reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 55 - Mortgage Brokers and Mortgage Loan Originators › Subchapter 7 - Records › Section 160:55-7-1 - Records and changes

Current through Vol. 41, No. 20, July 1, 2024
(a)
Records.
Each licensee's records shall be maintained in compliance with the SAFE Act and these rules.
(1)
Transaction journal.
As part of the books and records related to their mortgage business, each licensee shall maintain a transaction journal that discloses the consumer's full name, date of loan, loan account number, name of lender and address of lender.
(2)
Retention.
Mortgage brokers , mortgage lenders and mortgage loan originators shall preserve and make available such books and records related to their mortgage business for four (4) years from the date of the initial transaction between the licensee and each borrower, or for two (2) years from the date of the final entry into such records is made thereon, whichever is later. Trust account records shall be preserved and made available for at least three (3) years after the date of final entries therein. The records shall be maintained for such time periods whether the person is currently licensed or previously licensed.
(3)
Location.
Records shall be maintained at a designated location or maintained in an electronic format. Licensees shall designate in writing to the Administrator whether records are maintained at a physical location or maintained in an electronic format. The Administrator may require a licensee or any entity or individual subject to the SAFE Act to submit records via electronic mail or certified mail, return receipt requested, to the Administrator for purposes of reviewing a complaint or for conducting an examination.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 55 - Mortgage Brokers and Mortgage Loan Originators › Subchapter 9 - Enforcement › Section 160:55-9-2 - Individual proceedings

Current through Vol. 41, No. 20, July 1, 2024
(a)
Allegations notice.
The Administrator shall notify the person of facts or conduct that warrant the intended action, and give the person an opportunity to show compliance with all lawful requirements for the retention of the license [75:314(C)(1)].
(b)
Violations.
Where the facts indicate that the person has not complied with all lawful requirements for the retention of the license, the Administrator may initiate any authorized action.
(c)
Informal disposition.
In order to avoid the expense and time involved in formal legal proceedings, it is the policy of the Administrator to afford persons who have engaged in unlawful acts and practices an opportunity to enter into stipulations, agreed settlements, consent orders or defaults when it appears to the Administrator that such procedure fully safeguards the public interest. The Administrator reserves the right in all matters to withhold the privilege of an informal disposition. All stipulations, agreed settlements, consent orders or defaults shall be public records.
(d)
Hearing notice.
(1) If the matter is to be set for hearing, the person shall be given twenty (20) days notice in writing.
(2) The notice shall:
(A) state the time, place and nature of the hearing;
(B) state the legal authority and jurisdiction for the hearing;
(C) refer to the statutory sections and rules involved; and
(D) state the matters asserted briefly and plainly [75:309(B)(1) - (4)].
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 55 - Mortgage Brokers and Mortgage Loan Originators › Subchapter 9 - Enforcement › Section 160:55-9-3 - License surrender

Current through Vol. 41, No. 20, July 1, 2024
A licensee may surrender any license by submitting notification to NMLS&R and delivering the license to the Administrator. Such surrender shall not affect the liability of the licensee for acts committed before the surrender of the license. A surrender shall not impair or affect the obligation of any preexisting lawful contract between the licensee and any borrower.
Added at 16 Ok Reg 2170, eff 6-25-99; Amended at 20 Ok Reg 2750, eff 7-1-03 (emergency); Amended at 21 Ok Reg 2698, eff 7-12-04
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 55 - Mortgage Brokers and Mortgage Loan Originators › Subchapter 9 - Enforcement › Section 160:55-9-4 - License reinstatement

Current through Vol. 41, No. 20, July 1, 2024
The Administrator may reinstate suspended licenses or issue new licenses to an entity or individual whose license or licenses have been revoked if the Administrator finds that the entity or individual meets the licensing requirements then in effect and if the Administrator finds the circumstances for which the license was suspended or revoked no longer exists.
Added at 16 Ok Reg 2170, eff 6-25-99; Amended at 20 Ok Reg 2750, eff 7-1-03 (emergency); Amended at 21 Ok Reg 2698, eff 7-12-04
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 55 - Mortgage Brokers and Mortgage Loan Originators › Subchapter 9 - Enforcement › Section 160:55-9-5 - Hearing procedure-emergency actions

