Okla. Stat. tit. 24, § 24-16 — OK Code / Title 24 / Section 24-16
Debt pooling - Definition
Status: in_force

Debt pooling is defined as making a contract with a particular

debtor whereby the debtor agrees to pay a sum or sums of money

periodically to the person engaged in the debt pooling who shall

distribute the same among certain specified creditors in accordance

with a plan agreed upon and the debtor further agrees to pay such

person any valuable consideration for such services or for any other

services rendered in connection therewith.
Okla. Stat. tit. 24, § 24-43 — OK Code / Title 24 / Section 24-43
Real property
Status: in_force

Where an assignment for the benefit of creditors embraces real

property, it is subject to the provisions of all laws relating to

the acknowledgment and recording of transfers of real property, as

well as those of this chapter.

R.L. 1910, § 226.
Okla. Stat. tit. 24, § 24-40 — OK Code / Title 24 / Section 24-40
Record of assignment and inventory - Place of filing -
Status: in_force

Nonresidents.

An assignment for the benefit of creditors must be recorded, and

the inventory required by Section 221 filed with the register of

deeds of the county in which the assignor resided at the date of the

assignment; or, if he did not then reside in this state, with the

like officer of the county in which his principal place of business

was then situated; or, if he had not then a residence or place of

business in this state, with the like officer of the county in which

the principal part of the assigned property was then situated.

R.L. 1910, § 223.
Okla. Stat. tit. 24, § 24-81 — OK Code / Title 24 / Section 24-81
Persons furnishing ratings to request statement of assets
Status: in_force

and liabilities.

Any person, firm or corporation engaged in or purporting to

furnish retail merchants the financial or credit rating of any

person who is the actual or prospective customer of such retail

merchant shall, before furnishing such rating, submit, either in

person or by mailing, to his last known post office address, to the

person whose rating is about to be reported, a request asking for a

statement of the assets and liabilities of such person.

R.L. 1910, § 2906.
Okla. Stat. tit. 24, § 24-166 — OK Code / Title 24 / Section 24-166
Application of act
Status: in_force

The Security Breach Notification Act shall apply to the

determination or notification of a breach of the security of the

system that occurs on or after January 1, 2026.
Okla. Stat. tit. 24, § 24-119 — OK Code / Title 24 / Section 24-119
Creditor's remedies
Status: in_force

A. In an action for relief against a transfer or obligation

pursuant to the provisions of the Uniform Fraudulent Transfer Act, a

creditor, subject to the limitations of Section 9 of this act, may

obtain:

1. Avoidance of the transfer or obligation to the extent

necessary to satisfy the creditor's claim; or

2. An attachment or other provisional remedy against the asset

transferred or other property of the transferee as provided for by

law; or

3. Subject to applicable principles of equity and in accordance

with applicable rules of civil procedure:

a. an injunction against further disposition by the

debtor or a transferee, or both, of the asset

transferred or of other property, or

b. appointment of a receiver to take charge of the asset

transferred or of other property of the transferee, or

c. any other relief the circumstances may require.

B. If a creditor has obtained a judgment on a claim against the

debtor, the creditor, if the court so orders, may levy execution on

the asset transferred or its proceeds.
Okla. Stat. tit. 24, § 24-153 — OK Code / Title 24 / Section 24-153
Mandatory removal or temporary lifting of freeze - Notice
Status: in_force

to consumer - Third party requests.

A. A consumer reporting agency shall remove or temporarily lift

a freeze placed on the consumer report of a consumer only in the

following cases:

1. Upon consumer request, pursuant to Sections 4 and 6 of this

act; or

2. If the consumer report of the consumer was frozen due to a

material misrepresentation of fact by the consumer.

If a consumer reporting agency intends to remove a freeze upon a

consumer report of a consumer, and is not doing so at the request of

the consumer, the consumer reporting agency shall notify the

consumer in writing prior to removing the freeze on the consumer

report of the consumer.

B. If a third party requests access to a consumer report on

which a security freeze is in effect, this request is in connection

with an application for credit or any other use, and the consumer

does not allow his or her consumer report to be accessed for that

period of time, the third party may treat the application as

incomplete.

Oklahoma Statutes - Title 24. Debtor and Creditor Page 35Oklahoma Statutes - Title 24. Debtor and Creditor Page 2
Okla. Stat. tit. 24, § 24-157 — OK Code / Title 24 / Section 24-157
Entities not required to place security freeze
Status: in_force

The following entities are not required to place a security

freeze on a consumer report:

1. A consumer reporting agency that acts only as a reseller of

credit information by assembling and merging information contained

in the database of another consumer reporting agency or multiple

consumer reporting agencies, and does not maintain a permanent

database of credit information from which new consumer reports are

produced. However, a consumer reporting agency acting as a reseller

shall honor any security freeze placed on a consumer report by

another consumer reporting agency;

2. A check services or fraud prevention services company, which

issues reports on incidents of fraud or authorizations for the

purpose of approving or processing negotiable instruments,

electronic funds transfers, or similar methods of payments; or

3. A deposit account information service company, which issues

reports regarding account closures due to fraud, substantial

overdrafts, automatic teller machine (ATM) abuse, or similar

negative information regarding a consumer, to inquiring banks or

other financial institutions for use only in reviewing a consumer

request for a deposit account at the inquiring bank or financial

institution.
Okla. Stat. tit. 24, § 24-112 — OK Code / Title 24 / Section 24-112
Short title
Status: in_force

This act shall be known and may be cited as the "Uniform

Fraudulent Transfer Act".
Okla. Stat. tit. 24, § 24-32 — OK Code / Title 24 / Section 24-32
Insolvency defined
Status: in_force

A debtor is insolvent, within the meaning of this chapter, when

he is unable to pay his debts from his own means as they become due.

R.L. 1910, § 215.
Okla. Stat. tit. 24, § 24-154 — OK Code / Title 24 / Section 24-154
Removal of freeze by consumer request - Identification
Status: in_force

required.

A. A security freeze shall remain in place until the consumer

requests, using a method of contact designated by the consumer

reporting agency, that the security freeze be removed. A consumer

reporting agency shall remove a security freeze within three (3)

business days of receiving such a request for removal from the

consumer, who provides along with it:

1. Proper identification;

2. The unique personal identification number or password

provided by the consumer reporting agency pursuant to Section 3 of

this act; and

3. The required fee, if applicable.

B. A consumer reporting agency shall require proper

identification of the person making a request to place or remove a

security freeze.
Okla. Stat. tit. 24, § 24-161 — OK Code / Title 24 / Section 24-161
Short title
Status: in_force

This act shall be known and may be cited as the “Security Breach

Notification Act”.
Okla. Stat. tit. 24, § 24-45 — OK Code / Title 24 / Section 24-45
Authority of assignee begins, when
Status: in_force

Until the inventory and affidavit required by Sections 221 and

222 have been made, and the assignment has been duly recorded and

the inventory filed, and the assignee has given a bond as required

by the last section, an assignee for the benefit of creditors has no

authority to dispose of the estate or convert it to the purposes of

the trust.

R.L. 1910, § 228.
Okla. Stat. tit. 24, § 24-17 — OK Code / Title 24 / Section 24-17
Debt pooling - Penalties
Status: in_force

Any person, firm, company or corporation violating any of the

provisions of this act shall be guilty of a misdemeanor and upon

conviction thereof shall be fined not less than One Hundred Dollars

($100.00) nor more than Five Hundred Dollars ($500.00), or by

imprisonment in the county jail for not more than thirty (30) days,

or by both such fine and imprisonment.
Okla. Stat. tit. 24, § 24-118 — OK Code / Title 24 / Section 24-118
Tests for determining when transfer is made or obligation
Status: in_force

incurred.

For the purposes of the Uniform Fraudulent Transfer Act:

1. A transfer is made:

a. with respect to an asset that is real property other

than a fixture, but including the interest of a seller

or purchaser under a contract for the sale of the

asset, when the transfer is so far perfected that a

good-faith purchaser of the asset from the debtor

against whom applicable law permits the transfer to be

perfected cannot acquire an interest in the asset that

is superior to the interest of the transferee; and

b. with respect to an asset that is not real property or

that is a fixture, when the transfer is so far

perfected that a creditor on a simple contract cannot

acquire a judicial lien otherwise than in accordance

with the provisions of the Uniform Fraudulent Transfer

Act that is superior to the interest of the

transferee.

2. If applicable law permits the transfer to be perfected as

provided for in paragraph 1 of this section and the transfer is not

so perfected before the commencement of an action for relief

pursuant to the provisions of the Uniform Fraudulent Transfer Act,

the transfer is deemed made immediately before the commencement of

the action.

3. If applicable law does not permit the transfer to be

perfected as provided for in paragraph 1 of this section, the

transfer is made when it becomes effective between the debtor and

the transferee.

Oklahoma Statutes - Title 24. Debtor and Creditor Page 18

4. A transfer is not made until the debtor has acquired rights

in the asset transferred.

5. An obligation is incurred:

a. if oral, when it becomes effective between the

parties; or

b. if evidenced by a writing, when the writing executed

by the obligor is delivered to or for the benefit of

the obligee.
Okla. Stat. tit. 24, § 24-4 — OK Code / Title 24 / Section 24-4
Alternative right to several funds
Status: in_force

Where a creditor is entitled to resort to each of several funds

for the satisfaction of his claim, and another person has an

interest in or is entitled as a creditor to resort to some but not

all of them, the latter may require the former to seek satisfaction

from those funds to which the latter has no such claim, so far as it

can be done without impairing the right of the former to complete

satisfaction, and without doing injustice to third persons.

R.L. 1910, § 2895.
Okla. Stat. tit. 24, § 24-143 — OK Code / Title 24 / Section 24-143
Fees - Administrator's investigation - Issuance or denial
Status: in_force

of license.

A. Upon the filing of an application and bond, payment of an

annual license fee and an investigation fee, the Administrator of

Consumer Credit shall conduct an investigation. If the

Administrator finds that the financial responsibility, experience,

character and general fitness of the applicant are such as to

warrant belief that the business will be operated pursuant to the

Credit Services Organization Act and rules promulgated pursuant

thereto, the Administrator shall grant the application and issue to

the applicant a license which will evidence the authority of the

applicant to do business under the provisions of the Credit Services

Organization Act.

B. If the Administrator does not so find facts sufficient to

warrant issuance of a license, the Administrator shall notify the

applicant. If within thirty (30) days of such notification the

applicant requests a hearing on the application, a hearing shall be

held within sixty (60) days after the date of the request. In the

event of the denial of a license, the investigation fee shall be

retained by the Administrator, but the annual license fee shall be

returned to the applicant.

Oklahoma Statutes - Title 24. Debtor and Creditor Page 27

C. The Administrator shall grant or deny such application for

license within sixty (60) days from its filing with the required

fees, or from the hearing thereon, if any, unless the period is

extended by written agreement between the applicant and the

Administrator.

D. No license to engage in the business of a credit services

organization shall be issued for any location if a license has been

issued and is in effect under the provisions of Sections 3-501

through 3-514 of Title 14A of the Oklahoma Statutes. As used in

this subsection the term "location" means the entire area in which a

person licensed pursuant to any provision of Title 14A of the

Oklahoma Statutes conducts business. No credit service organization

may be connected with any location in which a person licensed

pursuant to any provision of Title 14A of the Oklahoma Statutes

conducts business, except by a passageway to which the public is not

admitted.

