 3150.14. Administrative Rules – Compliance Investigation – Investigation
  1. The Administrator of the Department of Consumer Credit may promulgate administrative rules in accordance with the Administrative Procedures Act for the enforcement of this act.

 

  1. To assure compliance with this act, the Administrator may examine the relevant business, books and records of any licensee. Further, for the purposes of discovering violations of this act and determining whether persons are subject to this act, the Administrator may examine or investigate persons licensed under this act and persons reasonably suspected by the Administrator of conducting business that requires a license under this act by exercising authority that includes, but is not limited to, the power to summon witnesses and examine them under oath or affirmation and to compel the production of books and records that may be relevant to the examination or investigation.

 

  1. A licensee or unlicensed person subject to the licensing requirements of this act, that is examined or investigated in accordance with this act, shall pay to the Administrator the reasonable and actual expenses of the investigation or examination, including travel expenses, in addition to the supervision fee of Seven Hundred Dollars ($700.00). Such reasonable and actual expenses shall include a fee of Fifty Dollars ($50.00) per hour for exams lasting more than eight (8) hours. In-state travel expenses shall comply with such limitations and allowances as provided by the State Travel Reimbursement Act as found in Section 500.1 et seq. of Title 74 of the Oklahoma Statutes. The expenses shall be payable in addition to all other fees, taxes and costs required by law.

 

  • 3150.15. Administrative Hearings for Violations – Suspension and Revocation of License
  1. The Administrator of the Department of Consumer Credit shall appoint an independent hearing examiner to conduct all administrative hearings involving alleged violations of Title 14A of the Oklahoma Statutes. The independent hearing examiner shall have authority to exercise all powers granted by Article II of the Administrative Procedures Act in conducting hearings. The independent hearing examiner shall recommend penalties authorized by Title 14A of the Oklahoma Statutes and issue proposed orders, with proposed findings of fact and proposed conclusions of law, to the Administrator pursuant to Article II of the Administrative Procedures Act. The Administrator shall review the proposed order and issue a final agency order in accordance with Article II of the Administrative Procedures Act. The costs of the hearing examiner may be assessed by the Administrator against the respondent, unless the respondent is the prevailing party. Any person aggrieved by a final agency order of the Administrator may obtain judicial review in accordance with the Administrative Procedures Act. The jurisdiction and venue of any such action shall be in the district court of Oklahoma County or the county of the aggrieved.

 

  1. The Administrator may, after notice and hearing, suspend or revoke any license if the Administrator finds that the licensee has knowingly or through lack of due care:
  2. Failed to pay any fees, expenses or costs imposed by the Administrator under the authority of this act;
  3. Committed any fraud, engaged in any dishonest activities or made any misrepresentations;
  4. Violated any provision of this act, any administrative rule promulgated pursuant to this act or any other law in the course of the licensee’s dealings as a licensee;
  5. Made a false statement in the application for the license or failed to give a true reply to a question in the application; or
  6. Demonstrated incompetency or untrustworthiness to act as a licensee.

 

  1. If the reason for revocation or suspension of a licensee’s license at any one location is of general application to all locations operated by a licensee, the Administrator may revoke or suspend all licenses issued to a licensee.

 

  1. A hearing shall be held on written notice given at least twenty (20) days prior to the date of the hearing and shall be conducted in accordance with the Administrative Procedures Act.

 

  • 3150.16. Penalties for Violation

After notice and opportunity for a hearing, if the Administrator of the Department of Consumer Credit finds that a person has violated this act or any administrative rule promulgated pursuant thereto, the Administrator may take the following actions or any combination of such actions:

 

  1. Order the person to cease and desist violating the act or any administrative rule promulgated pursuant thereto;

 

  1. Require the refund of any fees collected by the person in violation of this act; or

 

  1. Order the person to pay to the Department of Consumer Credit a civil penalty of not more than One Thousand Dollars ($1,000.00) for each transaction in violation of this act or for each day that a violation occurs or continues.

 

  • 3150.17. Censure, Suspension, or Bar from Employment, Management or Control of Licensee
  1. The Administrator, after notice and opportunity for a hearing, may censure, suspend for a period not to exceed twelve (12) months or bar a person from any position of employment, management or control of a licensee, if the Administrator finds that the:
  2. Censure, suspension or bar is in the public interest and that the person has committed or caused a violation of this act, administrative regulation or any rule or order of the Administrator; or
  3. Person has been:
  4. convicted, pled guilty to or pled nolo contendere to any crime, or
  5. held liable in any civil action by final judgment or any administrative judgment by any public agency, if the criminal, civil or administrative judgment involved any offense reasonably related to the qualifications, functions or duties of a person engaged in the business of making small loans pursuant to this act.