Current through Vol. 41, No. 20, July 1, 2024
(a)
Hearing notice.
(1) If the public health, safety, or welfare imperatively requires emergency action, such action, including the suspension of a license instanter or a cease and desist instanter, may be ordered pending the final outcome of proceedings instituted by the Administrator [75:314(C)(2) and 314.1]. An emergency order shall include an order for a hearing as required by administrative rule 160:3-1-4(j) and shall also be served as provided by administrative rule 160:3-1-4(j).
(2) The notice shall:
(A) state the time, place and nature of the hearing;
(B) state the legal authority and jurisdiction for the hearing;
(C) refer to the statutory sections and rules involved; and
(D) state the matters asserted briefly and plainly [75:309(B)(1) - (4)].
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 55 - Mortgage Brokers and Mortgage Loan Originators › Subchapter 9 - Enforcement › Section 160:55-9-6 - Circumvention prohibited

Current through Vol. 41, No. 20, July 1, 2024
Whenever a licensee has an administrative action taken against a license, the Administrator may deny a request to inactivate such license, to sell or transfer the accounts under such license or to take any other action to circumvent or negate the administrative action during the time of the action or during the pendency of the action if on appeal.
Added at 16 Ok Reg 2170, eff 6-25-99; Amended at 20 Ok Reg 2750, eff 7-1-03 (emergency); Amended at 21 Ok Reg 2698, eff 7-12-04
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 55 - Mortgage Brokers and Mortgage Loan Originators › Subchapter 9 - Enforcement › Section 160:55-9-7 - Review of an order

Current through Vol. 41, No. 20, July 1, 2024
(a)
Rehearing, reopening or reconsideration.
(1)
Application.
(A) Any party aggrieved by a final order may apply for a rehearing, reopening or reconsideration within ten (10) days from the date of the order [75:317(A)].
(B) The application shall be in writing and assert a statutory ground for a rehearing, reopening or reconsideration.
(C) The statutory grounds are:
(i) newly discovered or newly available evidence, relevant to the issues;
(ii) need for additional evidence adequately to develop the facts essential to proper decision;
(iii) probable error committed by the Department in the proceeding or in the decision such as would be ground for reversal on judicial review of the order;
(iv) need for further consideration of the issues and the evidence in the public interest; or
(v) a showing that issues not previously considered ought to be examined in order properly to dispose of the matter [75:317(A)(1) - (5)].
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 55 - Mortgage Brokers and Mortgage Loan Originators › Subchapter 9 - Enforcement › Section 160:55-9-8 - Civil and criminal actions

Current through Vol. 41, No. 20, July 1, 2024
This chapter shall not be interpreted as limiting the right of the Administrator to seek civil remedies or make criminal referrals for any violation of the provisions of the Act or these rules.
Added at 16 Ok Reg 2170, eff 6-25-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 55 - Mortgage Brokers and Mortgage Loan Originators › Subchapter 9 - Enforcement › Section 160:55-9-10 - Oklahoma Mortgage Broker and Mortgage Loan Originator Recovery Fund

Current through Vol. 41, No. 20, July 1, 2024
(a)
Purpose.
This section establishes a procedure required by 59 O.S. §
									2095.20 for expending monies from the Oklahoma Mortgage Broker and Mortgage Loan Originator Recovery Fund ("Fund") in connection with reimbursements of approved claims.
(b)
Definitions.
The following words or terms, when used in this section, shall have the following meaning, unless the context clearly indicates otherwise:
(1)
"Claimant"
means a person who has been adjudged by a court of competent jurisdiction to have suffered monetary damages as specified by 59 O.S. §
										2095.20(B)(1) and who has filed a claim for reimbursement from the Fund.
(2)
"Court of competent jurisdiction"
means a court having power and authority to hear and decide a civil action filed by a claimant.
(3)
"Final judgment"
means a written final determination by a court of competent jurisdiction of the rights of the claimant and the judgment debtor arising from a transaction or series of transactions as described by 59 O.S. §
										2095.20(B)(1). A final judgment under this section shall not include a default or a judgment by default unless the time to file a motion or petition to set aside, correct, open, modify or vacate the default or judgment by default has run and no proceedings to set aside, correct, open, modify or vacate the default or judgment by default have commenced.
(4)
"Judgment debtor"
means a person obligated through a final judgment to pay monetary damages to a claimant.
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 60 - Precious Metal and Gem Dealers › Subchapter 1 - General Provisions › Section 160:60-1-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The rules in this chapter provide regulations relating to the licensure of precious metal and gem dealers and employees.
Added at 16 Ok Reg 2178, eff 6-25-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 60 - Precious Metal and Gem Dealers › Subchapter 1 - General Provisions › Section 160:60-1-2 - Severability