E. The Commission on Consumer Credit may prescribe by rule a

fee for each license change, duplicate license or returned check.
Okla. Stat. tit. 24, § 24-44 — OK Code / Title 24 / Section 24-44
Bond of assignee
Status: in_force

Oklahoma Statutes - Title 24. Debtor and Creditor Page 8

Within thirty (30) days after the date of an assignment for the

benefit of creditors the assignee must enter into a bond to the

state, with sufficient sureties, the amount of said bond to be named

and approved by the judge of the district court of the county in

which the original inventory is filed, and conditioned for the

faithful discharge of the trust, and due accounting for all monies

received by the assignee, which bond must be filed in the same

office with the original inventory.

R.L. 1910, § 227; Laws 1915, c. 206, § 1.
Okla. Stat. tit. 24, § 24-85 — OK Code / Title 24 / Section 24-85
False credit statement
Status: in_force

Every person, firm or corporation, or the agent, clerk or

employee thereof, who knowingly makes, causes to be made, or permits

to be made, any false credit statement to any wholesale dealer, for

the purpose of establishing credit in general or with such dealer,

or to any person, firm or corporation engaged in furnishing credit

statements to wholesale merchants in general or to any particular

Oklahoma Statutes - Title 24. Debtor and Creditor Page 12

person, firm or corporation engaged in the wholesale business, shall

be guilty of a misdemeanor and upon conviction shall be punished by

imprisonment in the county jail for not more than one (1) year or by

a fine of not more than Five Thousand Dollars ($5,000.00), or by

both such fine and imprisonment.

R.L. 1910, § 2910; Laws 1984, c. 59, § 2, emerg. eff. March 27,

1984.
Okla. Stat. tit. 24, § 24-39 — OK Code / Title 24 / Section 24-39
Inventory verified
Status: in_force

Oklahoma Statutes - Title 24. Debtor and Creditor Page 7

An affidavit must be made by every person executing an

assignment for the benefit of creditors, to be annexed to and filed

with the inventory mentioned in the last section, to effect that the

same is in all respects just and true, according to the best of the

assignor's knowledge and belief.

R.L. 1910, § 222.
Okla. Stat. tit. 24, § 24-162 — OK Code / Title 24 / Section 24-162
Definitions
Status: in_force

As used in the Security Breach Notification Act:

1. “Breach of the security of a system” means the unauthorized

access and acquisition of unencrypted and unredacted computerized

data that compromises the security or confidentiality of personal

information maintained by an individual or entity as part of a

database of personal information regarding multiple individuals and

that causes, or the individual or entity reasonably believes has

caused or will cause, identity theft or other fraud to any resident

of this state. Good faith acquisition of personal information by an

employee or agent of an individual or entity for the purposes of the

individual or the entity is not a breach of the security of the

system, provided that the personal information is not used for a

purpose other than a lawful purpose of the individual or entity or

subject to unauthorized disclosure;

2. “Entity” includes corporations, business trusts, estates,

partnerships, limited partnerships, limited liability partnerships,

limited liability companies, associations, organizations, joint

ventures, governments, governmental subdivisions, agencies, or

Oklahoma Statutes - Title 24. Debtor and Creditor Page 40

instrumentalities, or any other legal entity, whether for profit or

not-for-profit;

3. “Encrypted” means transformation of data through the use of

an algorithmic process into a form in which there is a low

probability of assigning meaning without use of a confidential

process or key, or securing the information by another method that

renders the data elements unreadable or unusable;

4. “Financial institution” means any institution the business

of which is engaging in financial activities as defined by 15

U.S.C., Section 6809;

5. “Individual” means a natural person;

6. “Personal information” means an individual’s first name or

first initial and last name in combination with any one or more of

the following data elements that relate to the individual if any of

the data elements are not encrypted, redacted, or otherwise altered

by any method or technology in such a manner that the name or data

elements are unreadable or are encrypted, redacted, or otherwise

altered by any method or technology but the keys to unencrypt,

unredact, or otherwise read the data elements have been obtained

through the breach of security:

a. social security number,

b. driver license number or other unique identification

number created or collected by a government entity,

c. financial account number, or credit card or debit card

number, in combination with any required expiration

date, security code, access code, or password that

would permit access to an individual’s financial

account,

d. unique electronic identifier or routing code in

combination with any required security code, access

code, or password that would permit access to an

individual’s financial account, or

e. unique biometric data such as a fingerprint, retina or

iris image, or other unique physical or digital

representation of biometric data to authenticate a

specific individual.

The term does not include information that is lawfully obtained from

publicly available sources, or from federal, state or local

government records lawfully made available to the general public;

7. “Notice” means:

a. written notice to the postal address in the records of

the individual or entity,

b. telephone notice,

c. electronic notice, or

d. substitute notice, if the individual or the entity

required to provide notice demonstrates that the cost

of providing notice will exceed Fifty Thousand Dollars

Oklahoma Statutes - Title 24. Debtor and Creditor Page 41

($50,000.00), or that the affected class of residents

to be notified exceeds one hundred thousand (100,000)

persons, or that the individual or the entity does not

have sufficient contact information or consent to

provide notice as described in subparagraph a, b, or c

of this paragraph. Substitute notice consists of any

two of the following:

(1) email notice if the individual or the entity has

email addresses for the members of the affected

class of residents,

(2) conspicuous posting of the notice on the Internet

website of the individual or the entity if the

individual or the entity maintains a public

Internet website, or

(3) notice to major statewide media;

8. “Reasonable safeguards” means policies and practices that

ensure personal information is secure, taking into consideration an

entity’s size and the type and amount of personal information. The

term includes, but is not limited to, conducting risk assessments,

implementing technical and physical layered defenses, employee

training on handling personal information, and establishing an

incident response plan; and

9. “Redact” means alteration or truncation of data such that no

more than the following are accessible as part of the personal

information:

a. five digits of a social security number, or

b. the last four digits of a driver license number,

unique identification number created or collected by a

government entity, or account number.
Okla. Stat. tit. 24, § 24-148 — OK Code / Title 24 / Section 24-148
Request of consumer report – Notice to subject of report
Status: in_force

A. Prior to requesting a consumer report for employment

purposes, the requestor or user of the consumer report shall provide

written notice to the person who is the subject of the consumer

report. The notice shall inform the consumer that a consumer report

will be used and the notice shall contain a box that the consumer

may check to receive a copy of the consumer report. If the consumer

requests a copy of the report, the user of the consumer report shall

request that a copy be provided to the consumer when the user of the

consumer report requests its copy from the credit reporting agency.

The report sent to the consumer shall be provided at no charge to

the consumer. As used in this section, “consumer report” shall have

the same meaning as that term is defined in the federal Fair Credit

Reporting Act, 15 U.S.C., Sections 1681 et seq.

B. No person shall be held liable for any violation of this

section if such person shows by a preponderance of the evidence

that, at the time of the alleged violation, such person maintained

reasonable procedures to assure compliance with this section.
Okla. Stat. tit. 24, § 24-14 — OK Code / Title 24 / Section 24-14
Insurance on life of debtor - Penalties
Status: in_force

Any person, firm, company or corporation violating any of the

provisions of this act shall be guilty of a misdemeanor and upon

conviction thereof shall be fined not less than One Hundred Dollars

($100.00) nor more than Five Hundred Dollars ($500.00), or by

imprisonment in the county jail for not more than thirty (30) days,

or by both such fine and imprisonment.
Okla. Stat. tit. 24, § 24-137 — OK Code / Title 24 / Section 24-137
Contracts - Contents - Form for "Notice of Cancellation" -
Status: reserved

Copies.

A. Each contract between the buyer and a credit services

organization for the purchase of the services of the credit services

organization shall be in writing, dated, signed by the buyer, and

include the following:

1. A conspicuous statement in bold face type, in immediate

proximity to the space reserved for the signature of the buyer, as

follows: "You, the buyer, may cancel this contract at any time

prior to midnight of the fifth day after the date of the

transaction. See the attached notice of cancellation form for an

explanation of this right";

2. The terms and conditions of payment, including the total of

all payments to be made by the buyer, whether to the credit services

organization or to some other person;

3. A full and detailed description of the services to be

performed by the credit services organization for the buyer,

including all guarantees and all promises of full or partial

refunds, and the estimated date by which the services are to be

performed, or estimated length of time for performing the services;

and

4. The credit services organization's principal business

address which shall be the actual office location of the

organization and the name and address of its agent in the state

authorized to receive service of process.

B. The contract shall be accompanied by a completed form in

duplicate, captioned "Notice of Cancellation" that shall be attached

to the contract, be easily detachable, and contain in bold face type

the following statement written in the same language as used in the

contract:

"Notice of Cancellation

You may cancel this contract, without any penalty or

obligation, within five (5) days from the date the contract is

signed.

If you cancel any payment made by you under this contract,

it will be returned within ten (10) days following receipt by

the seller of your cancellation notice.

To cancel this contract, mail or deliver a signed dated

copy of this cancellation notice, or any other written notice to

(name of seller) at (address of seller)

(place of business) not later than midnight (date)

I hereby cancel this transaction,

Oklahoma Statutes - Title 24. Debtor and Creditor Page 25

(date)

(purchaser's signature) "

C. The credit services organization shall give to the buyer a

copy of the completed contract and all other documents the credit

services organization requires the buyer to sign at the time they

are signed.
Okla. Stat. tit. 24, § 24-170 — OK Code / Title 24 / Section 24-170
Short title - Oklahoma Student Borrower's Bill of Rights
Status: in_force

Act.

This act shall be known and may be cited as the "Oklahoma

Student Borrower's Bill of Rights Act".
Okla. Stat. tit. 24, § 24-136 — OK Code / Title 24 / Section 24-136
Information statement - Contents
Status: in_force

The information statement required pursuant to Section 5 of this

act shall include all of the following:

1. a. a complete and accurate statement of the buyer's right

to review any file on the buyer maintained by any

consumer reporting agency, as provided under the

Federal Fair Credit Reporting Act, 15 U.S.C., Sections

1681 through 1681t,

b. a statement that the buyer may review his or her

consumer reporting agency file at no charge if a

request is made to the consumer credit reporting

agency within thirty (30) days after receiving notice

that credit has been denied, and

c. the approximate price the buyer will be charged by the

consumer reporting agency to review his or her

consumer reporting agency file;

2. A complete and accurate statement of the buyer's right to

dispute the completeness or accuracy of any item contained in any

file on the buyer maintained by any consumer reporting agency;

3. A complete and detailed description of the services to be

performed by the credit services organization for the buyer and the

total amount the buyer will have to pay, or become obligated to pay,

for the services;

4. A statement asserting the buyer's right to proceed against

the bond or trust account required under Section 3 of this act; and

Oklahoma Statutes - Title 24. Debtor and Creditor Page 24

5. The name and address of the surety company that issued the

bond, or the name and address of the depository and the trustee and

the account number of the trust account.
Okla. Stat. tit. 24, § 24-146 — OK Code / Title 24 / Section 24-146
Investigation and examination of books and records
Status: in_force

A. At such times as the Administrator of Consumer Credit may

deem necessary, the Administrator or a duly authorized

representative of the Administrator may make an examination of the

place of business of each licensee and may inquire into and examine

the transactions, books, accounts, papers, correspondence and

records of such licensee insofar as they pertain to the business

regulated by the Credit Services Organization Act. Such books,

accounts, papers, correspondence and records shall also be open for

inspection at any reasonable time by any peace officer, without any

need of judicial writ or other process. In the course of an

examination, the Administrator or a duly authorized representative

of the Administrator shall have free access to the office, place of

business, files, safes and vaults of such licensee, and shall have

the right to make copies of any books, accounts, papers,

correspondence and records. The Administrator or duly authorized

Oklahoma Statutes - Title 24. Debtor and Creditor Page 30

representative, during the course of such examination, may

administer oaths and examine any person under oath upon any subject

pertinent to any matter about which the Administrator is authorized

or required by the Credit Services Organization Act to consider,

investigate or secure information. Any licensee who fails or

refuses to permit the Administrator or duly authorized

representative to examine or make copies of such books or other

relevant documents shall be deemed to be in violation of the Credit

Services Organization Act and such failure or refusal shall

constitute grounds for the suspension or revocation of such license.