 

  1. Persons suspended or barred under this section are prohibited from participating in any business activity of a licensee and from engaging in any business activity on the premises where a licensee is conducting its business. This subsection shall not be construed to prohibit suspended or barred persons from having their personal transactions processed by a licensee.

 

  • 3150.18. Consent Order
  1. The Administrator of the Department of Consumer Credit may enter into a consent order at any time with any person to resolve any matter arising under this act. A consent order shall be signed by the person to whom it is issued or a duly authorized representative and shall indicate agreement to the terms contained in the order. A consent order need not constitute an admission by any person that any provision of this act or any administrative rule or order promulgated or issued under this act has been violated, nor need it constitute a finding by the Administrator that the person has violated this act or any administrative rule or order issued under this act.

 

  1. Notwithstanding the issuance of a consent order, the Administrator may seek civil or criminal penalties concerning matters encompassed by the consent order.

 

  1. In cases involving extraordinary circumstances requiring immediate action, the Administrator may take any enforcement action authorized by this act without providing the opportunity for a prior hearing but shall promptly afford a subsequent hearing upon an application to rescind the action taken that is filed with the Administrator within twenty (20) days after receipt of the notice of the Administrator’s emergency action.

 

  • 3150.19. Written Complaints – Investigation Procedure – Failure to Comply with Subpoena – Exclusivity of Oklahoma in Investigation and Enforcement
  1. Any person aggrieved by the conduct of a licensee or unlicensed person in connection with regulated activities pursuant to this act, may file a written complaint with the Administrator of the Department of Consumer Credit who may investigate the complaint.

 

  1. In the course of the investigation of the complaint, the Administrator may:
  2. Subpoena witnesses;
  3. Administer oaths;
  4. Examine any individual under oath or affirmation; and
  5. Compel the production of records, books, papers, contracts or other documents relevant to the investigation.

 

  1. If any person fails to comply with a subpoena of the Administrator under this act or to testify concerning any matter about which the person may be interrogated under this act, the Administrator may petition any court of competent jurisdiction for enforcement.

 

  1. The license of any licensee under this act who fails to comply with a subpoena of the Administrator may be suspended pending compliance with the subpoena.

 

  1. The Administrator shall have exclusive administrative power for the State of Oklahoma to investigate and enforce any and all complaints relating to the business of making small loans filed by any person that are not criminal in nature.

 

  • 3150.20. Requirement to Notify Department of Consumer Credit of Bankruptcy, Indictment, Conviction, etc.

Within fifteen (15) days of the occurrence of any one of the following events, a licensee shall file a written report with the Administrator of the Department of Consumer Credit describing the event and its expected impact on the activities of the licensee in this state:

  1. The filing for bankruptcy or reorganization by the licensee;
  2. Revocation or suspension proceedings instituted against the licensee by any state or governmental authority;
  3. The denial of the opportunity to engage in the business of making loans by any state or governmental authority;
  4. Any felony indictment of the licensee or any of its directors, officers or principals;
  5. Any felony conviction of the licensee or any of its directors, officers or principals; and
  6. Other events that the Administrator may determine and identify by administrative regulation.

 

  • 3150.21. Annual Report – Requirements – Confidentiality
  1. Each licensee shall file an annual report with the Administrator of the Department of Consumer Credit on the date of the renewal application required in Section 10 of this act, containing the following information:
  2. The names and addresses of persons owning a controlling interest in each licensee;
  3. The location of all places of business operated by the licensee and the nature of the business conducted at each location;
  4. The names and addresses of all affiliated entities regulated under Title 14A of the Oklahoma Statutes doing business in this state;
  5. An audited financial statement, including, but not limited to, a balance sheet, statement of income or loss and statement of changes in financial position, for the immediately preceding fiscal year end, prepared in accordance with generally accepted accounting principles by a certified public accountant or public accounting firm, neither of which is affiliated with the licensee; and
  6. If the licensee is a corporation, the names and addresses of its officers and directors; if the licensee is a partnership, the names and addresses of the partners; or if the licensee is a limited liability company, the names and addresses of the board of governors or managers of the limited liability company.