Current through Vol. 41, No. 20, July 1, 2024
If any provision of this chapter or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of the chapter and the application of such provision to persons or circumstances other than those as to which it is held invalid shall not be affected thereby.
Added at 13 Ok Reg 2178, eff 6-25-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 60 - Precious Metal and Gem Dealers › Subchapter 1 - General Provisions › Section 160:60-1-3 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
Except as otherwise specifically defined in this section, the definitions set forth in the Act are incorporated herein and made a part hereof. The following words or terms, when used in this chapter, shall have the following meaning, unless the context clearly indicates otherwise:
"Act"
means the Precious Metal and Gem Dealer Licensing Act beginning at §
									1521 of Title 59 of the Oklahoma Statutes.
"APA"
means the Administrative Procedures Act beginning at §
									250 of Title 75 of the Oklahoma Statutes.
"Days"
mean calendar days. In computing any period of time for communications between a licensee and the Department or a court, the day of the event from which the designated period of time begins to run shall not be included. The last day of the period so computed shall be included, unless it is a day that the business, the Department or the office of the court clerk is closed.
"Department"
means the Oklahoma State Department of Consumer Credit.
"Goods"
mean used articles made, in whole or in part, of precious metals or gems.
"Licensee"
means a dealer or employee that has been given authority by the Administrator to engage in transactions in goods within Oklahoma.
"Location," "place"
or
"premises"
means a site owned or leased and permanently occupied by a dealer where the goods for sale are displayed and offered for sale during regular business hours, and where the records are maintained and kept.
Added at 16 Ok Reg 2178, eff 6-25-99; Amended at 23 Ok Reg 2952, eff 7-13-06
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 60 - Precious Metal and Gem Dealers › Subchapter 3 - Licensing › Section 160:60-3-1 - Licensure forms

Current through Vol. 41, No. 20, July 1, 2024
(a)
Application.
(1) The license application shall be completed by the entity seeking a dealer or employee license and shall include all fees, forms and exhibits requested.
(2) The Administrator may require any applicant to provide additional information. An application is not considered final until all requested information has been submitted. An application that is not reviewed for any failure on the part of the applicant shall be deemed to be a withdrawal of the application and not a denial.
(3) The Administrator shall grant or deny a license application within sixty (60) days from the filing of a final application unless the period is extended by written agreement between the applicant and the Administrator [59:1525(G)].
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 60 - Precious Metal and Gem Dealers › Subchapter 3 - Licensing › Section 160:60-3-2 - Investigations for licensure

Current through Vol. 41, No. 20, July 1, 2024
A thorough investigation shall be conducted of each applicant, and applicants shall provide such additional information as may be requested from the applicant for that purpose. The investigation shall include the verification of the location or locations proposed for the transactions of goods within Oklahoma. In addition, the Administrator may consult outside sources, including law enforcement agencies, and may require the applicant's consent to release such other relevant information as the Administrator may deem necessary to determine financial responsibility, experience and character of the applicant [59:1525(D)]. It shall be within the discretion of the Administrator to determine the fitness of an applicant, provided that such discretion is not arbitrary or capricious and is, or will be, applied uniformly to all similarly situated applicants.
Added at 16 Ok Reg 2178, eff 6-25-99; Amended at 23 Ok Reg 2952, eff 7-13-06
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 60 - Precious Metal and Gem Dealers › Subchapter 3 - Licensing › Section 160:60-3-2.1 - Licensure prohibition due to non-compliance with state income tax laws

Current through Vol. 41, No. 20, July 1, 2024
The Department shall deny an application for an employee license or refuse to renew, reinstate or transfer an employee license when notified by the Oklahoma Tax Commission that the individual is not in compliance with state income tax laws.
Added at 18 Ok Reg 2365, eff 6-25-01
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 60 - Precious Metal and Gem Dealers › Subchapter 3 - Licensing › Section 160:60-3-3 - License denials

Current through Vol. 41, No. 20, July 1, 2024
(a)
Denial notice.
The Administrator shall notify the applicant of the denial of a license application in writing stating the reasons for the denial, and the application fee for license shall be returned to the applicant, but the Administrator shall retain the investigation fee for license [59:1525(F)]. The notice shall be sent by certified mail with return receipt requested or be delivered in person.
(b)
Hearing request.
The applicant may make a written request for a hearing on the application within thirty (30) days of receipt of the denial notice [59:1525(F)].
(c)
Hearing notice.
(1) If the applicant makes a timely request for a hearing, a hearing shall be held within sixty (60) days of receipt of the request [59:1525(F)]. However, the applicant shall be given twenty (20) days notice of the hearing in writing [59:1528(B)].
(2) The notice shall:
(A) state the time, place and nature of the hearing;
(B) state the legal authority and jurisdiction for the hearing;
(C) refer to the statutory sections and rules involved; and
(D) state the matters asserted briefly and plainly [75:309(B)(1) - (4)].
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 60 - Precious Metal and Gem Dealers › Subchapter 3 - Licensing › Section 160:60-3-4 - Change of ownership