The information obtained in the course of any examination or

inspection shall be confidential, except in civil or administrative

proceedings conducted by the Administrator, or criminal proceedings

instituted by the state. Each licensee shall pay to the

Administrator an examination fee. The Administrator may require

payment of an examination fee either at the time of initial

application, renewal of the license, or after an examination has

been conducted.

B. For the purpose of discovering violations of the Credit

Services Organization Act or of securing information required by the

Credit Services Organization Act, the Administrator or duly

authorized representative may investigate the books, accounts,

papers, correspondence and records of any licensee or other person

who the Administrator has reasonable cause to believe is violating

any provision of the Credit Services Organization Act whether or not

such person shall claim to be within the authority or scope of the

Credit Services Organization Act.

C. Each licensee shall keep or make available in this state

such books and records relating to credit service transactions made

pursuant to the Credit Services Organization Act as are necessary to

enable the Administrator to determine whether the licensee is

complying with the Credit Services Organization Act. Such books and

records shall be consistent with accepted accounting practices.

D. Each licensee shall preserve or make available such books

and records in this state relating to each of its credit service

transactions for four (4) years from the date of the transaction, or

two (2) years from the date of the final entry made thereon,

whichever is later. Each licensee's system of records shall be

accepted if it discloses such information as may be reasonably

required pursuant to the Credit Services Organization Act. All

agreements signed by customers shall be kept at an office in this

state designated by the licensee, except when transferred under an

agreement which gives the Administrator access thereto.

E. Each licensee, annually on or before the first day of May or

other date thereafter fixed by the Administrator, shall file a

report with the Administrator setting forth such relevant

information as the Administrator may reasonably require concerning

Oklahoma Statutes - Title 24. Debtor and Creditor Page 31

the business and operations during the preceding calendar year for

each licensed place of business conducted by such licensee within

the state. Such report shall be made under oath and shall be in the

form prescribed by the Administrator, who may make and publish

annually a consolidated analysis and recapitulation of such reports,

but the individual reports shall be held confidential.
Okla. Stat. tit. 24, § 24-131 — OK Code / Title 24 / Section 24-131
Short title
Status: in_force

This act shall be known and may be cited as the "Credit Services

Organization Act".
Okla. Stat. tit. 24, § 24-36 — OK Code / Title 24 / Section 24-36
Void unless made as prescribed
Status: in_force

Unless the provisions of the last sections are complied with, an

assignment for the benefit of creditors is void against every

creditor of the assignor not assenting thereto.

R.L. 1910, § 219.
Okla. Stat. tit. 24, § 24-147 — OK Code / Title 24 / Section 24-147
Disclosures to consumer - Applicability of disclosure
Status: in_force

requirements - Credit histories - Fees.

A. Every consumer reporting agency shall, upon request and

proper identification of any consumer, clearly and accurately

disclose to the consumer:

1. The nature and substance of all information, except medical

information, in its files on the consumer at the time of the

request;

2. The sources of the information, except that the sources of

information acquired solely for use in preparing an investigative

consumer report and actually used for no other purpose need not be

disclosed. Provided, in the event an action is brought under this

act, such sources shall be available to the plaintiff under

appropriate discovery procedures in the court in which the action is

brought; and

3. The recipients of any consumer report on the consumer which

it has furnished:

a. for employment purposes within the two-year period

preceding the request, and

b. for any other purpose within the six-month period

preceding the request.

B. The requirements of subsection A of this section respecting

the disclosure of sources of information and the recipients of

consumer reports do not apply to information received or consumer

reports furnished prior to the effective date of this act, except to

the extent that the matter involved is contained in the files of the

consumer reporting agency on that date.

C. All consumer reporting agencies, as such agencies are

defined in the Federal Fair Credit Reporting Act, 15 U.S.C.,

Sections 1681 through 1681t, which operate offices in the State of

Oklahoma shall allow any requesting person to receive his or her

credit history.

D. A consumer reporting agency shall make all disclosures and

furnish all consumer reports without charge to the consumer if

requested within thirty (30) days after receipt by such consumer of

a notification from a debt collection agency affiliated with such

consumer reporting agency stating that the consumer's credit rating

Oklahoma Statutes - Title 24. Debtor and Creditor Page 32

may be or has been adversely affected. Otherwise, the consumer

reporting agency may impose a reasonable charge on the consumer:

1. For making disclosure to such consumer, the charge for which

shall be indicated to the consumer prior to making disclosure; and

2. For furnishing credit histories authorized in subsection C

of this section, notifications, statements, summaries or

codifications to persons designated by the consumer, the charge for

which shall be indicated to the consumer prior to furnishing such

information.

Provided, no charge may be made for notifying such persons of the

deletion of information which is found to be inaccurate or which can

no longer be verified.
Okla. Stat. tit. 24, § 24-113 — OK Code / Title 24 / Section 24-113
Definitions
Status: in_force

As used in the Uniform Fraudulent Transfer Act:

1. "Affiliate" means:

a. a person who directly or indirectly owns, controls or

holds with power to vote, twenty percent (20%) or more

of the outstanding voting securities of the debtor,

other than a person who holds the securities:

(1) as a fiduciary or agent without sole

discretionary power to vote the securities, or

(2) solely to secure a debt, if the person has not

exercised the power to vote;

b. a corporation, twenty percent (20%) or more of whose

outstanding voting securities are directly or

indirectly owned, controlled or held with power to

vote, by the debtor or a person who directly or

indirectly owns, controls or holds, with power to

vote, twenty percent (20%) or more of the outstanding

voting securities of the debtor, other than a person

who holds the securities:

(1) as a fiduciary or agent without sole power to

vote the securities, or

(2) solely to secure a debt, if the person has not in

fact exercised the power to vote;

c. a person whose business is operated by the debtor

under a lease or other agreement, or a person

substantially all of whose assets are controlled by

the debtor; or

d. a person who operates the debtor's business under a

lease or other agreement or controls substantially all

of the debtor's assets.

2. "Asset" means property of a debtor, but the term does not

include:

a. property to the extent it is encumbered by a valid

lien; or

b. property to the extent it is generally exempt under

nonbankruptcy law; or

c. an interest in property held in tenancy by the

entireties to the extent it is not subject to process

by a creditor holding a claim against only one tenant.

3. "Claim" means a right to payment, whether or not the right

is reduced to judgment, liquidated, unliquidated, fixed, contingent,

Oklahoma Statutes - Title 24. Debtor and Creditor Page 14

matured, unmatured, disputed, undisputed, legal, equitable, secured

or unsecured.

4. "Creditor" means a person who has a claim.

5. "Debt" means liability on a claim.

6. "Debtor" means a person who is liable on a claim.

7. "Insider" includes:

a. if the debtor is an individual:

(1) a relative of the debtor or of a general partner

of the debtor, or

(2) a partnership in which the debtor is a general

partner, or

(3) a general partner in a partnership described in

division (2) of this subparagraph, or

(4) a corporation of which the debtor is a director,

officer or person in control;

b. if the debtor is a corporation:

(1) a director of the debtor, or

(2) an officer of the debtor, or

(3) a person in control of the debtor, or

(4) a partnership in which the debtor is a general

partner, or

(5) a general partner in a partnership described in

division (4) of this subparagraph, or

(6) a relative of a general partner, director,

officer, or person in control of the debtor;

c. if the debtor is a partnership:

(1) a general partner in the debtor, or

(2) a relative of a general partner in, a general

partner of, or a person in control of the debtor,

or

(3) another partnership in which the debtor is a

general partner, or

(4) a general partner in a partnership described in

division (3) of this subparagraph, or

(5) a person in control of the debtor;

d. an affiliate, or an insider of an affiliate as if the

affiliate were the debtor; and

e. a managing agent of the debtor.

8. "Lien" means a charge against or an interest in property to

secure payment of a debt or performance of an obligation, and

includes a security interest created by agreement, a judicial lien

obtained by legal or equitable process or proceedings, a common-law

lien or a statutory lien.

9. "Person" means an individual, partnership, corporation,

association, organization, government or governmental subdivision or

agency, business trust, estate, trust, or any other legal or

commercial entity.

Oklahoma Statutes - Title 24. Debtor and Creditor Page 15

10. "Property" means anything that may be the subject of

ownership.

11. "Relative" means an individual related by consanguinity

within the third degree as determined by the common law, a spouse,

or an individual related to a spouse within the third degree as so

determined, and includes an individual in an adoptive relationship

within the third degree.

12. "Transfer" means every mode, direct or indirect, absolute

or conditional, voluntary or involuntary, of disposing of or parting

with an asset or an interest in an asset, and includes payment of

money, release, lease, and creation of a lien or other encumbrance.

13. "Valid lien" means a lien that is effective against the

holder of a judicial lien subsequently obtained by legal or

equitable process or proceedings.
Okla. Stat. tit. 24, § 24-158 — OK Code / Title 24 / Section 24-158
Notice of rights
Status: in_force

At any time a consumer is required to receive a summary of

rights required under Section 1681g of Title 15 of the United States

Code, the following notice shall be included:

“Oklahoma Consumers Have the Right to Obtain a Security Freeze.

You have a right to place a “security freeze” on your credit

report, which will prohibit a consumer reporting agency from

releasing information in your credit report without your express

authorization. A security freeze must be requested in writing by

certified mail. The security freeze is designed to prevent credit,

loans, and services from being approved in your name without your

consent. However, you should be aware that using a security freeze

to take control over who gets access to the personal and financial

information in your credit report may delay, interfere with, or

prohibit the timely approval of any subsequent request or

application you make regarding a new loan, credit, mortgage,

government services or payments, rental housing, employment,

investment, license, cellular phone, utilities, digital signature,

Internet credit card transaction, or other services, including an

extension of credit at point of sale. When you place a security

freeze on your credit report, you will be provided a personal

identification number or password to use if you choose to remove the

freeze on your credit report or authorize the release of your credit

Oklahoma Statutes - Title 24. Debtor and Creditor Page 38

report for a period of time after the freeze is in place. To

provide that authorization you must contact the consumer reporting

agency by one of the methods that it requires, and provide all of

the following:

1. The personal identification number or password;

2. Proper identification to verify your identity;

3. The proper information regarding the period of time for

which the report shall be available; and

4. The payment of the appropriate fee.

A consumer reporting agency must authorize the release of your

credit report no later than three (3) business days after receiving

all of the above items by any method that the consumer reporting

agency allows.