 

  1. If the licensee holds two or more licenses or is affiliated with other licensees, a composite report may be filed but shall not be required.

 

  1. The reports shall be filed in a form that may reasonably be required by the Administrator and shall be sworn to by a responsible officer of the licensee.

 

  1. The information submitted by licensees shall be confidential.

 

  • 3150.22. Administrator Authority in Multistate Automated Licensing System
  1. In addition to any other powers conferred upon the Administrator of the Department of Consumer Credit by law, the Administrator is authorized to require persons subject to this act to be licensed through a multistate automated licensing system. Pursuant to this authority, the Administrator may:
  2. Promulgate administrative rules that are reasonably necessary for participation in, transition to or operation of a multistate automated licensing system;
  3. Establish relationships or enter into agreements that are reasonably necessary for participation in, transition to or operation of a multistate automated licensing system. The agreements may include, but are not limited to, operating agreements, information-sharing agreements, interstate cooperative agreements and technology licensing agreements;
  4. Require that applications for licensing under this act and renewals of such licenses may be filed with a multistate automated licensing system;
  5. Require that any fees required to be paid under this act and required by a multistate automated licensing system may be paid through a multistate automated licensing system;
  6. Establish deadlines for transitioning licensees to a multistate automated licensing system. The Administrator has the authority to deny any applications or renewal applications not filed with a multistate automated licensing system after such deadlines have passed, notwithstanding any dates established elsewhere in this act; provided, however, the Administrator shall provide reasonable notice of any transition deadlines to licensees; and
  7. Take such further actions as are reasonably necessary to give effect to this section.

 

  1. Nothing in this section shall authorize the Administrator to require a person who is not subject to this act to submit information to or to participate in a multistate automated licensing system that is operated or participated in pursuant to this act.

 

  1. The Administrator shall retain full authority and discretion to license persons under this act and to enforce this act to its fullest extent. Nothing in this section shall be deemed to be a reduction or derogation of that authority and discretion.

 

  1. Applicants for and holders of licenses issued under this act shall pay all costs associated with submitting an application to or transitioning a license to a multistate automated licensing system, as well as all costs required by a multistate automated licensing system for maintaining and renewing any license issued by the Administrator on a multistate automated licensing system.

 

  • 3150.23. Multistate Automatic Licensing System as an Agent for Channeling Information

The Administrator of the Department of Consumer Credit is authorized to use a multistate automated licensing system as an agent for channeling information, whether criminal or noncriminal in nature, whether derived from or distributed to the United States Department of Justice or any other state or federal governmental agency, or any other source that the Administrator is authorized to request from or distribute to under this act.

 

  • 3150.24. Multistate Automated Licensing System – Privacy or Confidentiality of Information – Agreements or Sharing Agreements – Limits – Publicly Adjudicated Disciplinary and Enforcement Actions
  1. In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing, the requirements under any federal or state law regarding the privacy or confidentiality of any information or material provided to a multistate automated licensing system and any privilege arising under federal or state law, including the rules of any federal or state court with respect to such information or material, shall continue to apply to the information or material after the information or material has been disclosed to a multistate automated licensing system. The information or material may be shared with all state and federal regulatory officials with consumer credit oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal or any state law, including the protection available under the laws of the State of Oklahoma.

 

  1. For purposes of this section, the Administrator of the Department of Consumer Credit is authorized to enter into agreements or sharing agreements with other governmental agencies, the Conference of State Bank Supervisors or other associations representing governmental agencies as established by rule or order of the Administrator.

 

  1. Information or material that is subject to privilege or confidentiality under this section shall not be subject to:
  2. Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or any agency of the federal government or the respective state; or
  3. Subpoena, discovery or admission into evidence in any private civil action or administrative process, unless with respect to any privilege held by a multistate automated licensing system applicable to such information or material, the person to whom such information or material pertains waives that privilege in whole or in part in the discretion of such person.

 

  1. This section shall supersede any inconsistent provisions of law pertaining to the records open to public inspection.

 

  1. This section shall not apply with respect to information or material relating to publicly adjudicated disciplinary and enforcement actions against persons subject to this act that is included in a multistate automated licensing system for access by the public.

 

  • 3150.25. Local Governments – No Authority to Regulate Small Loans

Local government units including, but not limited to, cities, towns and counties shall have no authority to regulate small loans.

