Okla. Stat. tit. 59, § 59-3109

Determination of outstanding loans - Completion of transaction -

Repayment plan - Redemption of instrument.

A. A lender may not enter into a renewal of a deferred deposit

loan transaction.

B. Upon any application being made for a deferred deposit loan,

the lender shall determine if the applicant has any outstanding

deferred deposit loans as follows:

1. The applicant shall be required to sign an affidavit stating

whether the applicant has any deferred deposit loans outstanding

with the lender or any other deferred deposit lender and if so, the

status of each such loan; and

2. The lender shall be required to verify the accuracy of the

affidavit through commercially reasonable means. A lender's method

of so verifying shall be considered in compliance with the

provisions of this section if the verification method includes a

manual investigation or an electronic query of:

a. the lender's own records, including both records

maintained at the location where the loan is being

applied for and records maintained at other locations

that are owned and operated by the lender or the

lender's affiliates, and

b. any private database approved by the Administrator of

Consumer Credit, if the lender subscribes to such a

database; provided, all lenders shall be required to

subscribe to such a database or otherwise obtain the

required information in a manner approved by the

Administrator not later than July 1, 2004. The lender

may charge the applicant a fee for database

verification not to exceed the actual fee charged to

the lender by the database provider.

If the lender determines that the applicant has more than one

outstanding deferred deposit loan, the loan applied for shall not be

made.

C. A deferred deposit loan transaction is completed when the

deferred deposit loan transaction is paid in full after the lender

presents the instrument for payment or initiates an ACH debit to the

debtor's bank account to collect on the instrument, or the debtor

redeems the instrument by paying the full amount of the instrument

to the lender. Once the debtor has completed the deferred deposit

loan transaction, the lender may enter into a new deferred deposit

loan agreement with the debtor, and the new deferred deposit loan

transaction shall not be deemed to be a renewal of the previous

deferred deposit loan; provided, a new deferred deposit loan made

within thirteen (13) calendar days after a previous deferred deposit

loan has been entered into between the lender and the debtor shall

be considered a renewal and shall not be made.

Oklahoma Statutes - Title 59. Professions and Occupations Page 1510

D. If a debtor enters into a third consecutive loan, the lender

shall provide the consumer an option to repay such loan and each

consecutive loan pursuant to a written repayment plan subject to the

following terms:

1. The debtor shall request the repayment plan, either orally

or in writing, prior to the due date of the loan;

2. The debtor shall repay the loan in four equal installments

with one installment due on each of the next four dates on which the

customer receives regular wages or compensation from an employer,

pursuant to a written repayment plan agreement;

3. The consumer shall pay a processing fee of ten percent (10%)

of the principal amount of the loan per loan not to exceed Fifteen

Dollars ($15.00) for administration of the payment plan;

4. The consumer shall agree not to enter into any additional

deferred presentment loans during the repayment plan term and for a

period of fifteen (15) days after termination of the repayment plan

term; and

5. Upon positive completion of the repayment plan, the lender

shall report the debtor's positive payment history to at least one

national consumer credit reporting agency.

E. A lender shall negotiate or present an instrument for

payment only if the instrument is endorsed with the actual business

name of the lender.
eriod of fifteen (15) days after termination of the repayment plan

term; and

5. Upon positive completion of the repayment plan, the lender

shall report the debtor's positive payment history to at least one

national consumer credit reporting agency.

E. A lender shall negotiate or present an instrument for

payment only if the instrument is endorsed with the actual business

name of the lender.

F. Prior to the lender negotiating or presenting the

instrument, the debtor shall have the right to redeem any instrument

held by a lender as a result of a deferred deposit loan if the

debtor pays to the lender the unpaid balance of the principal and

all accrued fees and charges.