A security freeze does not apply to a person or entity, or its

affiliates, or collection agencies acting on behalf of the person or

entity, with which you have an existing account that requests

information in your credit report for the purposes of reviewing or

collecting the account. Reviewing the account includes activities

related to account maintenance, monitoring, credit line increases,

and account upgrades and enhancements.

You have a right to bring civil action against anyone, including

a consumer reporting agency who willfully or negligently fails to

comply with any requirement of the Oklahoma Consumer Report Security

Freeze Act.

A consumer reporting agency has the right to charge you up to

Ten Dollars ($10.00) to place a freeze on your credit report, up to

Ten Dollars ($10.00) to temporarily lift a freeze on your credit

report, and up to Ten Dollars ($10.00) to remove a freeze from your

credit report. However, you shall not be charged any fee if you are

a victim of identity theft who has submitted, at the time the

security freeze is requested, a copy of a valid investigative or

incident report or complaint with a law enforcement agency about the

unlawful use of your identifying information by another person, or

if you are sixty-five (65) years of age or older for the initial

placement and removal of a security freeze.”
Okla. Stat. tit. 24, § 24-84 — OK Code / Title 24 / Section 24-84
Person rated may see rate book - Penalty
Status: in_force

Whenever a credit or financial rating of any person is contained

in any book or list which was circulated among retail business

concerns for the purpose of establishing a financial or credit

rating of consumers, any person, firm or corporation having such

book or list in his or its possession, custody or control shall,

upon demand made in person, produce and show such rating to the

person so rated; and any person, firm or corporation failing or

refusing to comply with the above requirements shall be guilty of a

misdemeanor, and upon conviction, shall be fined in any sum not less

than Twenty-five Dollars ($25.00) nor more than One Thousand Dollars

($1,000.00).
Okla. Stat. tit. 24, § 24-2 — OK Code / Title 24 / Section 24-2
Creditor defined
Status: in_force

A creditor, within the meaning of this chapter, is one in whose

favor an obligation exists, by reason of which he is, or may become,

entitled to the payment of money.

R.L. 1910, § 2893.
Okla. Stat. tit. 24, § 24-86 — OK Code / Title 24 / Section 24-86
Restrictions on inclusion of tax lien information in credit
Status: in_force

report or rating.

A consumer reporting agency, credit bureau or any similar agency

which furnishes a credit report or rating may include in such report

or rating information on tax liens, executed pursuant to Article 2

of the Oklahoma Tax Code, only when the information is obtained

directly from the Oklahoma Tax Commission. A consumer reporting

agency, credit bureau or any similar agency which furnishes a credit

report or rating shall use due diligence in updating the status of a

tax lien.
Okla. Stat. tit. 24, § 24-142 — OK Code / Title 24 / Section 24-142
Application for license - Resident agent
Status: in_force

A. Applications for a credit service organization license shall

be under oath and shall state the full name and place of residence

of the applicant. If the applicant is a partnership, the full name

and place of residence of each member thereof shall be stated. If

the applicant is a corporation, the full name and place of residence

of each officer or major stockholder thereof shall be stated. The

application shall give the approximate location from which the

business is to be conducted, and shall contain such relevant

information as the Administrator may require.

B. Each licensee shall maintain on file with the Administrator

a written appointment of a resident of this state as his agent for

service of all judicial or other process or legal notice, unless the

licensee has appointed an agent pursuant to another statute of this

state. In case of noncompliance with the provision of this section,

such service may be made on the Administrator on behalf of the

licensee.
Okla. Stat. tit. 24, § 24-159 — OK Code / Title 24 / Section 24-159
Failure to comply - Use of false pretenses - Penalties
Status: in_force

A. Any person who willfully fails to comply with any

requirement imposed under the provisions of this act with respect to

any consumer is liable to that consumer in an amount equal to the

sum of:

1. Any actual damages sustained by the consumer; and

2. In the case of any successful action to enforce any

liability under the provisions of this act, the costs of the action

together with reasonable attorney fees as determined by the court.

Oklahoma Statutes - Title 24. Debtor and Creditor Page 39

B. Any person who obtains a consumer report, requests a

security freeze, or requests the temporary lift of a security freeze

or the removal of a security freeze from a consumer reporting agency

under false pretenses or in an attempt to violate federal or state

law shall be liable to the consumer reporting agency for actual

damages sustained by the consumer reporting agency or One Thousand

Dollars ($1,000.00), whichever is greater.

C. Any person who is negligent in failing to comply with any

requirement imposed under this act with respect to any consumer is

liable to that consumer in an amount equal to the sum of:

1. Any actual damages sustained by the consumer as a result of

the failure; and

2. In the case of any successful action to enforce any

liability under this section, the costs of the action together with

reasonable attorney fees as determined by the court.

D. Upon a finding by the court that an unsuccessful pleading,

motion, or other paper filed in connection with an action under the

provisions of this section was filed in bad faith or for purposes of

harassment, the court shall award to the prevailing party reasonable

attorney fees in relation to the work expended in responding to the

pleading, motion, or other paper.
Okla. Stat. tit. 24, § 24-122 — OK Code / Title 24 / Section 24-122
Supplementary principles of law and equity
Status: in_force

Unless displaced by the provisions of the Uniform Fraudulent

Transfer Act, the principles of law and equity, including the law

merchant and the law relating to principal and agent, estoppel,

laches, fraud, misrepresentation, duress, coercion, mistake,

insolvency, or other validating or invalidating cause, supplement

the provisions of the Uniform Fraudulent Transfer Act.
Okla. Stat. tit. 24, § 24-46 — OK Code / Title 24 / Section 24-46
Accounting by assignee - Supervision by judge of district
Status: in_force

court - Removal or discharge - Bankruptcy proceedings.

After the lapse of six (6) months from the date of filing his

bond the assignee, on motion of any one of the creditors, with ten

(10) days' notice, accompanied by an affidavit of the creditor, his

agent or attorney, setting forth his claim and the amount thereof,

and that no account has been filed within six (6) months, may be

ordered by the court or by the judge thereof, at any place in his

judicial district, to render an account of his proceedings, within a

given time, to be fixed by the court, or the judge thereof, not to

exceed fifteen days. All proceedings under this chapter shall be

subject to the order and supervision of the judge of the district

court of the county in which such assignment was made, and such

judge may, from time to time, in his discretion, on the petition of

one or more of his creditors, by order, citation, attachment or

otherwise, require any assignee or assignees to render accounts and

file reports of his or their proceedings and of the conditions of

such trust estate, and may order or decree distribution thereof; and

such judge may, in his discretion, for cause shown, remove any

assignee or assignees and appoint another or others instead, who

shall give such bond as the judge, in view of the conditions and

value of the estate, may direct, and such order or removal and

appointment, shall in terms transfer to such new assignee or

assignees all the trust estate, real, personal and mixed, and may be

recorded in the deed records in the office of registers of deeds of

any county wherein any real estate affected by the assignment may be

situated. And such judge may by order, which may be enforced as

upon proceedings for contempt, compel the assignee or assignees so

Oklahoma Statutes - Title 24. Debtor and Creditor Page 9

removed to deliver all property, money, choses in action, book

accounts and vouchers, to the assignee or assignees so appointed,

and to make, execute and deliver to such new assignee or assignees

such deeds, assignments and transfers as such judge may deem proper,

and to render a full account and report of all matters connected

with such trust estate. Whenever any assignee so removed shall have

fully accounted for and turned over to the assignee or assignees

appointed by the judge all the trust estate, and made a full report

of all his doings, and complied with all orders of the judge

touching such estate, and also whenever an assignee has fully

complied with his trust, he may by order of the judge be fully

discharged from all further duties, liabilities and responsibilities

connected with the trust. In either case he shall give notice by

publication in some newspaper of the county, if there be one printed

and published therein, and if not, a newspaper published at the

capital of the state, once in each week for at least three (3)

weeks, that he will apply to such judge for such discharge, at a

time and place to be stated in such notice, which time shall not be

more than three (3) weeks after the last publication of the notice.

If, upon the hearing, the judge shall be satisfied that the assignee

is entitled to be discharged, he shall make an order accordingly; or

if, in the opinion of the judge, anything remains to be done by such

assignee, he may require the performance thereof before making such

order. Such order shall have the effect of discharging the assignee

and his sureties from all further responsibility in respect to the

trust, and such order shall not be refused on account of any failure

on the part of the assignee to comply with the formal provision of

law, where no loss or damage to anyone shall have occurred through

such failure. Whenever the trust estate shall have been taken out

of the hands of the assignee by proceedings in bankruptcy in the

federal court, the assignee may in like manner be discharged, upon

showing that he has fully accounted with the assignee in bankruptcy,

and turned over to him the whole of the trust estate.

R.L. 1910, § 229.
Okla. Stat. tit. 24, § 24-133 — OK Code / Title 24 / Section 24-133
Restrictions
Status: in_force

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;

2. Charge or receive any money or other valuable consideration

solely for referral of the buyer to a retail seller who will or may

extend credit to the buyer if the credit that is or will be extended

to the buyer is upon substantially the same terms as those available

to the general public;

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.
Okla. Stat. tit. 24, § 24-155 — OK Code / Title 24 / Section 24-155
Exceptions
Status: in_force

The provisions of this act do not apply to the use of a consumer

credit report by any of the following:

1. A person or entity, or a subsidiary, affiliate, or agent of

that person or entity, or an assignee of a financial obligation owed

by the consumer to that person or entity, or a prospective assignee

of a financial obligation owed by the consumer to that person or

entity in conjunction with the proposed purchase of the financial

obligation, with which the consumer has or had prior to assignment

an account or contract including a demand deposit account, or to

whom the consumer issued a negotiable instrument, for the purposes

of reviewing the account or collecting the financial obligation owed

for the account, contract, or negotiable instrument. For purposes

of this paragraph, "reviewing the account" includes activities

related to account maintenance, monitoring, credit line increases,

and account upgrades and enhancements;

2. A subsidiary, affiliate, agent, assignee, or prospective

assignee of a person to whom access has been granted for purposes of

facilitating the extension of credit or other permissible use;

3. Any state or local agency, law enforcement agency, trial

court, or private collection agency acting pursuant to a court

order, warrant, or subpoena;

4. A child support agency acting pursuant to Title IV-D of the

Social Security Act;

5. The state or its agents or assigns acting to investigate

fraud or acting to investigate or collect delinquent taxes or unpaid

court orders or to fulfill any of its other statutory

Oklahoma Statutes - Title 24. Debtor and Creditor Page 36

responsibilities, provided such responsibilities are consistent with

a permissible purpose under Section 1681b of Title 15 of the United

States Code;

6. The use of credit information for the purposes of

prescreening as provided for by the federal Fair Credit Reporting

Act;

7. Any person or entity administering a credit file monitoring

subscription or similar service to which the consumer has

subscribed;

8. Any person or entity for the purpose of providing a consumer

with a copy of his or her consumer report or credit score upon the

request of the consumer; or

9. Any person using the information in connection with the

underwriting of insurance.
Okla. Stat. tit. 24, § 24-138 — OK Code / Title 24 / Section 24-138
Waivers - Burden of proof - Violations and jurisdiction -
Status: in_force

Enforcement of rights.