Current through Vol. 41, No. 20, July 1, 2024
(a) Thirty (30) days before any change of ownership of any licensed dealer, the licensed owner shall notify the Administrator of the intent to change ownership, and the proposed new owner shall apply for a license. The Administrator shall notify the licensed owner and the proposed new owner when the new owner's license application has been granted. After the licensed owner surrenders its license and transfers the ownership interest, a license shall be issued to the new owner.
(b) If the change of ownership results in the closing of the existing location, then the licensed owner shall post an announcement on the front door listing the name, business telephone number and mailing and business addresses of the new owner. The announcement shall be posted before the ownership interest is transferred and shall remain posted until the existing location closes. The licensed owner shall certify to the Administrator the date the announcement was posted and shall attach a copy of the announcement.
(c) For purposes of this section, "change of ownership" means a change of an individual owner; a change of partners; a change of the service agent or a change of the principal parties in interest in a corporation.
Added at 16 Ok Reg 2178, eff 6-25-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 60 - Precious Metal and Gem Dealers › Subchapter 3 - Licensing › Section 160:60-3-5 - Ownership of more than one location

Current through Vol. 41, No. 20, July 1, 2024
Each person who owns two (2) or more locations must separately license each such location [59:1525(E)].
Added at 16 Ok Reg 2178, eff 6-25-99; Amended at 23 Ok Reg 2952, eff 7-13-06
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 60 - Precious Metal and Gem Dealers › Subchapter 3 - Licensing › Section 160:60-3-6 - Moving or closing a location

Current through Vol. 41, No. 20, July 1, 2024
(a) At least thirty (30) days before the address of a location is changed, the owner shall notify the Administrator in writing. The owner shall post an announcement on the front door listing the address of the new location. The announcement shall remain on the front door until the location changes.
(b) At least thirty (30) days before a location is closed, the owner shall notify the Administrator in writing. The owner shall post an announcement on the front door listing the business telephone number and mailing and business address of another location, if any. The announcement shall remain posted until the existing location closes.
Added at 16 Ok Reg 2178, eff 6-25-99; Amended at 21 Ok Reg 2705, eff 7-12-04; Amended at 23 Ok Reg 2952, eff 7-13-06
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 60 - Precious Metal and Gem Dealers › Subchapter 5 - Bond Requirements › Section 160:60-5-1 - Bond requirements

Current through Vol. 41, No. 20, July 1, 2024
The Administrator shall prescribe and approve forms for the maintenance of bonds required under the Act. No bond shall be effective until received and accepted by the Administrator. Any person who seeks the termination or cancellation of any bond filed or maintained under the Act shall make written application to the Administrator thirty (30) days before the effective date of the termination or cancellation. The statement shall specify the justification for the termination or cancellation of the bond. If the Administrator approves the termination or cancellation of the existing bond, a new bond shall be filed and accepted by the Administrator before the existing bond is terminated or cancelled for the licensee to continue to operate. [59:1524(C)]
Added at 16 Ok Reg 2178, eff 6-24-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 60 - Precious Metal and Gem Dealers › Subchapter 7 - Records › Section 160:60-7-1 - Records and changes

Current through Vol. 41, No. 20, July 1, 2024
(a) Each licensee shall preserve and make available such books and records related to the business for four (4) years from the date of the initial transaction between the dealer and each customer, or for two (2) years from the date of the final entry into such records is made thereon, whichever is later. The records shall be maintained for such time periods whether the dealer is currently licensed or previously licensed. Upon licensing, the licensee shall designate a location or locations in Oklahoma where records shall be maintained, and the records shall not be moved therefrom unless the Administrator has given written approval for another location.
(b) Each licensee's records shall be maintained in compliance with the Act and these rules. Each licensee shall keep current the information required for licensing by reporting any changes or additions to the information previously submitted to the Department within thirty (30) days of such change or addition unless the Act or these rules require otherwise.
Added at 16 Ok Reg 2178, eff 6-25-99; Amended at 17 Ok Reg 1591, eff 5-25-00; Amended at 21 Ok Reg 2705, eff 7-12-04
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 60 - Precious Metal and Gem Dealers › Subchapter 7 - Records › Section 160:60-7-2 - Retention of goods

Current through Vol. 41, No. 20, July 1, 2024
(a)
Time period.
Every dealer shall keep the goods at the location for ten (10) days or until the goods have been released by law enforcement. A dealer shall wait to alter the goods. A dealer may sell the goods, but the dealer has to retain possession. [59:1531(A)]
(b)
Additional storage site.
A dealer may utilize a bank or a vault for storage of the goods. The dealer shall file the address of the designated additional storage site with the Administrator. The Administrator shall release the address only to law enforcement. [59:1531(B)]
Amended at 16 Ok Reg 2178, eff 6-25-99; Amended at 23 Ok Reg 2952, eff 7-13-06
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 60 - Precious Metal and Gem Dealers › Subchapter 9 - Enforcement › Section 160:60-9-2 - Individual proceedings

