Okla. Stat. tit. 14A, § 14A-3-211
This is the official text of Okla. Stat. tit. 14A, § 14A-3-211, part of Oklahoma’s Stat. tit. 14A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 14A,." Browse the sections below, each linked to its official government source.
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Fee for small loans – Payments to Consumer Credit
Official statutory text
Counseling Revolving Fund and Personal Financial Literacy Education
Revolving Fund.
A. Each licensee authorized to make small loans shall pay
thirty cents ($0.30) for each loan entered into to be deposited into
the Consumer Credit Counseling Revolving Fund and the Personal
Financial Literacy Education Revolving Fund as follows:
1. Eight cents ($0.08) of each thirty-cent payment shall be
deposited into the Consumer Credit Counseling Revolving Fund; and
2. Twenty-two cents ($0.22) of each thirty-cent payment shall
be paid to the Office of the State Treasurer for deposit into the
Personal Financial Literacy Education Revolving Fund.
B. The schedule for payment into the Consumer Credit Counseling
Revolving Fund shall be determined by the Administrator of Consumer
Oklahoma Statutes - Title 14A. Consumer Credit Code Page 96
Credit. The schedule for payments to the Office of the State
Treasurer for deposit into the Personal Financial Literacy Education
Revolving Fund shall be made by each lender quarterly.
C. Ten percent (10%) of each scheduled payment of fees pursuant
to this section made into the Consumer Credit Counseling Revolving
Fund may be transferred to the Consumer Credit Administrative
Expenses Revolving Fund established in Section 6-301 of Title 14A of
the Oklahoma Statutes for expenses incurred by the Administrator of
Consumer Credit in administering the requirements of subsection D of
this section.
D. Funds collected and deposited in the Consumer Credit
Counseling Revolving Fund pursuant to this section shall be paid by
the Administrator of Consumer Credit to a third-party, Oklahoma-
based consumer credit counseling provider with a verifiable history
of work with both industry and consumers in the appropriate field
for a program of research and implementation of voluntary consumer
counseling and education specifically designed for consumers
utilizing deferred deposit loans. The program shall be:
1. Selected by a bid process, pursuant to The Oklahoma Central
Purchasing Act; and
2. Designed in consultation with representatives of both the
industry and consumers.
E. Funds paid to the Office of the State Treasurer for deposit
into the Personal Financial Literacy Education Revolving Fund
pursuant to this section shall be used by the State Department of
Education for purposes provided in Section 11-103.6h of Title 70 of
the Oklahoma Statutes.
Revolving Fund.
A. Each licensee authorized to make small loans shall pay
thirty cents ($0.30) for each loan entered into to be deposited into
the Consumer Credit Counseling Revolving Fund and the Personal
Financial Literacy Education Revolving Fund as follows:
1. Eight cents ($0.08) of each thirty-cent payment shall be
deposited into the Consumer Credit Counseling Revolving Fund; and
2. Twenty-two cents ($0.22) of each thirty-cent payment shall
be paid to the Office of the State Treasurer for deposit into the
Personal Financial Literacy Education Revolving Fund.
B. The schedule for payment into the Consumer Credit Counseling
Revolving Fund shall be determined by the Administrator of Consumer
Oklahoma Statutes - Title 14A. Consumer Credit Code Page 96
Credit. The schedule for payments to the Office of the State
Treasurer for deposit into the Personal Financial Literacy Education
Revolving Fund shall be made by each lender quarterly.
C. Ten percent (10%) of each scheduled payment of fees pursuant
to this section made into the Consumer Credit Counseling Revolving
Fund may be transferred to the Consumer Credit Administrative
Expenses Revolving Fund established in Section 6-301 of Title 14A of
the Oklahoma Statutes for expenses incurred by the Administrator of
Consumer Credit in administering the requirements of subsection D of
this section.
D. Funds collected and deposited in the Consumer Credit
Counseling Revolving Fund pursuant to this section shall be paid by
the Administrator of Consumer Credit to a third-party, Oklahoma-
based consumer credit counseling provider with a verifiable history
of work with both industry and consumers in the appropriate field
for a program of research and implementation of voluntary consumer
counseling and education specifically designed for consumers
utilizing deferred deposit loans. The program shall be:
1. Selected by a bid process, pursuant to The Oklahoma Central
Purchasing Act; and
2. Designed in consultation with representatives of both the
industry and consumers.
E. Funds paid to the Office of the State Treasurer for deposit
into the Personal Financial Literacy Education Revolving Fund
pursuant to this section shall be used by the State Department of
Education for purposes provided in Section 11-103.6h of Title 70 of
the Oklahoma Statutes.
Status: in_force · Read it on the official government site
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