Okla. Stat. tit. 59, § 59-1511

Oklahoma Statutes - Title 59. Professions and Occupations Page 1138

A. Multiple Agreements. No pawnbroker shall separate or divide

a pawn transaction into two or more transactions for the purpose or

with the effect of obtaining a total pawn finance charge in excess

of that authorized for an amount equal to the total of the amounts

financed in the resulting transactions.

B. Customer's Personal Liabilities Prohibited. Even though a

pawn transaction subject to Section 1501 et seq. of this title

creates a debtor-creditor relationship, no pawnbroker shall make any

agreement requiring the personal liability of a customer in

connection with a pawn transaction, and no customer shall have an

obligation to redeem pledged goods or make any payment on a pawn

transaction. The only recourse of a pawnbroker where the customer

has pledged goods shall be to the pledged goods themselves, unless

the pledged goods are found to be stolen, embezzled, mortgaged or

otherwise pledged or encumbered. Upon the customer being officially

notified by a peace officer that the goods he pledged or sold to a

pawnbroker were stolen or embezzled, the customer shall be liable to

repay the pawnbroker the full amount the customer received from the

pawn or buy transaction. Any pledged goods not redeemed within

thirty (30) days following the last fixed maturity date may

thereafter, at the option of the pawnbroker, be forfeited and become

the property of the pawnbroker.

C. Prohibited Practices. A pawnbroker shall not:

1. Accept a pledge or purchase property from a person, male or

female, under the age of eighteen (18) years;

2. Accept any waiver, in writing or otherwise, of any right or

protection accorded a customer under this act;

3. Fail to exercise reasonable care to protect pledged goods

from loss or damage;

4. Fail to return pledged goods to a customer upon payment of

the full amount due the pawnbroker on the pawn transaction, unless a

hold order has been placed on the pledged goods by an authorized

peace officer or the pledged goods are in the custody of law

enforcement;

5. Make any charge for insurance in connection with a pawn

transaction, except as provided in subsection F of this section;

6. Enter any pawn transaction which has a maturity date more

than one (1) month after the date of the transaction; or

7. Accept collateral or buy merchandise from a person unable to

supply verification of identity by photo I.D. by either a state-

issued identification card, driver's license or federal government-

issued identification card or by readable fingerprint of right or

left index finger on the back of the pawn or buy transaction copy to

be retained for the pawnbroker's record.

D. Presumption. Except as otherwise provided by this act, any

person properly identifying himself as the original customer in the

pawn transaction or as the assignee thereof, and presenting a pawn

Oklahoma Statutes - Title 59. Professions and Occupations Page 1139

transaction agreement to the pawnbroker shall be presumed to be

entitled to redeem the pledged goods described therein.

E. Lost or Destroyed Transaction Agreement. If the pawn

transaction agreement is lost, destroyed or stolen, the customer may

so notify the pawnbroker in writing, and receipt of such notice

shall invalidate such pawn transaction agreement, if the pledged

goods have not previously been redeemed. Before delivering the

pledged goods or issuing a new pawn transaction agreement, the

pawnbroker may require the customer to make affidavit of the loss,

destruction or theft of the agreement.

F. Insurance. 1. A pawnbroker may offer insurance to a

customer at the time of the pawn transaction to provide coverage

during the pawn contract period for the declared value of the items

pawned. The purchase of insurance shall be at the option of the

customer.

2. A pawnbroker may not offer insurance coverage unless the

pawnbroker:
idavit of the loss,

destruction or theft of the agreement.

F. Insurance. 1. A pawnbroker may offer insurance to a

customer at the time of the pawn transaction to provide coverage

during the pawn contract period for the declared value of the items

pawned. The purchase of insurance shall be at the option of the

customer.

2. A pawnbroker may not offer insurance coverage unless the

pawnbroker:

a. is licensed as a limited insurance representative for

the purpose of providing insurance coverage for pawned

merchandise, as required by Section 1424 of Title 36

of the Oklahoma Statutes,

b. has filed with the Administrator of the Department of

Consumer Credit a copy of the insurance policy which

shall have been issued by an insurer authorized by the

Insurance Commissioner to transact insurance in this

state, and

c. has posted a copy of the policy in a conspicuous place

which is readily available to the customer.