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§ 3150.3. Applicant requirements

Oklahoma Statutes AnnotatedTitle 59. Professions and OccupationsEffective: November 1, 2019

Oklahoma Statutes Annotated
Title 59. Professions and Occupations (Refs & Annos)
Chapter 57-1. Oklahoma Small Lenders Act
Effective: November 1, 2019
59 Okl.St.Ann. § 3150.3
§ 3150.3. Applicant requirements
Currentness
A. An applicant for a license to make small loans shall meet the following requirements:
1. A tangible net worth that comprises tangible assets, less liabilities, of not less than Fifty Thousand Dollars ($50,000.00) for each location; and
2. The financial responsibility, financial condition, business experience, character and general fitness of the applicant shall reasonably warrant the belief that the applicant's business shall be conducted lawfully, honestly, carefully and efficiently. In determining whether these qualifications have been met and for the purpose of investigating compliance with this act,1 the Administrator of the Department of Consumer Credit may review and approve:
a. the business records and the capital adequacy of the applicant,
b. the competence, experience, integrity and financial ability of any person who is a director, officer, a shareholder with ten percent (10%) or more shares of the applicant, or a person who owns or controls the applicant, and
c. any record of the applicant or any person referred to in this act for any criminal activity, fraud or other act of personal dishonesty; any act, omission or practice that constitutes a breach of a fiduciary duty; or any suspension, revocation or removal by any agency or department of the United States or any state, from participation in the conduct of any business.
B. The Administrator shall periodically review the licensee's compliance with subsection A of this section.

Credits

Laws 2019, c. 89, § 5, eff. Nov. 1, 2019.

Footnotes

1
Title 59, § 3150 et seq.
59 Okl. St. Ann. § 3150.3, OK ST T. 59 § 3150.3
Current with emergency effective legislation through Chapter 125 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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