A. Any waiver by a buyer of any part of this act is void. Any

attempt by a credit services organization to have a buyer waive

rights given by this act is a violation of this act.

B. In any proceeding involving this act, the burden of proving

an exemption or an exception from a definition is upon the person

claiming it.

C. Any person who violates this act is guilty of a misdemeanor.

Any district court of this state has jurisdiction in equity to

restrain and enjoin the violation of this act.

D. This section does not prohibit the enforcement by any person

of any right provided by this or any other law.
Okla. Stat. tit. 24, § 24-115 — OK Code / Title 24 / Section 24-115
Value defined
Status: in_force

A. Value is given for a transfer or an obligation if, in

exchange for the transfer or obligation, property is transferred or

an antecedent debt is secured or satisfied, but value does not

include an unperformed promise made otherwise than in the ordinary

course of the promisor's business to furnish support to the debtor

or another person.

B. For the purposes of paragraph 2 of subsection A of Section 5

and Section 6 of this act, a person gives a reasonably equivalent

value if the person acquires an interest of the debtor in an asset

Oklahoma Statutes - Title 24. Debtor and Creditor Page 16

pursuant to a regularly conducted, noncollusive foreclosure sale or

execution of a power of sale for the acquisition or disposition of

the interest of the debtor upon default under a mortgage, deed of

trust, or security agreement.

C. A transfer is made for present value if the exchange between

the debtor and the transferee is intended by them to be

contemporaneous and is in fact substantially contemporaneous.
Okla. Stat. tit. 24, § 24-50 — OK Code / Title 24 / Section 24-50
Cancellation or modification of assignment - Assent of
Status: in_force

creditor affected.

An assignment for the benefit of creditors, which has been

executed and recorded so as to transfer the property to the

assignee, cannot afterward be canceled or modified by the parties

thereto, without the consent of every creditor affected thereby.

R.L. 1910, § 233.
Okla. Stat. tit. 24, § 24-35 — OK Code / Title 24 / Section 24-35
Assignment to be in writing and signed - Acknowledgment,
Status: in_force

proof and certification.

An assignment for the benefit of creditors must be in writing,

subscribed by the assignor, or by his agent, thereto authorized in

writing. It must be acknowledged, or proved and certified, in the

mode prescribed by Sections 223 and 224.

R.L. 1910, § 218.
Okla. Stat. tit. 24, § 24-31 — OK Code / Title 24 / Section 24-31
Allowable, when - Preference, effect of
Status: in_force

An insolvent debtor may, in good faith, execute an assignment of

property to one or more assignees, in trust towards the satisfaction

of his creditors, in conformity to the provisions of this chapter;

subject, however, to the provisions of the law relative to trusts

and to fraudulent transfers, and to the restrictions imposed by law

upon assignments by special partnerships, by corporations or by

other specified classes of persons: Provided, that such assignment

shall not be valid if it be upon or contain any trust or condition

by which any creditor is to receive a preference or priority over

any other creditor; but in such case the property of the insolvent

shall become a trust fund to be administered in equity, in the

district court, and shall inure to the benefit of all the creditors

in proportion to their respective claims or demands.

R.L. 1910, § 214.
Okla. Stat. tit. 24, § 24-163 — OK Code / Title 24 / Section 24-163
Duty to provide notice of breach
Status: in_force

A. An individual or entity that owns or licenses computerized

data that includes personal information shall provide notice of any

breach of the security of the system following determination or

notification of the breach of the security of the system to any

resident of this state whose unencrypted and unredacted personal

information was or is reasonably believed to have been accessed and

acquired by an unauthorized person and that causes, or the

individual or entity reasonably believes has caused or will cause,

identity theft or other fraud to any resident of this state. Except

as provided in subsection D of this section or in order to take any

measures necessary to determine the scope of the breach and to

restore the reasonable integrity of the system, the disclosure shall

be made without unreasonable delay.

Oklahoma Statutes - Title 24. Debtor and Creditor Page 42

B. An individual or entity shall provide notice of the breach

of the security of the system if encrypted or redacted information

is accessed and acquired in an unencrypted or unredacted form or if

the security breach involves a person with access to the encryption

key and the individual or entity reasonably believes that such

breach has caused or will cause identity theft or other fraud to any

resident of this state.

C. An individual or entity that maintains computerized data

that includes personal information that the individual or entity

does not own or license shall provide notice to the owner or

licensee of the information of any breach of the security of the

system as soon as practicable following determination, if the

personal information was or if the entity reasonably believes it was

accessed and acquired by an unauthorized person.

D. Notice required by this section may be delayed if a law

enforcement agency determines and advises the individual or entity

that the notice will impede a criminal or civil investigation or

homeland or national security. Notice required by this section must

be made without unreasonable delay after the law enforcement agency

determines that notification will no longer impede the investigation

or jeopardize national or homeland security.

E. 1. An individual or entity required to provide notice in

accordance with subsection A or B of this section shall also provide

notice to the Attorney General of such breach without unreasonable

delay but in no event more than sixty (60) days after providing

notice to impacted residents of this state as required by this

section. The notice shall include the date of the breach, the date

of its determination, the nature of the breach, the type of personal

information exposed, the number of residents of this state affected,

the estimated monetary impact of the breach to the extent such

impact can be determined, and any reasonable safeguards the entity

employs.

2. A breach of a security system where fewer than five hundred

(500) residents of this state are affected within a single breach

shall be exempt from the notice requirements of paragraph 1 of this

subsection.

3. A breach of a security system maintained by a credit bureau

where fewer than one thousand (1,000) residents of this state are

affected within a single breach shall be exempt from the notice

requirements of paragraph 1 of this subsection.

F. Any personal information submitted to the Attorney General

shall be kept confidential pursuant to Section 24A.12 of Title 51 of

the Oklahoma Statutes.
Okla. Stat. tit. 24, § 24-139 — OK Code / Title 24 / Section 24-139
Action for damages - Remedies not exclusive
Status: in_force

A. Any buyer injured by a violation of this act may bring any

action for recovery of damages. Judgment shall be entered for actual

damages, but in no case less than the amount paid by the buyer to

the credit services organization, plus reasonable attorney's fees

and costs. An award may also be entered for punitive damages.

B. The remedies provided under this act are in addition to any

other procedures or remedies for any violation or conduct provided

for in any other law.
Okla. Stat. tit. 24, § 24-150 — OK Code / Title 24 / Section 24-150
Definitions
Status: in_force

As used in this act:

1. “Consumer” means an individual who is also a resident of

this state;

2. “Consumer report” has the meaning ascribed to it in 15

U.S.C., Section 1681a(d);

Oklahoma Statutes - Title 24. Debtor and Creditor Page 33

3. “Consumer reporting agency” has the meaning ascribed to it

in 15 U.S.C., Section 1681a(f);

4. “Proper identification” has the meaning ascribed to it in 15

U.S.C., Section 1681h(a)(1); and

5. “Security freeze” means a notice placed in a consumer report

of a consumer, at the request of the consumer and subject to certain

exceptions, that prohibits the consumer reporting agency from

releasing the consumer report or credit score of the consumer

relating to the opening of new accounts or the extension of credit.
Okla. Stat. tit. 24, § 24-145 — OK Code / Title 24 / Section 24-145
Administrative hearing - Suspension, revocation or
Status: in_force

surrender of license.

A. The Administrator shall appoint an independent hearing

examiner to conduct all administrative hearings involving alleged

violations of the Credit Services Organization Act. The independent

hearing examiner shall have authority to exercise all powers granted

by Article II of the Administrative Procedures Act in conducting

hearings. The independent hearing examiner shall have authority to

recommend penalties authorized by the Credit Services Organization

Act and issue proposed orders, with proposed findings of fact and

proposed conclusions of law, to the Administrator pursuant to

Article II of the Administrative Procedures Act. The Administrator

shall review the proposed order and issue a final agency order in

accordance with Article II of the Administrative Procedures Act. A

final agency order issued by the Administrator shall be appealable

by all parties to the district court as provided in Article II of

the Administrative Procedures Act. The costs of the hearing

examiner may be assessed by the hearing examiner against the

respondent, unless the respondent is the prevailing party.

B. The Administrator may, after notice and hearing, decline to

renew a license, suspend or revoke any license, or in addition to or

in lieu of suspension or revocation, order refunds for any unlawful

charges or enter a cease and desist order if the Administrator finds

that:

1. The licensee has failed to pay any fee or charge properly

imposed by the Administrator under the authority of the Credit

Services Organization Act;

2. The licensee or any entity or individual subject to the

Credit Services Organization Act, either knowingly or without the

exercise of due care to prevent the same, has violated any

provisions of the Credit Services Organization Act or any regulation

or order lawfully made pursuant thereto; or

3. Any fact or condition exists which, if it had existed or had

been known to exist at the time of the original application for a

license, clearly would have justified the Administrator in refusing

the license.

C. Any licensee may surrender any license by delivering it to

the Administrator with written notice of its surrender, but such

Oklahoma Statutes - Title 24. Debtor and Creditor Page 29

surrender shall not affect the licensee's civil or criminal

liability for acts committed prior thereto.

D. No revocation, suspension or surrender of any license shall

impair or affect the obligation of any preexisting lawful contract

between the licensee and any customer.

E. The Administrator may reinstate suspended licenses or issue

new licenses to a person whose license or licenses have been revoked

if no fact or condition then exists which clearly would have

justified the Administrator in refusing originally to issue such

license pursuant to the Credit Services Organization Act.

F. On application of any person and payment of the cost

thereof, the Administrator shall furnish under the seal and

signature of the Administrator a certificate of good standing or a

certified copy of any license.

G. Any entity or individual offering to engage or engaged as a

credit service organization without a license in this state shall be

subject to a civil penalty not to exceed Five Thousand Dollars

($5,000.00).

H. The Administrator may impose a civil penalty as prescribed

in subsection G of this section, after notice and hearing in

accordance with Article II of the Administrative Procedures Act.

Any administrative order or settlement agreement imposing a civil

penalty pursuant to this section may be enforced in the same manner

as civil judgments in this state. The Administrator may file an

application to enforce an administrative order or settlement

agreement imposing a civil penalty in the district court of Oklahoma

County.
Okla. Stat. tit. 24, § 24-116 — OK Code / Title 24 / Section 24-116
Transfers fraudulent to creditors
Status: in_force

A. A transfer made or obligation incurred by a debtor is

fraudulent as to a creditor, whether the creditor's claim arose

before or after the transfer was made or the obligation was

incurred, if the debtor made the transfer or incurred the

obligation:

1. With actual intent to hinder, delay, or defraud any creditor

of the debtor; or

2. Without receiving a reasonably equivalent value in exchange

for the transfer or obligation, and the debtor:

a. was engaged or was about to engage in a business or a

transaction for which the remaining assets of the

debtor were unreasonably small in relation to the

business or transaction, or

b. intended to incur, or believed or reasonably should

have believed that he would incur, debts beyond his

ability to pay as they became due.