 

  • 3150.26. Prohibition from Disclosure by Administrator

Except as otherwise provided in Title 14A of the Oklahoma Statutes or Section 23 of this act, the following shall not be disclosed by the Administrator of the Department of Consumer Credit or any of its employees:

  1. A report of examination of any person subject to Title 14A of the Oklahoma Statutes, including any contents thereof; and
  2. Any personal or financial information pertaining to a person furnished to, or obtained by, the Administrator during the application or examination process.

 

  • 3150.27. Employer Not Required to Garnish Employee Wages

In no event shall an employer be required to garnish wages, earnings or other income of an employee for the purpose of collecting debts on small loans as such term is defined in this act.

 

 

TITLE 24. DEBTOR AND CREDITOR

 

CHAPTER 8 – CREDIT SERVICES ORGANIZATION ACT

 

  • 131. Short Title

This act shall be known and may be cited as the “Credit Services Organization Act”.

 

  • 132. Definitions

As used in the Credit Services Organization Act:

  1. “Buyer” means any individual who is solicited to purchase or who purchases the services of a credit services organization;

 

  1. a. “Credit services organization” means any person who, with respect to the extension of credit by others, sells, provides, performs, or represents that the person can or will sell, provide, or perform, in return for the payment of money or other valuable consideration from any source, any of the following services more than twelve times in a calendar year:

(1) improving a buyer’s credit record, history, or rating,

(2) obtaining an extension of credit for a buyer, or

(3) providing advice or assistance to a buyer with regard to division (1) or (2) of this subparagraph,

  1. “Credit services organization” does not include:

(1) any person authorized to make loans or extensions of credit under the laws of this state or the United States who is subject to regulation and supervision by this state or the United States or a lender approved by the United States Secretary of Housing and Urban Development for participation in any mortgage insurance program under the National Housing Act,

(2) any bank, savings and loan institution or credit union whose deposits or accounts are eligible for insurance by the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, or the National Credit Union Administration or a subsidiary of such bank, savings and loan institution or credit union,

(3) any nonprofit organization exempt from taxation under Section 501(c)(3) of the Internal Revenue Code,

(4) any person licensed as a real estate broker by this state if the person is acting within the course and scope of that license,

(5) any person licensed to practice law in this state if the person renders services within the course and scope of the practice of the person as an attorney,

(6) any broker-dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission if the broker-dealer is acting within the course and scope of that regulation,

(7) any consumer reporting agency as defined in the Federal Fair Credit Reporting Act, 15 U.S.C., Sections 1681 through 1681t,

(8) any person authorized to file electronic income tax returns who does not receive any consideration for refund anticipation loans,

(9) any residential mortgage broker as defined in the Mortgage Broker Licensure Act, or

(10) any insurance company, its affiliates and subsidiaries, authorized to do business in this state by the Insurance Commissioner, including insurance agents licensed in this state;

 

  1. “Extension of credit” means the right to defer payment of debt or to incur debt and defer its payment offered or granted primarily for personal, family, or household purposes, or to anyone whose principal occupation is agricultural in nature; and

 

  1. “Administrator” means the Administrator of the Department of Consumer Credit.

 

  • 133. Restrictions on Individuals or Organizations that Sell Services of Credit Services Organizations

A credit services organization, its salespersons, agents, and representatives, and independent contractors who sell or attempt to sell the services of a credit services organization may not do any of the following:

 

  1. Charge or receive any money or other valuable consideration prior to full and complete performance of the services the credit services organization has agreed to perform for the buyer, unless the credit services organization has obtained a surety bond of Ten Thousand Dollars ($10,000.00) issued by a surety company admitted to do business in this state and established a trust account at a federally insured bank or savings and loan association located in this state;

 

  1. Charge or receive any money or other valuable consideration solely for referral of the buyer to a retail seller who will or may extend credit to the buyer if the credit that is or will be extended to the buyer is upon substantially the same terms as those available to the general public;

 

  1. Make or counsel or advise any buyer to make any statement that is untrue or misleading or that should be known by the exercise of reasonable care to be untrue or misleading, to a credit reporting agency or to any person who has extended credit to a buyer or to whom a buyer is applying for an extension of credit with respect to a buyer’s credit worthiness, credit standing, or credit capacity; or

 

  1. Make or use any untrue or misleading representations in the offer or sale of the services of a credit services organization or engage, directly or indirectly, in any act, practice, or course of business that operates or would operate as fraud or deception upon any person in connection with the offer or sale of the services of a credit services organization.

