Okla. Stat. tit. 14A, § 14A-3-512
This is the official text of Okla. Stat. tit. 14A, § 14A-3-512, 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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Conduct of business other than making loans
Official statutory text
A. 1. Except as provided in subsection B of this section, a
licensee who is authorized to make supervised loans under this Part
shall not engage in the business of making sales of goods at any
location where supervised loans are made; provided, however, a
licensee may make sales of goods through vending machines at the
location where supervised loans are made and may sell other goods
approved by the Administrator of the Department of Consumer Credit
which are paid for by a consumer in cash and not with the proceeds
of a loan by the licensee also making the sale. The word "location"
as used in this section means the entire space in which supervised
loans are made and said location must be separated from any location
in which merchandise is sold or displayed by walls which may be
broken only by a passageway to which the public is not admitted.
Oklahoma Statutes - Title 14A. Consumer Credit Code Page 160
2. A sale of goods or services pursuant to a lender credit card
or similar arrangement made at a place of business other than that
of a licensee does not violate this section.
3. An occasional sale of property used in the ordinary course
of the business of the licensee does not violate this section.
4. A sale of items repossessed by the licensee does not violate
this section.
5. No licensee shall conduct the business of making loans under
the Consumer Credit Code under any name, or at any place of business
within this state, other than that stated in the license.
B. A licensee who is authorized to make supervised loans under
this Part may sell goods at any location where supervised loans are
made upon meeting the following conditions:
1. The Administrator of the Department of Consumer Credit shall
be notified in writing of the type and nature of goods to be sold at
the location of the licensee;
2. Any sale of goods authorized pursuant to this subsection
shall be purchased through a loan with the licensee; and
3. All goods sold by the licensee pursuant to this subsection
shall be restricted to purchase loans made only at A-lender rates
and terms.
The Administrator shall promulgate rules to ensure lenders
comply with the requirements of this subsection.
licensee who is authorized to make supervised loans under this Part
shall not engage in the business of making sales of goods at any
location where supervised loans are made; provided, however, a
licensee may make sales of goods through vending machines at the
location where supervised loans are made and may sell other goods
approved by the Administrator of the Department of Consumer Credit
which are paid for by a consumer in cash and not with the proceeds
of a loan by the licensee also making the sale. The word "location"
as used in this section means the entire space in which supervised
loans are made and said location must be separated from any location
in which merchandise is sold or displayed by walls which may be
broken only by a passageway to which the public is not admitted.
Oklahoma Statutes - Title 14A. Consumer Credit Code Page 160
2. A sale of goods or services pursuant to a lender credit card
or similar arrangement made at a place of business other than that
of a licensee does not violate this section.
3. An occasional sale of property used in the ordinary course
of the business of the licensee does not violate this section.
4. A sale of items repossessed by the licensee does not violate
this section.
5. No licensee shall conduct the business of making loans under
the Consumer Credit Code under any name, or at any place of business
within this state, other than that stated in the license.
B. A licensee who is authorized to make supervised loans under
this Part may sell goods at any location where supervised loans are
made upon meeting the following conditions:
1. The Administrator of the Department of Consumer Credit shall
be notified in writing of the type and nature of goods to be sold at
the location of the licensee;
2. Any sale of goods authorized pursuant to this subsection
shall be purchased through a loan with the licensee; and
3. All goods sold by the licensee pursuant to this subsection
shall be restricted to purchase loans made only at A-lender rates
and terms.
The Administrator shall promulgate rules to ensure lenders
comply with the requirements of this subsection.
Status: in_force · Read it on the official government site
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