B. In determining actual intent pursuant to the provisions of

paragraph 1 of subsection A of this section, consideration may be

given, among other factors, to whether:

1. The transfer or obligation was to an insider;

2. The debtor retained possession or control of the property

transferred after the transfer;

3. The transfer or obligation was disclosed or concealed;

4. Before the transfer was made or obligation was incurred, the

debtor had been sued or threatened with suit;

5. The transfer was of substantially all the debtor's assets;

6. The debtor absconded;

7. The debtor removed or concealed assets;

8. The value of the consideration received by the debtor was

reasonably equivalent to the value of the asset transferred or the

amount of the obligation incurred;

9. The debtor was insolvent or became insolvent shortly after

the transfer was made or the obligation was incurred;

10. The transfer occurred shortly before or shortly after a

substantial debt was incurred; and

11. The debtor transferred the essential assets of the business

to a lienor who transferred the assets to an insider of the debtor.

Oklahoma Statutes - Title 24. Debtor and Creditor Page 17
Okla. Stat. tit. 24, § 24-48 — OK Code / Title 24 / Section 24-48
Compensation of assignee
Status: in_force

In the absence of any provision in the assignment to the

contrary, an assignee for the benefit of creditors is entitled to

the same commissions as are allowed by law to executors and

Oklahoma Statutes - Title 24. Debtor and Creditor Page 10

guardians; but the assignment cannot grant more and may restrict the

commissions to a less amount, or deny them altogether.

R.L. 1910, § 231.
Okla. Stat. tit. 24, § 24-41 — OK Code / Title 24 / Section 24-41
More than one assignor - Recording assignment - Filing
Status: in_force

inventory - Nonresidents.

If an assignment for the benefit of creditors is executed by

more than one assignor, it must be recorded, and a copy of the

inventory required by Section 221 must be filed with the register of

deeds of every county in which any of the assignors resided at its

date, or in which any of them, not then residing in this state, had

then a place of business.

R.L. 1910, § 224.
Okla. Stat. tit. 24, § 24-13 — OK Code / Title 24 / Section 24-13
Insurance on life of debtor - Conditions
Status: in_force

A. Whenever a credit life insurance policy or other insurance

policy is obtained on the life of a debtor under or pursuant to the

terms of a contract for the sale of a motor vehicle, merchandise or

other property, the person, firm, company or corporation obtaining

or receiving the policy shall furnish a copy of the policy, or a

certificate or statement of insurance in the case of a group policy,

to the insured not later than thirty (30) days after receipt

thereof. Such policy shall be on a form approved by the State

Insurance Commissioner, and the principal amount payable thereunder

shall not be in excess of the total amount the debtor agrees to pay

when he enters into such contract, provided, however, that where the

indebtedness is repayable in installments, the amount of the

insurance shall not exceed the approximate unpaid balance of the

loan. If all amounts payable under such contract are paid before

the same become due, such policy shall be cancelled at the request

of the insured who shall be paid any refund for unearned premium on

the policy within fifteen (15) days after such cancellation.

B. Whenever a credit life insurance policy or other insurance

policy obtained pursuant to this section is denied or cancelled

prior to the satisfaction of the debt by the insurer, notice shall

Oklahoma Statutes - Title 24. Debtor and Creditor Page 4

be given by the insurer to the debtor by certified mail with return

receipt requested within sixty (60) days of the denial or

cancellation.
Okla. Stat. tit. 24, § 24-1 — OK Code / Title 24 / Section 24-1
Debtor defined
Status: in_force

A debtor, within the meaning of this chapter, is one who, by

reason of an existing obligation, is, or may become, liable to pay

money to another, whether such liability is certain or contingent.

R.L. 1910, § 2892.
Okla. Stat. tit. 24, § 24-38 — OK Code / Title 24 / Section 24-38
Inventory, necessity and requisites of
Status: in_force

Within twenty (20) days after an assignment is made for the

benefit of creditors, the assignor must make and file in the manner

prescribed by Section 223 a full and true inventory, showing:

1. All the creditors of the assignor;

2. The place of residence of each creditor, if known to the

assignor, or, if not known, that fact must be stated;

3. The sum owing to each creditor, and the nature of each debt

or liability, whether arising on written security, account or

otherwise;

4. The true consideration of the liability in each case, and

the place where it arose;

5. Every existing judgment, mortgage, or other security for the

payment of any debt or liability of the assignor;

6. All property of the assignor at the date of the assignment,

which is exempt by law from execution; and

7. All the assignor's property at the date of the assignment

both real and personal, of every kind not so exempt, and the

encumbrances existing thereon, and all vouchers and securities

relating thereto, and the value of such property according to the

best knowledge of the assignor.

R.L. 1910, § 221.
Okla. Stat. tit. 24, § 24-12 — OK Code / Title 24 / Section 24-12
Fraudulent debts - When due
Status: in_force

In all cases where a debtor has fraudulently contracted a debt,

or fraudulently incurred a liability or obligation, for which suit

is about to be or has been brought, such debt, liability or

obligation shall be deemed due at the time such liability was

incurred.

R.L. 1910, § 2902.
Okla. Stat. tit. 24, § 24-164 — OK Code / Title 24 / Section 24-164
Notice procedures deemed in compliance
Status: in_force

Oklahoma Statutes - Title 24. Debtor and Creditor Page 43

A. An individual or entity that maintains its own notification

procedures as part of an information privacy or security policy for

the treatment of personal information and that are consistent with

the timing requirements of the Security Breach Notification Act

shall be deemed to be in compliance with the notification

requirements of subsection A or B of Section 163 of this title if

the individual or entity notifies residents of this state in

accordance with its procedures in the event of a breach of security

of the system.

B. The following entities shall be deemed to be in compliance

with the notification requirements of subsection A or B of Section

163 of this title if such entities provide notice to the Attorney

General as required by subsection E of Section 163 of this title:

1. A financial institution that complies with the notification

requirements prescribed by the Gramm-Leach-Bliley Act and the

federal Interagency Guidance on Response Programs for Unauthorized

Access to Customer Information and Customer Notice;

2. An entity that complies with the notification requirements

prescribed by the Oklahoma Hospital Cybersecurity Protection Act of

2023 or the Health Insurance Portability and Accountability Act of

1996 (HIPAA); and

3. An entity that complies with the notification requirements

or procedures pursuant to the rules, regulations, procedures, or

guidelines established by the primary or functional federal

regulator of the entity.
Okla. Stat. tit. 24, § 24-121 — OK Code / Title 24 / Section 24-121
Limitation of actions
Status: in_force

A cause of action with respect to a fraudulent transfer or

obligation pursuant to the provisions of the Uniform Fraudulent

Transfer Act, Section 112 et seq. of this title, is extinguished

unless action is brought:

1. Pursuant to the provisions of paragraph 1 of subsection A of

Section 116 of this title, within four (4) years after the transfer

was made or the obligation was incurred or, if later, within one (1)

year after the transfer or obligation was or could reasonably have

been discovered by the claimant;

2. Pursuant to the provisions of paragraph 2 of subsection A of

Section 116 of this title or subsection A of Section 117 of this

title, within four (4) years after the transfer was made or the

obligation was incurred;

Oklahoma Statutes - Title 24. Debtor and Creditor Page 20

3. Pursuant to the provisions of subsection B of Section 117 of

this title, within one (1) year after the transfer was made or the

obligation was incurred; or

4. For the purpose of transfers made or obligations incurred

prior to November 1, 1986, the statute of limitations in effect

prior to November 1, 1986, shall apply to claims or causes of action

based thereon, but in no event shall a claim or cause of action be

brought with respect to such transfers or obligations incurred any

later than November 1, 1990.
Okla. Stat. tit. 24, § 24-11 — OK Code / Title 24 / Section 24-11
Preferences permitted
Status: in_force

Any person in this state indebted to other persons shall have

the right to prefer one or more of such creditors in good faith to

secure a valid debt, which preference may be manifested by payment,

by mortgages, either real or chattel, or by the transfer of personal

property or real estate, and if received by the creditor in good

faith, such conveyance or mortgage shall be valid in the hands of

the mortgagee and constitute a preference to the extent thereof,

subject to the laws relating to the filing and recording of

mortgages.

R.L. 1910, § 2901.
Okla. Stat. tit. 24, § 24-18 — OK Code / Title 24 / Section 24-18
Debt pooling - Application of act
Status: in_force

The provisions of this act shall not apply to any retail

merchants' trade association, nonprofit association formed for the

purpose of collecting accounts and exchanging credit information,

bankruptcy actions filed pursuant to the Federal Bankruptcy Act or

acts of duly licensed attorneys distributing funds on behalf of

clients.
Okla. Stat. tit. 24, § 24-42 — OK Code / Title 24 / Section 24-42
Time of recording - Effect of failure to record within time
Status: in_force

specified.

An assignment for the benefit of creditors is void against

creditors of the assignor, and against purchasers and encumbrancers

in good faith and for value, if the assignment is not recorded, and

the inventory required by Section 221 filed, pursuant to Section

223, within twenty (20) days after date of assignment.

R.L. 1910, § 225.
Okla. Stat. tit. 24, § 24-117 — OK Code / Title 24 / Section 24-117
Transfer fraudulent to creditor whose claim arose before
Status: in_force

transfer made or obligation incurred.

A. A transfer made or obligation incurred by a debtor is

fraudulent as to a creditor whose claim arose before the transfer

was made or the obligation was incurred if the debtor made the

transfer or incurred the obligation without receiving a reasonably

equivalent value in exchange for the transfer or obligation and the

debtor was insolvent at that time or the debtor became insolvent as

a result of the transfer or obligation.

B. A transfer made by a debtor is fraudulent as to a creditor

whose claim arose before the transfer was made if the transfer was

made to an insider for an antecedent debt, the debtor was insolvent

at that time, and the insider had reasonable cause to believe that

the debtor was insolvent.
Okla. Stat. tit. 24, § 24-140 — OK Code / Title 24 / Section 24-140
Rules and regulations
Status: in_force

The Department of Consumer Credit shall administer and

promulgate rules and regulations to implement the provisions of this

act.
Okla. Stat. tit. 24, § 24-152 — OK Code / Title 24 / Section 24-152
Requests to temporarily lift freeze - Time for compliance
Status: in_force

- Request procedures.

A. If the consumer wishes to allow his or her consumer report

to be accessed for a specific period of time while a freeze is in

place, he or she shall contact the consumer reporting agency using a

method of contact designated by the consumer reporting agency,

requesting that the freeze be temporarily lifted, and providing, to

complete the request, all of the following:

1. Proper identification;

2. The unique personal identification number or password

provided by the consumer reporting agency pursuant to subsection C

of Section 3 of this act;

3. The proper information regarding the time period for which

the report shall be available to users of the credit report; and

4. The required fee, if applicable.

B. A consumer reporting agency that receives a request from a

consumer to temporarily lift a freeze on his or her consumer report,

accompanied by all of the items listed in subsection A of this

section, shall comply with the request no later than three (3)

business days after receiving the completed request.