Current through Vol. 41, No. 20, July 1, 2024
(a)
Allegations notice.
The Administrator shall notify the licensee of facts or conduct that warrant the intended action, and give the licensee an opportunity to show compliance with all lawful requirements for the retention of the license [75:314(C)(1)].
(b)
Violations.
Where the facts indicate that the licensee has not complied with all lawful requirements for the retention of the license, the Administrator may initiate any authorized action.
(c)
Informal disposition.
In order to avoid the expense and time involved in formal legal proceedings, it is the policy of the Administrator to afford licensees who have engaged in unlawful acts and practices an opportunity to enter into stipulations, agreed settlements, consent orders or defaults when it appears to the Administrator that such procedure fully safeguards the public interest. The Administrator reserves the right in all matters to withhold the privilege of an informal disposition. All stipulations, agreed settlements, consent orders or defaults shall be public records.
(d)
Hearing notice.
(1) If the matter is to be set for hearing, the licensee shall be given twenty (20) days notice in writing [59:1528(B)].
(2) The notice shall:
(A) state the time, place and nature of the hearing;
(B) state the legal authority and jurisdiction for the hearing;
(C) refer to the statutory sections and rules involved; and
(D) state the matters asserted briefly and plainly [75:309(B)(1) - (4) and 59:1528(B)].
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 60 - Precious Metal and Gem Dealers › Subchapter 9 - Enforcement › Section 160:60-9-3 - Hearing procedure - emergency actions

Current through Vol. 41, No. 20, July 1, 2024
(a)
Hearing notice.
(1) If the public health, safety, or welfare imperatively requires emergency action, such action, including the suspension of a license instanter or a cease and desist instanter, may be ordered pending the final outcome of proceedings instituted by the Administrator [75:314(C)(2) and 314.1]. In such cases, the Administrator shall notify the party of such action by certified mail with return receipt requested or personal delivery, and shall include in such notice an order of hearing. The hearing shall be held within ten (10) days of the notice unless postponed by written agreement between the party and the Administrator.
(2) The notice shall:
(A) state the time, place and nature of the hearing;
(B) state the legal authority and jurisdiction for the hearing;
(C) refer to the statutory sections and rules involved; and
(D) state the matters asserted briefly and plainly [75:309(B)(1) - (4) and 59:1528(B)].
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 60 - Precious Metal and Gem Dealers › Subchapter 9 - Enforcement › Section 160:60-9-4 - Circumvention prohibited

Current through Vol. 41, No. 20, July 1, 2024
Whenever a licensee has an administrative action taken against a license, the Administrator may deny the licensee's request to inactivate such license, to sell or transfer the accounts under such license or to take any other action to circumvent or negate the administrative action during the time of the action or during the pendency of the action if on appeal.
Amended at 16 Ok Reg 2178, eff 6-25-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 60 - Precious Metal and Gem Dealers › Subchapter 9 - Enforcement › Section 160:60-9-5 - Review of an order

Current through Vol. 41, No. 20, July 1, 2024
(a)
Rehearing, reopening or reconsideration.
(1)
Application.
(A) Any party aggrieved by a final order may apply for a rehearing, reopening or reconsideration within ten (10) days from the date of the order [75:317(A)].
(B) The application shall be in writing and assert a statutory ground for a rehearing, reopening or reconsideration.
(C) The statutory grounds are:
(i) newly discovered or newly available evidence, relevant to the issues;
(ii) need for additional evidence adequately to develop the facts essential to proper decision;
(iii) probable error committed by the Department in the proceeding or in the decision such as would be ground for reversal on judicial review of the order;
(iv) need for further consideration of the issues and the evidence in the public interest; or
(v) a showing that issues not previously considered ought to be examined in order properly to dispose of the matter [75:317(A)(1) - (5)].
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 60 - Precious Metal and Gem Dealers › Subchapter 9 - Enforcement › Section 160:60-9-6 - Civil and criminal actions

Current through Vol. 41, No. 20, July 1, 2024
This chapter shall not be interpreted as limiting the right of the Administrator to seek civil remedies or make criminal referrals for any violation of the provisions of the Act or these rules.
Added at 16 Ok Reg 2178, eff 6-25-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 65 - Supervised Lenders › Subchapter 1 - General Provisions › Section 160:65-1-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The rules in this chapter provide regulations relating to notifications and the licensure of supervised lenders.
Added at 16 Ok Reg 2184, eff 6-25-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 65 - Supervised Lenders › Subchapter 1 - General Provisions › Section 160:65-1-2 - Severability