 

  • 134. Exemption from Obtaining Surety Bond and Establishing Trust Accounts – Responsibility for Acts of Employees or Agents

If a credit services organization is in compliance with paragraph 1 of Section 3 of this act, the salesperson, agent, or representative who sells the services of that organization is not required to obtain a surety bond and establish a trust account. Provided, however, said organization or entity shall be responsible for the acts of their employees or agents performed within the scope of their employment.

 

  • 135. Written Statement of Information

Before the execution of a contract or agreement between the buyer and a credit services organization or before the receipt by the credit services organization of any money or other valuable consideration, whichever occurs first, the credit services organization shall provide the buyer with a statement, in writing, containing all the information required by Section 6 of this act. The credit services organization shall maintain on file for a period of two (2) years an exact copy of the statement, personally signed by the buyer, acknowledging receipt of a copy of the statement.

 

  • 136. Contents of Information Statement

The information statement required pursuant to Section 5 of this act shall include all of the following:

  1. a. a complete and accurate statement of the buyer’s right to review any file on the buyer maintained by any consumer reporting agency, as provided under the Federal Fair Credit Reporting Act, 15 U.S.C., Sections 1681 through 1681t,
  2. a statement that the buyer may review his or her consumer reporting agency file at no charge if a request is made to the consumer credit reporting agency within thirty (30) days after receiving notice that credit has been denied, and
  3. the approximate price the buyer will be charged by the consumer reporting agency to review his or her consumer reporting agency file;

 

  1. A complete and accurate statement of the buyer’s right to dispute the completeness or accuracy of any item contained in any file on the buyer maintained by any consumer reporting agency;

 

  1. A complete and detailed description of the services to be performed by the credit services organization for the buyer and the total amount the buyer will have to pay, or become obligated to pay, for the services;

 

  1. A statement asserting the buyer’s right to proceed against the bond or trust account required under Section 3 of this act; and

 

  1. The name and address of the surety company that issued the bond, or the name and address of the depository and the trustee and the account number of the trust account.

 

  • 137. Requirements of Contracts Between Buyer and Credit Services Organization – Contents – Form for Notice of Cancellation – Copies
  1. Each contract between the buyer and a credit services organization for the purchase of the services of the credit services organization shall be in writing, dated, signed by the buyer, and include the following:
  2. A conspicuous statement in bold face type, in immediate proximity to the space reserved for the signature of the buyer, as follows: “You, the buyer, may cancel this contract at any time prior to midnight of the fifth day after the date of the transaction. See the attached notice of cancellation form for an explanation of this right”;

 

  1. The terms and conditions of payment, including the total of all payments to be made by the buyer, whether to the credit services organization or to some other person;

 

  1. A full and detailed description of the services to be performed by the credit services organization for the buyer, including all guarantees and all promises of full or partial refunds, and the estimated date by which the services are to be performed, or estimated length of time for performing the services; and

 

  1. The credit services organization’s principal business address which shall be the actual office location of the organization and the name and address of its agent in the state authorized to receive service of process.

 

  1. The contract shall be accompanied by a completed form in duplicate, captioned “Notice of Cancellation” that shall be attached to the contract, be easily detachable, and contain in bold face type the following statement written in the same language as used in the contract:

 

“Notice of Cancellation

 

You may cancel this contract, without any penalty or obligation, within five (5) days from the date the contract is signed.

 

If you cancel any payment made by you under this contract, it will be returned within ten (10) days following receipt by the seller of your cancellation notice.

 

To cancel this contract, mail or deliver a signed dated copy of this cancellation notice, or any other written notice to (name of seller) at (address of seller) (place of business) not later than midnight (date)

 

I hereby cancel this transaction,

 

(date)

 

(purchaser’s signature) “

 

  1. The credit services organization shall give to the buyer a copy of the completed contract and all other documents the credit services organization requires the buyer to sign at the time they are signed.

 

  • 138. Waivers Void and in Violation of Act – Burden of Proving Exemption or Exception from Definition – Violations and Jurisdiction – Enforcement of Rights
  1. Any waiver by a buyer of any part of this act is void. Any attempt by a credit services organization to have a buyer waive rights given by this act is a violation of this act.

 

  1. In any proceeding involving this act, the burden of proving an exemption or an exception from a definition is upon the person claiming it.

 

  1. Any person who violates this act is guilty of a misdemeanor. Any district court of this state has jurisdiction in equity to restrain and enjoin the violation of this act.