C. A consumer reporting agency may develop procedures involving

the use of telephone, facsimile, the Internet, or other electronic

media to receive and process a request from a consumer to

temporarily lift a freeze on a consumer report pursuant to

subsection A of this section in an expedited manner.
Okla. Stat. tit. 24, § 24-156 — OK Code / Title 24 / Section 24-156
Fees - Written notice of changes
Status: in_force

A. This act does not prevent a consumer reporting agency from

charging a fee of no more than Ten Dollars ($10.00) to a consumer

for each freeze, removal of the freeze, or temporary lifting of the

freeze for a period of time, regarding access to a consumer credit

report.

B. A consumer reporting agency shall not charge any fee to:

1. A victim of identity theft who has submitted, at the time

the security freeze is requested, a copy of a valid investigative or

incident report or complaint with a law enforcement agency about the

unlawful use of the victim’s identifying information by another

person; or

2. A consumer sixty-five (65) years of age or older for the

initial placement and removal of a security freeze.

C. If a security freeze is in place, a consumer reporting

agency shall not change any of the following official information in

a consumer report without sending a written confirmation of the

change to the consumer within thirty (30) days of the change being

posted to the file of the consumer:

1. Name;

2. Date of birth;

3. Social security number; and

4. Address.

D. Written confirmation is not required for technical

modifications of official information of a consumer, including name

and street abbreviations, complete spellings, or transposition of

numbers or letters. In the case of an address change, the written

confirmation shall be sent to both the new address and to the former

address.
Okla. Stat. tit. 24, § 24-135 — OK Code / Title 24 / Section 24-135
Information statement - Written statement required
Status: in_force

Before the execution of a contract or agreement between the

buyer and a credit services organization or before the receipt by

the credit services organization of any money or other valuable

consideration, whichever occurs first, the credit services

organization shall provide the buyer with a statement, in writing,

containing all the information required by Section 6 of this act.

The credit services organization shall maintain on file for a period

of two (2) years an exact copy of the statement, personally signed

by the buyer, acknowledging receipt of a copy of the statement.
Okla. Stat. tit. 24, § 24-123 — OK Code / Title 24 / Section 24-123
Application and construction of act
Status: in_force

The Uniform Fraudulent Transfer Act shall be applied and

construed to effectuate its general purpose to make uniform the law

with respect to the subject of this act among states enacting it.
Okla. Stat. tit. 24, § 24-47 — OK Code / Title 24 / Section 24-47
Exempt property and life insurance do not pass - Exception
Status: in_force

Property exempt from execution and insurances upon the life of

the assignor do not pass to the assignee by a general assignment for

the benefit of the creditors, unless the instrument specially

mentions them, and declares an intention that they should pass

thereby.

R.L. 1910, § 230.
Okla. Stat. tit. 24, § 24-132 — OK Code / Title 24 / Section 24-132
Definitions
Status: in_force

As used in the Credit Services Organization Act:

1. "Buyer" means any individual who is solicited to purchase or

who purchases the services of a credit services organization;

2. a. "Credit services organization" means any person who,

with respect to the extension of credit by others,

sells, provides, performs, or represents that the

person can or will sell, provide, or perform, in

return for the payment of money or other valuable

consideration from any source, any of the following

services more than twelve times in a calendar year:

(1) improving a buyer's credit record, history, or

rating,

(2) obtaining an extension of credit for a buyer, or

Oklahoma Statutes - Title 24. Debtor and Creditor Page 21

(3) providing advice or assistance to a buyer with

regard to division (1) or (2) of this

subparagraph,

b. "Credit services organization" does not include:

(1) any person authorized to make loans or extensions

of credit under the laws of this state or the

United States who is subject to regulation and

supervision by this state or the United States or

a lender approved by the United States Secretary

of Housing and Urban Development for

participation in any mortgage insurance program

under the National Housing Act,

(2) any bank, savings and loan institution or credit

union whose deposits or accounts are eligible for

insurance by the Federal Deposit Insurance

Corporation, the Federal Savings and Loan

Insurance Corporation, or the National Credit

Union Administration or a subsidiary of such

bank, savings and loan institution or credit

union,

(3) any nonprofit organization exempt from taxation

under Section 501(c)(3) of the Internal Revenue

Code,

(4) any person licensed as a real estate broker by

this state if the person is acting within the

course and scope of that license,

(5) any person licensed to practice law in this state

if the person renders services within the course

and scope of the practice of the person as an

attorney,

(6) any broker-dealer registered with the Securities

and Exchange Commission or the Commodity Futures

Trading Commission if the broker-dealer is acting

within the course and scope of that regulation,

(7) any consumer reporting agency as defined in the

Federal Fair Credit Reporting Act, 15 U.S.C.,

Sections 1681 through 1681t,

(8) any person authorized to file electronic income

tax returns who does not receive any

consideration for refund anticipation loans,

(9) any residential mortgage broker as defined in the

Mortgage Broker Licensure Act, or

(10) any insurance company, its affiliates and

subsidiaries, authorized to do business in this

state by the Insurance Commissioner, including

insurance agents licensed in this state;

Oklahoma Statutes - Title 24. Debtor and Creditor Page 22

3. "Extension of credit" means the right to defer payment of

debt or to incur debt and defer its payment offered or granted

primarily for personal, family, or household purposes, or to anyone

whose principal occupation is agricultural in nature; and

4. "Administrator" means the Administrator of the Department of

Consumer Credit.
Okla. Stat. tit. 24, § 24-172 — OK Code / Title 24 / Section 24-172
Oklahoma Student Borrower's Bill of Rights
Status: in_force

A. The Attorney General shall prepare a written statement that

includes an "Oklahoma Student Borrower's Bill of Rights" for a

student loan borrower who takes out a student education loan that is

serviced by a student loan servicer. The statement shall

incorporate all items from subsection B of this section and be made

available to the public and written in plain language designed to be

easily understood by the average student loan borrower.

B. No student loan servicer shall:

1. Directly or indirectly employ any scheme, device or artifice

to defraud or mislead student loan borrowers;

2. Engage in any unfair or deceptive practice toward any person

or misrepresent or omit any material information in connection with

the servicing of a student education loan including, but not limited

to, misrepresenting the amount, nature or terms of any fee or

payment due or claimed to be due on a student education loan, the

terms and conditions of the loan agreement or the borrower's

obligations under the loan;

3. Obtain property by fraud or misrepresentation;

4. Incorrectly apply or fail to apply student education loan

payments to the outstanding balance of a student education loan;

5. Provide inaccurate information to a credit bureau, thereby

harming a student loan borrower's creditworthiness;

6. Fail to report both the favorable and unfavorable payment

history of the student loan borrower to a nationally recognized

consumer credit bureau at least annually if the student loan

servicer regularly reports information to a credit bureau, except in

the case of loan rehabilitation;

7. Refuse to communicate with an authorized representative of

the student loan borrower who provides a written authorization

signed by the student loan borrower, provided the student loan

servicer may adopt procedures reasonably related to verifying that

the representative is in fact authorized to act on behalf of the

student loan borrower;

Oklahoma Statutes - Title 24. Debtor and Creditor Page 46

8. Make any false statement or misrepresentation by omission of

a material fact in connection with any information or reports filed

with a governmental agency or in connection with any investigation

conducted by a governmental agency;

9. Fail to inform borrowers of the federal income repayment

options before offering deferment or forbearance as an option; or

10. Fail to inform student loan borrowers if their type of loan

does not qualify for loan forgiveness programs.
Okla. Stat. tit. 24, § 24-34 — OK Code / Title 24 / Section 24-34
Assignments void in certain cases
Status: in_force

An assignment for the benefit of creditors is void against any

creditor of the assignor not assenting thereto, in the following

cases:

1. If it tend to coerce any creditor to release or compromise

his demand.

2. If it provide for the payment of any claim known to the

assignor to be false or fraudulent; or for the payment of more upon

any claim than is known to be justly due from the assignor.

3. If it reserve any interest in the assigned property, or in

any part thereof, to the assignor, or for his benefit, before all

his existing debts are paid, other than property exempt by law from

execution.

4. If it confer upon the assignee any power which, if

exercised, might prevent or delay the immediate conversion of the

assigned property to the purposes of the trust.

5. If it exempt him from liability for neglect of duty or

misconduct.

R.L. 1910, § 217.

Oklahoma Statutes - Title 24. Debtor and Creditor Page 6
Okla. Stat. tit. 24, § 24-171 — OK Code / Title 24 / Section 24-171
Definitions
Status: in_force

As used in the Oklahoma Student Borrower's Bill of Rights Act:

1. "Guarantor" means a nonprofit or state organization that

works with a lender, servicer, school and the U.S. Department of

Education to help students successfully repay certain federal

student loans;

2. "Student loan borrower" means:

a. any resident of this state who has received or agreed

to pay a student education loan, or

b. any person who shares responsibility with such

resident for repaying the student education loan;

3. "Student loan servicer" means any person, wherever located,

responsible for the servicing of any student education loan to any

student loan borrower;

4. "Servicing" means:

a. receiving any scheduled periodic payments from a

student loan borrower pursuant to the terms of a

student education loan,

b. applying the payments of principal and interest and

such other payments with respect to the amounts

Oklahoma Statutes - Title 24. Debtor and Creditor Page 45

received from a student loan borrower, as may be

required pursuant to the terms of a student education

loan, and

c. performing other administrative services with respect

to a student education loan.

Servicing does not include default aversion efforts provided by

state or nonprofit guaranty agencies as required by their agreement

with the U.S. Department of Education under the Higher Education Act

of 1965; and

5. "Student education loan" means any loan primarily for

personal use to finance education or other school-related expenses.
Okla. Stat. tit. 24, § 24-120 — OK Code / Title 24 / Section 24-120
Voidable and nonvoidable transfers - Creditor's remedies
Status: in_force

and limitations thereon.

A. A transfer or obligation is not voidable as provided for in

paragraph 1 of subsection A of Section 5 of this act against a

person who took in good faith and for a reasonably equivalent value

or against any subsequent transferee or obligee.

B. Except as otherwise provided for in this section, to the

extent a transfer is voidable in an action by a creditor pursuant to

the provisions of paragraph 1 of subsection A of Section 8 of this

act, the creditor may recover judgment for the value of the asset

transferred, as adjusted in accordance with the provisions of

subsection C of this section, or the amount necessary to satisfy the

creditor's claim, whichever is less. The judgment may be entered

against:

Oklahoma Statutes - Title 24. Debtor and Creditor Page 19

1. The first transferee of the asset or the person for whose

benefit the transfer was made; or

2. Any subsequent transferee other than a good faith transferee

who took for value or from any subsequent transferee.

C. If the judgment provided for in subsection B of this section

is based upon the value of the asset transferred, the judgment must

be for an amount equal to the value of the asset at the time of the

transfer, subject to adjustment as the equities may require.

