Bill > SB720

Introduced Session

An Act relating to the small lenders; authorizing certain lenders to apply for certain licensure after certain date; prohibiting certain loans after certain date; providing certain exception for outstanding loans; construing expiration of certain license; making certain licenses expire on certain date; creating the Oklahoma Small Lenders Act; providing short title; defining terms; requiring certain license; requiring service agent; stating requirements for licensure; directing periodic review for compliance; providing for rulemaking; stating content of certain application; setting certain fees; requiring financial statement and certain bond; allowing letter of credit in lieu of bond; stating purpose of bond; authorizing suit against bond for nonpayment; designating certain venue of certain actions; requiring criminal history records check with fingerprints; providing for refusal to submit to criminal history records check; designating OSBI or FBI to conduct certain criminal records checks; making applicant pay cost of records checks; authorizing certain investigation; requiring posting of license; providing for written denial of license; setting time to deny a license; providing for hearing on denial of license; setting duration of license; providing for license renewals; providing for continuation of operation pending renewal; making license nontransferable; providing for change of control of a business; providing for violations; requiring notification of change of address or name; authorizing certain charges, fees and interest; setting maximum principal loan amount; allowing certain adjustment to maximum loan amount upon certain conditions; prohibiting loan payment in excess of certain percentage of gross monthly income; stating requirements for electronic payments; providing for default; stating insufficient funds fee; requiring certain written explanation; requiring books be kept for certain period; prohibiting unfair practices; requiring compliance with federal laws; prohibiting certain conditions in loan plan; making certain conditions void and unenforceable; making provisions of act exclusive; authorizing promulgation of rules; providing for examination of certain records for certain purpose; requiring payment for certain examinations; providing for suspension and revocation of license under certain conditions; stating conditions; allowing all licenses of a violator to be suspended or revoked; setting time for notice and hearing; establishing penalties for violations; allowing civil penalty of certain amounts; allowing a person to be barred for certain time; authorizing certain consent orders; authorizing criminal actions; providing for complaints; requiring written reports on certain occurrences; directing filing of annual reports by licensees; providing for confidentiality of certain information; providing for participation in multistate automated licensing; granting certain powers and authority; construing authority under multistate licensing system; directing costs of multistate licensing system be paid by applicant and licensees; providing for sharing and confidentiality of certain information; providing certain provision to supersede other provisions; construing certain confidentiality; prohibiting certain governmental units from regulating small loans; construing effect of garnishment; amending 59 O.S. 2011, Section 3119, as amended by Section 2, Chapter 279, O.S.L. 2017 (59 O.S. Supp. 2018, Section 3119), which relates to funds to consumer credit counseling provider; deleting language; amending Section 3, Chapter 279, O.S.L. 2017 (70 O.S. Supp. 2018, Section 11-103.6h- 1), which relates to the Personal Financial Literacy ENR. S. B. NO. 720 Education Revolving Fund; modifying language; providing for recodification; providing for codification; and providing effective dates. SUBJECT: Creating the Oklahoma Small Lenders Act

AI Summary

Committee Categories

Chris Kannady (R)*,  James Leewright (R)*, 

Approved by Governor 04/18/2019 (on 04/22/2019)

Official Document