 

  1. This section does not prohibit the enforcement by any person of any right provided by this or any other law.

 

  • 139. Action for Recovery of Damages – Remedies
  1. Any buyer injured by a violation of this act may bring any action for recovery of damages. Judgment shall be entered for actual damages, but in no case less than the amount paid by the buyer to the credit services organization, plus reasonable attorney’s fees and costs. An award may also be entered for punitive damages.

 

  1. The remedies provided under this act are in addition to any other procedures or remedies for any violation or conduct provided for in any other law.

 

  • 140. Administration and Promulgation of Rules and Regulations

The Department of Consumer Credit shall administer and promulgate rules and regulations to implement the provisions of this act.

 

  • 141. Requirement of License to Engage in Business as Credit Service Organization

No person shall engage in business as a credit service organization without first obtaining a license from the Administrator pursuant to the provisions of the Credit Services Organization Act. Any extensions of credit brokered or arranged on behalf of a buyer by a credit service organization must comply with the provisions of the Uniform Consumer Credit Code and the Credit Services Organization Act.

 

  • 142. Application for Credit Service Organization License – Resident Agent
  1. Applications for a credit service organization license shall be under oath and shall state the full name and place of residence of the applicant. If the applicant is a partnership, the full name and place of residence of each member thereof shall be stated. If the applicant is a corporation, the full name and place of residence of each officer or major stockholder thereof shall be stated. The application shall give the approximate location from which the business is to be conducted, and shall contain such relevant information as the Administrator may require.

 

  1. Each licensee shall maintain on file with the Administrator a written appointment of a resident of this state as his agent for service of all judicial or other process or legal notice, unless the licensee has appointed an agent pursuant to another statute of this state. In case of noncompliance with the provision of this section, such service may be made on the Administrator on behalf of the licensee.

 

  • 143. Investigation of Administrator – Investigation Fee – Issuance or Denial of License – Additional Fees
  1. Upon the filing of an application and bond, payment of an annual license fee and an investigation fee, the Administrator of Consumer Credit shall conduct an investigation. If the Administrator finds that the financial responsibility, experience, character and general fitness of the applicant are such as to warrant belief that the business will be operated pursuant to the Credit Services Organization Act and rules promulgated pursuant thereto, the Administrator shall grant the application and issue to the applicant a license which will evidence the authority of the applicant to do business under the provisions of the Credit Services Organization Act.

 

  1. If the Administrator does not so find facts sufficient to warrant issuance of a license, the Administrator shall notify the applicant. If within thirty (30) days of such notification the applicant requests a hearing on the application, a hearing shall be held within sixty (60) days after the date of the request. In the event of the denial of a license, the investigation fee shall be retained by the Administrator, but the annual license fee shall be returned to the applicant.

 

  1. The Administrator shall grant or deny such application for license within sixty (60) 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.

 

  1. No license to engage in the business of a credit services organization shall be issued for any location if a license has been issued and is in effect under the provisions of Sections 3-501 through 3-514 of Title 14A of the Oklahoma Statutes. As used in this subsection the term “location” means the entire area in which a person licensed pursuant to any provision of Title 14A of the Oklahoma Statutes conducts business. No credit service organization may be connected with any location in which a person licensed pursuant to any provision of Title 14A of the Oklahoma Statutes conducts business, except by a passageway to which the public is not admitted.

 

  1. The Commission on Consumer Credit may prescribe by rule a fee for each license change, duplicate license or returned check.

 

  • 144. Statement and Display of Licenses – Issuance of More than One License – Term – Annual Fee – Late Fee
  1. Each license shall state the name of the license and the address of which the business is to be conducted. 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 of Consumer Credit.

 

  1. A separate license shall be required for each credit service organization operated pursuant to the Credit Services Organization Act.

 

The Administrator may issue more than one license to any one person upon compliance with the provisions of the Credit Services Organization Act as to each license. A licensee desiring to move a licensed credit service operation to another location shall give thirty (30) days’ written notice to the Administrator, who shall amend the license accordingly.

 

  1. Each license shall remain in full force and effect until relinquished, suspended, revoked or expired. Every licensee, on or before December 1 of each year, shall pay the Administrator a license renewal 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.