D. Notwithstanding voidability of a transfer or an obligation

pursuant to the provisions of the Uniform Fraudulent Transfer Act, a

good faith transferee or obligee is entitled, to the extent of the

value given the debtor for the transfer or obligation, to:

1. A lien on or a right to retain any interest in the asset

transferred;

2. Enforcement of any obligation incurred; or

3. A reduction in the amount of the liability on the judgment.E. A transfer is not voidable pursuant to the provisions of paragraph 2 of subsection A of Section 5 or Section 6 of this act if the transfer results

from:

1. Termination of a lease upon default by the debtor when the

termination is pursuant to the lease and applicable law; or

2. Enforcement of a security interest in compliance with

Article 9 of the Uniform Commercial Code.

F. A transfer is not voidable pursuant to the provisions of

subsection B of Section 6 of this act:

1. To the extent the insider gave new value to or for the

benefit of the debtor after the transfer was made unless the new

value was secured by a valid lien; or

2. If made in the ordinary course of business or financial

affairs of the debtor and the insider; or

3. If made pursuant to a good-faith effort to rehabilitate the

debtor and the transfer secured present value given for that purpose

as well as an antecedent debt of the debtor.
Okla. Stat. tit. 24, § 24-165 — OK Code / Title 24 / Section 24-165
Enforcement – Civil penalty limitation
Status: in_force

A. A violation of the Security Breach Notification Act that

results in injury or loss to residents of this state may be enforced

by the Attorney General or a district attorney in the same manner as

an unlawful practice under the Oklahoma Consumer Protection Act.

B. Except as provided in subsection D of this section, the

Attorney General or a district attorney shall have exclusive

authority to bring an action and may obtain actual damages for a

violation of the Security Breach Notification Act and a civil

penalty not to exceed One Hundred Fifty Thousand Dollars

($150,000.00) per breach of the security of the system or series of

breaches of a similar nature that are determined in a single

investigation. Civil penalties shall be based upon the magnitude of

the breach, the extent to which the behavior of the individual or

entity contributed to the breach, and any failure to provide the

notice required by Section 163 of this title.

C. 1. An individual or entity that uses reasonable safeguards

and provides notice as required by Section 163 or 164 of this title

shall not be subject to civil penalties and may use such compliance

Oklahoma Statutes - Title 24. Debtor and Creditor Page 44

as an affirmative defense in a civil action filed under the Security

Breach Notification Act.

2. An individual or entity that fails to use reasonable

safeguards but provides notice as required by Section 163 or 164 of

this title shall not be subject to the civil penalty set forth in

subsection B of this section but shall be subject to actual damages

and a civil penalty of Seventy-five Thousand Dollars ($75,000.00).

D. A violation of the Security Breach Notification Act by a

state-chartered or state-licensed financial institution shall be

enforceable exclusively by the primary state regulator of the

financial institution.
Okla. Stat. tit. 24, § 24-151 — OK Code / Title 24 / Section 24-151
Written request for security freeze - Processing time -
Status: in_force

Confirmation of freeze and identification number - Disclosures.

A. A consumer may request that a security freeze be placed on

his or her consumer report by sending a request in writing by

certified mail to a consumer reporting agency at an address

designated by the consumer reporting agency to receive such

requests. This subsection does not prevent a consumer reporting

agency from advising a third party that a security freeze is in

effect with respect to the consumer report of a consumer.

B. A consumer reporting agency shall place a security freeze on

a consumer report of a consumer no later than five (5) business days

after receiving from the consumer:

1. A written request as provided in subsection A of this

section;

2. Proper identification; and

3. Payment of the required fee, if applicable.

Provided, however, with respect to any security freeze requested

before May 1, 2007, the deadline stated in this subsection shall be

ten (10) business days if a consumer reporting agency in good faith

is unable to process during normal business hours the quantity of

security freeze requests being received.

C. The consumer reporting agency shall send a written

confirmation of the placement of the security freeze to the consumer

within ten (10) business days. Upon placing the security freeze on

the consumer report of the consumer, the consumer reporting agency

shall provide the consumer with a unique personal identification

number or password to be used by the consumer when providing

authorization for the release of his or her consumer report for a

specific period of time.

D. If a consumer requests a security freeze, the consumer

reporting agency shall disclose the process of placing and

temporarily lifting a freeze, and the process for allowing access to

information from the consumer report of the consumer for a period of

time while the freeze is in place.
Okla. Stat. tit. 24, § 24-83 — OK Code / Title 24 / Section 24-83
False credit information or false rating - Penalty -
Status: in_force

Damages.

A. Any person, firm or corporation who knowingly and willfully

introduces, attempts to introduce or causes to be introduced false

information into the files of a consumer reporting agency or credit

bureau for the purpose of wrongfully damaging or wrongfully

enhancing the credit information of any individual, shall be guilty

of a misdemeanor and upon conviction shall be punished by

imprisonment in the county jail for not more than one (1) year or by

a fine of not more than Five Thousand Dollars ($5,000.00), or by

both such fine and imprisonment.

B. Any person, firm or corporation who knowingly promulgates or

publishes a false opinion or statement in any book or list as to the

credit or financial standing of any person, and circulates such book

or list among wholesale or retail business concerns, shall be liable

in damages to the person about whom the false opinion or statement

is made, for the full amount of injury sustained, and in addition

thereto for exemplary damages in any sum to be fixed by the jury,

and shall also be guilty of a misdemeanor and upon conviction shall

be punished by imprisonment in the county jail for not more than one

(1) year or by a fine of not more than Five Thousand Dollars

($5,000.00), or by both such fine and imprisonment.

R.L. 1910, § 2908; Laws 1984, c. 59, § 1, emerg. eff. March 27,

1984.
Okla. Stat. tit. 24, § 24-134 — OK Code / Title 24 / Section 24-134
Exemption from bond and trust account provisions -
Status: in_force

Responsibility for employees or agents.

Oklahoma Statutes - Title 24. Debtor and Creditor Page 23

If a credit services organization is in compliance with

paragraph 1 of Section 3 of this act, the salesperson, agent, or

representative who sells the services of that organization is not

required to obtain a surety bond and establish a trust account.

Provided, however, said organization or entity shall be responsible

for the acts of their employees or agents performed within the scope

of their employment.
Okla. Stat. tit. 24, § 24-141 — OK Code / Title 24 / Section 24-141
License required – Extensions of credit in compliance with
Status: in_force

law.

No person shall engage in business as a credit service

organization without first obtaining a license from the

Administrator pursuant to the provisions of the Credit Services

Organization Act. Any extensions of credit brokered or arranged on

behalf of a buyer by a credit service organization must comply with

Oklahoma Statutes - Title 24. Debtor and Creditor Page 26

the provisions of the Uniform Consumer Credit Code and the Credit

Services Organization Act.
Okla. Stat. tit. 24, § 24-144 — OK Code / Title 24 / Section 24-144
Licenses - Contents - Display - Number - Term - Annual
Status: in_force

fee.

A. Each license shall state the name of the license and the

address of which the business is to be conducted. The license shall

be displayed at the place of business named in the license. The

license shall not be transferable or assignable except upon approval

by the Administrator of Consumer Credit.

B. A separate license shall be required for each credit service

organization operated pursuant to the Credit Services Organization

Act.

The Administrator may issue more than one license to any one

person upon compliance with the provisions of the Credit Services

Organization Act as to each license. A licensee desiring to move a

licensed credit service operation to another location shall give

thirty (30) days' written notice to the Administrator, who shall

amend the license accordingly.

C. Each license shall remain in full force and effect until

relinquished, suspended, revoked or expired. Every licensee, on or

before December 1 of each year, shall pay the Administrator a

license renewal fee for each license held by the licensee as the

annual fee for the succeeding calendar year. The license shall

expire December 31 of any year for which an annual fee has not been

paid.

Oklahoma Statutes - Title 24. Debtor and Creditor Page 28

D. A late fee, as prescribed by rule of the Commission on

Consumer Credit, shall be imposed for any license renewed after

December 1.
Okla. Stat. tit. 24, § 24-149 — OK Code / Title 24 / Section 24-149
Short title
Status: in_force

This act shall be known and may be cited as the “Oklahoma

Consumer Report Security Freeze Act”.
Okla. Stat. tit. 24, § 24-49 — OK Code / Title 24 / Section 24-49
Good faith protects assignee
Status: in_force

An assignee for the benefit of creditors is not to be held

liable for his acts done in good faith in the execution of the trust

merely for the reason that the assignment is afterwards adjudged

void.

R.L. 1910, § 232.
Okla. Stat. tit. 24, § 24-33 — OK Code / Title 24 / Section 24-33
Subsisting liabilities
Status: in_force

An assignment for the benefit of creditors may provide for any

subsisting liability of the assignor which he might lawfully pay,

whether absolute or contingent.

R.L. 1910, § 216.
Okla. Stat. tit. 24, § 24-82 — OK Code / Title 24 / Section 24-82
Copy of opinion furnished person to whom it relates
Status: in_force

Whenever an opinion in writing upon the financial or credit

standing of any person is about to be submitted for the purpose of

establishing a financial or credit rating of customers, to be used

by the retail business concerns, the person, firm or corporation

submitting such opinion shall first mail a copy of such opinion to

the person about whom the opinion is given, at his proper post

office address.

R.L. 1910, § 2907.

Oklahoma Statutes - Title 24. Debtor and Creditor Page 11
Okla. Stat. tit. 24, § 24-3 — OK Code / Title 24 / Section 24-3
Fraud only invalidates contracts of debtor
Status: in_force

In the absence of fraud, every contract of a debtor is valid

against all his creditors, existing or subsequent, who have not

acquired a lien on the property affected by such contract.

R.L. 1910, § 2894.
Okla. Stat. tit. 24, § 24-15 — OK Code / Title 24 / Section 24-15
Debt pooling - Prohibition
Status: in_force

No person, firm, company or corporation shall engage in or

operate a business known as debt pooling.
Okla. Stat. tit. 24, § 24-37 — OK Code / Title 24 / Section 24-37
Rights of assignee
Status: in_force

An assignee for the benefit of creditors is not to be regarded

as a purchaser for value, and has no greater rights than his

assignor had, in respect to things in action transferred by the

assignment.

R.L. 1910, § 220.
Okla. Stat. tit. 24, § 24-114 — OK Code / Title 24 / Section 24-114
Tests for determining insolvency
Status: in_force

A. A debtor is insolvent if the sum of the debtor's debts is

greater than all of the debtor's assets at a fair valuation.

B. A debtor who is generally not paying his debts as they

become due is presumed to be insolvent.

C. A partnership is insolvent pursuant to the provisions of

subsection A of this section if the sum of the partnership's debts

is greater than the aggregate, at a fair valuation, of all of the

partnership's assets and the sum of the excess of the value of each

general partner's nonpartnership assets over the partner's

nonpartnership debts.

D. Assets pursuant to the provisions of this section do not

include property that has been transferred, concealed, or removed

with intent to hinder, delay, or defraud creditors or that has been

transferred in a manner making the transfer voidable pursuant to the

provisions of the Uniform Fraudulent Transfer Act.

E. Debts pursuant to the provisions of this section do not

include an obligation to the extent it is secured by a valid lien on

property of the debtor not included as an asset.