Okla. Stat. tit. 59, § 59-3114

Assessments - Investigation of possible violations - Orders

compelling compliance.

A. At such times as the Administrator of Consumer Credit shall

deem necessary, the Administrator or a duly authorized

representative shall make an examination of all licensed locations

of each licensee and shall inquire into and examine the loans,

transactions, books, accounts, papers, correspondence and records of

the licensee insofar as they pertain to the business regulated by

this act. In the course of the examination, the Administrator or a

duly authorized representative shall have free access to the office,

place of business, files, safes and vaults of the licensee, and

shall have the right to make copies of the books, accounts, papers,

correspondence and records. The Administrator or a duly authorized

representative may, during the course of the examination, administer

oaths and examine any person under oath on any subject pertinent to

any matter about which the Administrator is authorized or required

by this act to consider, investigate or secure information. Any

licensee who shall fail or refuse to let the Administrator or a duly

authorized representative examine or make copies of the books, or

other relevant documents shall be deemed in violation of this act

and the failure or refusal shall constitute grounds for

administrative action against the licensee. The information

obtained in the course of the examination shall be confidential.

Each licensee shall pay to the Administrator an amount assessed by

the Administrator to cover the direct and indirect cost of the

examination and a proportionate share of general administrative

expense, not to exceed Three Hundred Dollars ($300.00) for each

location; provided, however, that for any examination which lasts in

excess of eight (8) hours, the Administrator shall charge an

additional fee of Fifty Dollars ($50.00) per hour for each examiner

required to complete the examination; provided, further, that the

Administrator may waive the examination fee for any examination

which takes one (1) hour or less. If an examination fee is due and

is not paid on completion of an examination, the Administrator shall

bill the licensee, and there shall be a late fee of Fifty Dollars

($50.00) if the amount due is not received within thirty (30) days

of the invoice date.

B. For the purpose of discovering violations of this act or of

securing information required under this act, the Administrator or a

duly authorized representative may investigate the books, accounts,

papers, correspondence and records of any licensee or other person

whom the Administrator has reasonable cause to believe is in

violation of any provision of this act whether or not that person

shall claim to be within the authority or scope of this act. For

the purpose of this subsection, any person who advertises for,

solicits or otherwise communicates a willingness to make deferred

Oklahoma Statutes - Title 59. Professions and Occupations Page 1514

payment loans shall be presumed to be engaged in the business of

making deferred deposit loans.

C. Every licensee shall maintain on file with the Administrator

a written appointment of a resident of this state as the agent for

service of all judicial or other process or legal notice, unless the

licensee has appointed an agent under another statute of this state.

In case of noncompliance, such service may be made on the

Administrator.

D. Each licensee shall keep or make available in this state the

books and records relating to loans made under this act as are

necessary to enable the Administrator to determine whether the

licensee is complying with this act. The books and records shall be

maintained in a manner consistent with accepted accounting

practices.

E. Each licensee shall preserve or make available its books and

records in the state relating to each of its loans for four (4)
e

books and records relating to loans made under this act as are

necessary to enable the Administrator to determine whether the

licensee is complying with this act. The books and records shall be

maintained in a manner consistent with accepted accounting

practices.

E. Each licensee shall preserve or make available its books and

records in the state relating to each of its loans for four (4)

years from the date of the loan, or two (2) years from the date of

the final entry made thereon, whichever is later. Each licensee’s

system of records shall be accepted if it discloses its information

as may be reasonably required under this act. All deferred deposit

loan agreements and notices of cancellation signed by debtors shall

be kept at an office in this state designated by the licensee,

except when transferred under an agreement which gives the

Administrator access to the agreements.

F. Each lender shall, annually on or before the first day of

May, file a report with the Administrator setting forth such

relevant information as the Administrator may reasonably require

concerning the business and operations during the preceding calendar

year for each place of business conducted by such lender. Such

report shall be made under oath and shall be in the form prescribed

by the Administrator, who shall make and publish annually a

consolidated analysis and recapitulation of such reports, but the

individual reports and their contents shall be held confidential.

There shall be a late fee of Twenty-five Dollars ($25.00) for any

annual report received after May 1.

G. Any transcript of any hearing held by the Administrator or

an independent hearing examiner under this act shall be a public

record and open to inspection at all reasonable times.

H. On failure without lawful excuse to obey a subpoena or to

give testimony and on reasonable notice to all persons affected, the

Administrator or a representative may apply to a court for an order

compelling compliance, as provided by the Administrative Procedures

Act.