 

  1. A late fee, as prescribed by rule of the Commission on Consumer Credit, shall be imposed for any license renewed after December 1

 

  • 145. Appointment and Authority of Independent Hearing Officer – Administrator May Suspend or Revoke License upon Certain Findings – Civil Penalties
  1. The Administrator shall appoint an independent hearing examiner to conduct all administrative hearings involving alleged violations of the Credit Services Organization Act. The independent hearing examiner shall have authority to exercise all powers granted by Article II of the Administrative Procedures Act in conducting hearings. The independent hearing examiner shall have authority to recommend penalties authorized by the Credit Services Organization Act and issue proposed orders, with proposed findings of fact and proposed conclusions of law, to the Administrator pursuant to Article II of the Administrative Procedures Act. The Administrator shall review the proposed order and issue a final agency order in accordance with Article II of the Administrative Procedures Act. A final agency order issued by the Administrator shall be appealable by all parties to the district court as provided in Article II of the Administrative Procedures Act. The costs of the hearing examiner may be assessed by the hearing examiner against the respondent, unless the respondent is the prevailing party.

 

  1. The Administrator may, after notice and hearing, decline to renew a license, suspend or revoke any license, or in addition to or in lieu of suspension or revocation, order refunds for any unlawful charges or enter a cease and desist order if the Administrator finds that:
  2. The licensee has failed to pay any fee or charge properly imposed by the Administrator under the authority of the Credit Services Organization Act;
  3. The licensee or any entity or individual subject to the Credit Services Organization Act, either knowingly or without the exercise of due care to prevent the same, has violated any provisions of the Credit Services Organization Act or any regulation or order lawfully made pursuant thereto; or
  4. Any fact or condition exists which, if it had existed or had been known to exist at the time of the original application for a license, clearly would have justified the Administrator in refusing the license.

 

  1. Any licensee may surrender any license by delivering it to the Administrator with written notice of its surrender, but such surrender shall not affect the licensee’s civil or criminal liability for acts committed prior thereto.

 

  1. No revocation, suspension or surrender of any license shall impair or affect the obligation of any preexisting lawful contract between the licensee and any customer.

 

  1. The Administrator may reinstate suspended licenses or issue new licenses to a person whose license or licenses have been revoked if no fact or condition then exists which clearly would have justified the Administrator in refusing originally to issue such license pursuant to the Credit Services Organization Act.

 

  1. On application of any person and payment of the cost thereof, the Administrator shall furnish under the seal and signature of the Administrator a certificate of good standing or a certified copy of any license.

 

  1. Any entity or individual offering to engage or engaged as a credit service organization without a license in this state shall be subject to a civil penalty not to exceed Five Thousand Dollars ($5,000.00).

 

  1. The Administrator may impose a civil penalty as prescribed in subsection G of this section, after notice and hearing in accordance with Article II of the Administrative Procedures Act. Any administrative order or settlement agreement imposing a civil penalty pursuant to this section may be enforced in the same manner as civil judgments in this state. The Administrator may file an application to enforce an administrative order or settlement agreement imposing a civil penalty in the district court of Oklahoma County.

 

  • 146. Examination and Inquiry into Books and Records
  1. At such times as the Administrator of Consumer Credit may deem necessary, the Administrator or a duly authorized representative of the Administrator may make an examination of the place of business of each licensee and may inquire into and examine the transactions, books, accounts, papers, correspondence and records of such licensee insofar as they pertain to the business regulated by the Credit Services Organization Act. Such books, accounts, papers, correspondence and records shall also be open for inspection at any reasonable time by any peace officer, without any need of judicial writ or other process. In the course of an examination, the Administrator or a duly authorized representative of the Administrator shall have free access to the office, place of business, files, safes and vaults of such licensee, and shall have the right to make copies of any books, accounts, papers, correspondence and records. The Administrator or duly authorized representative, during the course of such examination, may administer oaths and examine any person under oath upon any subject pertinent to any matter about which the Administrator is authorized or required by the Credit Services Organization Act to consider, investigate or secure information. Any licensee who fails or refuses to permit the Administrator or duly authorized representative to examine or make copies of such books or other relevant documents shall be deemed to be in violation of the Credit Services Organization Act and such failure or refusal shall constitute grounds for the suspension or revocation of such license. The information obtained in the course of any examination or inspection shall be confidential, except in civil or administrative proceedings conducted by the Administrator, or criminal proceedings instituted by the state. Each licensee shall pay to the Administrator an examination fee. The Administrator may require payment of an examination fee either at the time of initial application, renewal of the license, or after an examination has been conducted.

