Okla. Stat. tit. 59, § 59-3150.2
This is the official text of Okla. Stat. tit. 59, § 59-3150.2, 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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License required – Eligibility for licensure
Official statutory text
A. Beginning on August 1, 2020, no person shall engage in the
business of making small loans as defined in this act, unless the
Oklahoma Statutes - Title 59. Professions and Occupations Page 1521
person is licensed by the Department of Consumer Credit as provided
by this act. A person shall be deemed to be engaged in the business
of making small loans in this state if the person regularly makes
loans for a fee or induces a consumer, while located in this state,
to enter into a small loan in this state through the use of
facsimile, telephone, Internet or other means. A separate license
shall be required for each location from which the business of
making small loans is conducted.
B. Any nonresident person seeking licensure under this act
shall furnish the Administrator of the Department of Consumer Credit
with the name and address of a resident of this state upon whom
notices or orders issued by the Administrator, or process affecting
a licensee under this act, may be served. A nonresident licensee
shall notify the Administrator in writing of any change in its
designated agent for service of process as provided in paragraph 2
of Section 5 of this act, and the change shall not become effective
until approved by the Administrator.
C. No person doing business under the authority of any law of
Oklahoma or of the United States relating to banks, savings
institutions, trust companies, building and loan associations,
industrial loan associations or credit unions shall be eligible for
licensure under this act.
business of making small loans as defined in this act, unless the
Oklahoma Statutes - Title 59. Professions and Occupations Page 1521
person is licensed by the Department of Consumer Credit as provided
by this act. A person shall be deemed to be engaged in the business
of making small loans in this state if the person regularly makes
loans for a fee or induces a consumer, while located in this state,
to enter into a small loan in this state through the use of
facsimile, telephone, Internet or other means. A separate license
shall be required for each location from which the business of
making small loans is conducted.
B. Any nonresident person seeking licensure under this act
shall furnish the Administrator of the Department of Consumer Credit
with the name and address of a resident of this state upon whom
notices or orders issued by the Administrator, or process affecting
a licensee under this act, may be served. A nonresident licensee
shall notify the Administrator in writing of any change in its
designated agent for service of process as provided in paragraph 2
of Section 5 of this act, and the change shall not become effective
until approved by the Administrator.
C. No person doing business under the authority of any law of
Oklahoma or of the United States relating to banks, savings
institutions, trust companies, building and loan associations,
industrial loan associations or credit unions shall be eligible for
licensure under this act.
Status: in_force · Read it on the official government site
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