Current through Vol. 41, No. 20, July 1, 2024
If any provision of this chapter or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of the chapter and the application of such provision to persons or circumstances other than those as to which it is held invalid shall not be affected thereby.
Added at 16 Ok Reg 2184, eff 6-25-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 65 - Supervised Lenders › Subchapter 1 - General Provisions › Section 160:65-1-3 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
Except as otherwise specifically defined in this section, the definitions set forth in the Code are incorporated herein and made a part hereof. The following words or terms, when used in this chapter, shall have the following meaning, unless the context clearly indicates otherwise:
"Code"
means the Uniform Consumer Credit Code beginning at § 1-101 of Title 14A of the Oklahoma Statutes.
"APA"
means the Administrative Procedures Act beginning at §
									250 of Title 75 of the Oklahoma Statutes.
"Days"
mean calendar days. In computing any period of time for communications between a licensee and the Department or a court, the day of the event from which the designated period of time begins to run shall not be included. The last day of the period so computed shall be included, unless it is a day that the supervised lender, the Department or the office of the court clerk is closed.
"Department"
means the Oklahoma State Department of Consumer Credit.
"Licensee"
means a supervised lender that has been given authority by the Administrator to engage in supervised loans within Oklahoma.
"Notification"
means the filing required for entities that finance or arrange the financing of their own goods and services.
Added at 16 Ok Reg 2184, eff 6-25-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 65 - Supervised Lenders › Subchapter 3 - Licensing › Section 160:65-3-1 - Licensure forms

Current through Vol. 41, No. 20, July 1, 2024
(a)
Application.
(1) The supervised lender license application shall be completed by the entity seeking a supervised lender license and shall include all fees, forms and exhibits requested.
(2) The Administrator may require any applicant to provide additional information. An application is not considered final until all requested information has been submitted. An application that is not reviewed for any failure on the part of the applicant shall be deemed to be a withdrawal of the application and not a denial.
(3) The Administrator shall grant or deny a license application within ninety (90) days from the day of filing unless the period is extended by written agreement between the applicant and the Administrator [14A:3-504(3)].
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 65 - Supervised Lenders › Subchapter 3 - Licensing › Section 160:65-3-2 - Investigations for licensure

Current through Vol. 41, No. 20, July 1, 2024
A thorough investigation shall be conducted of each applicant, and applicants shall provide such additional information as may be requested from the applicant for that purpose. In addition, the Administrator may consult outside sources, including law enforcement agencies, and may require the applicant's consent to release such other relevant information as the Administrator may deem necessary to determine financial responsibility, experience, character and general fitness of the applicant [14A:3-504(1)]. It shall be within the discretion of the Administrator to determine the fitness of an applicant, provided that such discretion is not arbitrary or capricious and is, or will be, applied uniformly to all similarly situated applicants.
Added at 16 Ok Reg 2184, eff 6-25-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 65 - Supervised Lenders › Subchapter 3 - Licensing › Section 160:65-3-3 - License denials

Current through Vol. 41, No. 20, July 1, 2024
(a)
Denial notice.
The Administrator shall notify the applicant of the denial of a license application in writing stating the reasons for the denial, and the application fee for license shall be returned to the applicant, but the Administrator shall retain the investigation fee for license [14A:3-504(2)]. The notice shall be sent by certified mail with return receipt requested or be delivered in person.
(b)
Hearing request.
The applicant may make a written request for a hearing on the application within thirty (30) days of receipt of the denial notice [14A:3-504(2)].
(c)
Hearing notice.
(1) If the applicant makes a timely request for a hearing, a hearing shall be held within sixty (60) days of receipt of the request [14A:3-504(2)]. However, the applicant shall be given twenty (20) days notice of the hearing in writing.
(2) The notice shall:
(A) state the time, place and nature of the hearing;
(B) state the legal authority and jurisdiction for the hearing;
(C) refer to the statutory sections and rules involved; and
(D) state the matters asserted briefly and plainly [75:309(B)(1) - (4)].
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 65 - Supervised Lenders › Subchapter 3 - Licensing › Section 160:65-3-4 - Change of ownership

