Okla. Stat. tit. 59, § 59-3101.1
This is the official text of Okla. Stat. tit. 59, § 59-3101.1, part of Oklahoma’s Stat. tit. 59, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 59,." Browse the sections below, each linked to its official government source.
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Termination of licenses upon implementation of Oklahoma
Official statutory text
Small Lenders Act.
Any person licensed pursuant to the Deferred Deposit Lending Act
may make application for licensure under the Oklahoma Small Lenders
Act beginning on January 1, 2020. Beginning on and after August 1,
2020, no new deferred deposit loan may be entered into or transacted
by a licensee or other person; provided, however, a licensed
deferred deposit lender may continue to administer and collect all
outstanding deferred deposit loan payments on all loans transacted
before August 1, 2020, until such loans are paid in full according
to the terms of the written loan agreements, at which time the
licensee's authority under the Deferred Deposit Lending Act shall
terminate and expire notwithstanding any period remaining on an
existing deferred deposit lender's license. All Deferred Deposit
Lending Act licenses shall be terminated and be deemed to have
expired on August 1, 2020, upon the implementation of the Oklahoma
Small Lenders Act, except as provided herein.
Any person licensed pursuant to the Deferred Deposit Lending Act
may make application for licensure under the Oklahoma Small Lenders
Act beginning on January 1, 2020. Beginning on and after August 1,
2020, no new deferred deposit loan may be entered into or transacted
by a licensee or other person; provided, however, a licensed
deferred deposit lender may continue to administer and collect all
outstanding deferred deposit loan payments on all loans transacted
before August 1, 2020, until such loans are paid in full according
to the terms of the written loan agreements, at which time the
licensee's authority under the Deferred Deposit Lending Act shall
terminate and expire notwithstanding any period remaining on an
existing deferred deposit lender's license. All Deferred Deposit
Lending Act licenses shall be terminated and be deemed to have
expired on August 1, 2020, upon the implementation of the Oklahoma
Small Lenders Act, except as provided herein.
Status: in_force · Read it on the official government site
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