§ 133. Restrictions
Oklahoma Statutes AnnotatedTitle 24. Debtor and Creditor
24 Okl.St.Ann. § 133
§ 133. Restrictions
A credit services organization, its salespersons, agents, and representatives, and independent contractors who sell or attempt to sell the services of a credit services organization may not do any of the following:
1. Charge or receive any money or other valuable consideration prior to full and complete performance of the services the credit services organization has agreed to perform for the buyer, unless the credit services organization has obtained a surety bond of Ten Thousand Dollars ($10,000.00) issued by a surety company admitted to do business in this state and established a trust account at a federally insured bank or savings and loan association located in this state;
3. Make or counsel or advise any buyer to make any statement that is untrue or misleading or that should be known by the exercise of reasonable care to be untrue or misleading, to a credit reporting agency or to any person who has extended credit to a buyer or to whom a buyer is applying for an extension of credit with respect to a buyer's credit worthiness, credit standing, or credit capacity; or
4. Make or use any untrue or misleading representations in the offer or sale of the services of a credit services organization or engage, directly or indirectly, in any act, practice, or course of business that operates or would operate as fraud or deception upon any person in connection with the offer or sale of the services of a credit services organization.
Credits
Laws 1987, c. 35, § 3, emerg. eff. April 20, 1987.
24 Okl. St. Ann. § 133, OK ST T. 24 § 133
Current with emergency effective legislation through Chapter 90 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
End of Document |