Current through Vol. 41, No. 20, July 1, 2024
(a) Thirty (30) days before any change of ownership of any licensed supervised lender, the licensed owner shall notify the Administrator of the intent to change ownership, and the proposed new owner shall apply for a license. The Administrator shall notify the licensed owner and the proposed new owner when the new owner's license application has been granted. After the licensed owner surrenders its license and transfers the ownership interest, a license shall be issued to the new owner.
(b) If the change of ownership changes the payee on loan obligations, then the licensed owner shall notify the borrowers of the change of ownership within thirty (30) days following the change of ownership. The notice shall include the business telephone number and mailing and business addresses of the new owner. The licensed owner shall certify to the Administrator the date the notice was mailed and shall attach a copy of the notice with a list of the names and addresses of the borrowers notified.
(c) For purposes of this section, "change of ownership" means a change of an individual owner; a change of partners; a change of the service agent or a change of the principal parties in interest in a corporation.
Added at 16 Ok Reg 2184, eff 6-25-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 65 - Supervised Lenders › Subchapter 3 - Licensing › Section 160:65-3-5 - Ownership of more than one business

Current through Vol. 41, No. 20, July 1, 2024
Each person who owns two (2) or more businesses must separately license each such business [14A:3-504(7)].
Added at 16 Ok Reg 2184, eff 6-25-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 65 - Supervised Lenders › Subchapter 3 - Licensing › Section 160:65-3-6 - Moving or closing a location

Current through Vol. 41, No. 20, July 1, 2024
(a) At least thirty (30) days before the address of a location is changed, the owner shall notify the Administrator [14A:3-504(8)] in writing. The owner shall post an announcement on the front door listing the address of the new location. The announcement shall remain on the front door until the location changes.
(b) At least thirty (30) days before a location is closed, the owner shall notify the Administrator in writing. The owner shall post an announcement on the front door listing the business telephone number and mailing and business address of another location, if any. The announcement shall remain posted until the existing location closes.
Added at 16 Ok Reg 2184, eff 6-25-99; Amended at 21 Ok Reg 2706, eff 7-12-04
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 65 - Supervised Lenders › Subchapter 5 - Bond Requirements › Section 160:65-5-1 - Bond requirements

Current through Vol. 41, No. 20, July 1, 2024
The Administrator shall prescribe and approve forms for the maintenance of bonds required under the Code [14A:3-503(3)]. No bond shall be effective until received and accepted by the Administrator. Any person who seeks the termination or cancellation of any bond filed or maintained under the Code shall make written application to the Administrator thirty (30) days before the effective date of the termination or cancellation. The statement shall specify the justification for the termination or cancellation of the bond. If the Administrator approves the termination or cancellation of the existing bond, a new bond shall be filed and accepted by the Administrator before the existing bond is terminated or cancelled for the licensee to continue to operate.
Added at 16 Ok Reg 2184, eff 6-25-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 65 - Supervised Lenders › Subchapter 7 - Records › Section 160:65-7-1 - Records and changes

Current through Vol. 41, No. 20, July 1, 2024
(a) Each licensee shall preserve and make available such books and records related to the business for four (4) years from the date of the initial transaction between the supervised lender and each borrower, or for two (2) years from the date of the final entry into such records is made thereon, whichever is later [14A:3-506(4)]. The records shall be maintained for such time periods whether the supervised lender is currently licensed or previously licensed. Upon licensing, the licensee shall either designate a location or locations in Oklahoma where records shall be maintained or agree in writing to provide copies of records kept at an out-of-state location to the Department upon demand or agree in writing to pay for the Department to examine the records at the place where they are maintained, and the records shall not be moved from the designated location unless the Administrator has given written approval for another location.
(b) Each licensee's records shall be maintained in compliance with the Code and these rules. Each licensee shall keep current the information required for licensing by reporting any changes or additions to the information previously submitted to the Department within thirty (30) days of such change or addition unless the Code or these rules require otherwise.
Added at 16 Ok Reg 2184, eff 6-25-99; Amended at 17 Ok Reg 1592, eff 5-25-00; Amended at 21 Ok Reg 2706, eff 7-12-04
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 65 - Supervised Lenders › Subchapter 7 - Records › Section 160:65-7-2 - Examinations

Current through Vol. 41, No. 20, July 1, 2024
(a)
Initiation.
The Administrator, or duly appointed representatives, shall conduct an examination as deemed necessary.
(b)
Procedure.
Each licensee shall ensure that all records are promptly and reasonably available to be examined and copied [14A3-506(1)].
(c)
Confidentiality.
The information obtained in the course of any examination shall be confidential, except in civil or administrative proceedings conducted by the Administrator, or criminal proceedings instituted by the state [14A:3-506(1)].
(d)
Noncompliance.
In case of failure to comply with the Administrator's examination processes, the Administrator may initiate any authorized action, including acts for enforcement by the Administrator [14A:3-506(1)].
(e)
Violations.
If the examination finds any violations of the Act or these rules, the Administrator may initiate any authorized action.
(f)
Informal disposition.
In order to avoid the expense and time involved in formal legal proceedings, it is the policy of the Administrator to afford parties who have engaged in unlawful acts and practices an opportunity to enter into stipulations, agreed settlements, consent orders or defaults when it appears to the Administrator that such procedure fully safeguards the public interest. The Administrator reserves the right in all matters to withhold the privilege of an informal disposition. All stipulations, agreed settlements, consent orders or defaults shall be public records.
Added at 16 Ok Reg 2184, eff 6-25-99; Amended at 28 Ok Reg 1124, eff 7-1-11
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 65 - Supervised Lenders › Subchapter 9 - Enforcement › Section 160:65-9-2 - Individual proceedings