 

  1. For the purpose of discovering violations of the Credit Services Organization Act or of securing information required by the Credit Services Organization Act, the Administrator or duly authorized representative may investigate the books, accounts, papers, correspondence and records of any licensee or other person who the Administrator has reasonable cause to believe is violating any provision of the Credit Services Organization Act whether or not such person shall claim to be within the authority or scope of the Credit Services Organization Act.

 

  1. Each licensee shall keep or make available in this state such books and records relating to credit service transactions made pursuant to the Credit Services Organization Act as are necessary to enable the Administrator to determine whether the licensee is complying with the Credit Services Organization Act. Such books and records shall be consistent with accepted accounting practices.

 

  1. Each licensee shall preserve or make available such books and records in this state relating to each of its credit service transactions for four (4) years from the date of the transaction, or two (2) years from the date of the final entry made thereon, whichever is later. Each licensee’s system of records shall be accepted if it discloses such information as may be reasonably required pursuant to the Credit Services Organization Act. All agreements signed by customers shall be kept at an office in this state designated by the licensee, except when transferred under an agreement which gives the Administrator access thereto.

 

  1. Each licensee, annually on or before the first day of May or other date thereafter fixed by the Administrator, shall file a report with the Administrator setting forth such relevant information as the Administrator may reasonably require concerning the business and operations during the preceding calendar year for each licensed place of business conducted by such licensee within the state. Such report shall be made under oath and shall be in the form prescribed by the Administrator, who may make and publish annually a consolidated analysis and recapitulation of such reports, but the individual reports shall be held confidential.

 

  • 147. Clear and Accurate Disclosures to Consumer – Applicability – Credit Histories – Fees
  1. Every consumer reporting agency shall, upon request and proper identification of any consumer, clearly and accurately disclose to the consumer:
  2. The nature and substance of all information, except medical information, in its files on the consumer at the time of the request;
  3. The sources of the information, except that the sources of information acquired solely for use in preparing an investigative consumer report and actually used for no other purpose need not be disclosed. Provided, in the event an action is brought under this act, such sources shall be available to the plaintiff under appropriate discovery procedures in the court in which the action is brought; and
  4. The recipients of any consumer report on the consumer which it has furnished:
  5. for employment purposes within the two-year period preceding the request, and
  6. for any other purpose within the six-month period preceding the request.

 

  1. The requirements of subsection A of this section respecting the disclosure of sources of information and the recipients of consumer reports do not apply to information received or consumer reports furnished prior to the effective date of this act, except to the extent that the matter involved is contained in the files of the consumer reporting agency on that date.

 

  1. All consumer reporting agencies, as such agencies are defined in the Federal Fair Credit Reporting Act, 15 U.S.C., Sections 1681 through 1681t, which operate offices in the State of Oklahoma shall allow any requesting person to receive his or her credit history.

 

  1. A consumer reporting agency shall make all disclosures and furnish all consumer reports without charge to the consumer if requested within thirty (30) days after receipt by such consumer of a notification from a debt collection agency affiliated with such consumer reporting agency stating that the consumer’s credit rating may be or has been adversely affected. Otherwise, the consumer reporting agency may impose a reasonable charge on the consumer:
  2. For making disclosure to such consumer, the charge for which shall be indicated to the consumer prior to making disclosure; and
  3. For furnishing credit histories authorized in subsection C of this section, notifications, statements, summaries or codifications to persons designated by the consumer, the charge for which shall be indicated to the consumer prior to furnishing such information.

 

Provided, no charge may be made for notifying such persons of the deletion of information which is found to be inaccurate or which can no longer be verified.

 

  • 148. Consumer Report Request
  1. Prior to requesting a consumer report for employment purposes, the requestor or user of the consumer report shall provide written notice to the person who is the subject of the consumer report. The notice shall inform the consumer that a consumer report will be used and the notice shall contain a box that the consumer may check to receive a copy of the consumer report. If the consumer requests a copy of the report, the user of the consumer report shall request that a copy be provided to the consumer when the user of the consumer report requests its copy from the credit reporting agency. The report sent to the consumer shall be provided at no charge to the consumer. As used in this section, “consumer report” shall have the same meaning as that term is defined in the federal Fair Credit Reporting Act, 15 U.S.C., Sections 1681 et seq.

 

  1. No person shall be held liable for any violation of this section if such person shows by a preponderance of the evidence that, at the time of the alleged violation, such person maintained reasonable procedures to assure compliance with this section.