§ 3109. Renewal of deferred deposit loan transaction--Determination of outstanding loans--Compl...
Oklahoma Statutes AnnotatedTitle 59. Professions and Occupations
59 Okl.St.Ann. § 3109
§ 3109. Renewal of deferred deposit loan transaction--Determination of outstanding loans--Completion of transaction--Repayment plan--Redemption of instrument
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:
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.
Credits
Laws 2003, c. 240, § 9, eff. Sept. 1, 2003; Laws 2004, c. 557, § 6, emerg. eff. June 10, 2004; Laws 2014, c. 48, § 1, eff. Nov. 1, 2014.
59 Okl. St. Ann. § 3109, OK ST T. 59 § 3109
Current with emergency effective legislation through Chapter 182 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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