Current through Vol. 41, No. 20, July 1, 2024
(a)
Allegations notice.
The Administrator shall notify the licensee of facts or conduct that warrant the intended action, and give the licensee an opportunity to show compliance with all lawful requirements for the retention of the license [75:314(C)(1)].
(b)
Violations.
Where the facts indicate that the licensee has not complied with all lawful requirements for the retention of the license, the Administrator may initiate any authorized action.
(c)
Informal disposition.
In order to avoid the expense and time involved in formal legal proceedings, it is the policy of the Administrator to afford licensees who have engaged in unlawful acts and practices an opportunity to enter into stipulations, agreed settlements, consent orders or defaults when it appears to the Administrator that such procedure fully safeguards the public interest. The Administrator reserves the right in all matters to withhold the privilege of an informal disposition. All stipulations, agreed settlements, consent orders or defaults shall be public records.
(d)
Hearing notice.
(1) If the matter is to be set for hearing, the licensee shall be given twenty (20) days notice in writing [14A:3-505(2)].
(2) The notice shall:
(A) state the time, place and nature of the hearing;
(B) state the legal authority and jurisdiction for the hearing;
(C) refer to the statutory sections and rules involved; and
(D) state the matters asserted briefly and plainly [75:309(B)(1) - (4) and 14A:3-505(2)].
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 65 - Supervised Lenders › Subchapter 9 - Enforcement › Section 160:65-9-3 - Hearing procedure - emergency actions

Current through Vol. 41, No. 20, July 1, 2024
(a)
Hearing notice.
(1) If the public health, safety, or welfare imperatively requires emergency action, such action, including the suspension of a license instanter or a cease and desist instanter, may be ordered pending the final outcome of proceedings instituted by the Administrator [75:314(C)(2) and 314.1]. In such cases, the Administrator shall notify the party of such action by certified mail with return receipt requested or personal delivery, and shall include in such notice an order of hearing. The hearing shall be held within ten (10) days of the notice unless postponed by written agreement between the party and the Administrator.
(2) The notice shall:
(A) state the time, place and nature of the hearing;
(B) state the legal authority and jurisdiction for the hearing;
(C) refer to the statutory sections and rules involved; and
(D) state the matters asserted briefly and plainly [75:309(B)(1) - (4) and 14A:3-505(2)].
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 65 - Supervised Lenders › Subchapter 9 - Enforcement › Section 160:65-9-4 - Circumvention prohibited

Current through Vol. 41, No. 20, July 1, 2024
Whenever a licensee has an administrative action taken against a license, the Administrator may deny the licensee's request to inactivate such license, to sell or transfer the accounts under such license or to take any other action to circumvent or negate the administrative action during the time of the action or during the pendency of the action if on appeal.
Added at 16 Ok Reg 2184, eff 6-25-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 65 - Supervised Lenders › Subchapter 9 - Enforcement › Section 160:65-9-5 - Review of an order

Current through Vol. 41, No. 20, July 1, 2024
(a)
Rehearing, reopening or reconsideration.
(1)
Application.
(A) Any party aggrieved by a final order may apply for a rehearing, reopening or reconsideration within ten (10) days from the date of the order [75:317(A)].
(B) The application shall be in writing and assert a statutory ground for a rehearing, reopening or reconsideration.
(C) The statutory grounds are:
(i) newly discovered or newly available evidence, relevant to the issues;
(ii) need for additional evidence adequately to develop the facts essential to proper decision;
(iii) probable error committed by the Department in the proceeding or in the decision such as would be ground for reversal on judicial review of the order;
(iv) need for further consideration of the issues and the evidence in the public interest; or
(v) a showing that issues not previously considered ought to be examined in order properly to dispose of the matter [75:317(A)(1) - (5)].
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 65 - Supervised Lenders › Subchapter 9 - Enforcement › Section 160:65-9-6 - Civil and criminal actions

Current through Vol. 41, No. 20, July 1, 2024
This chapter shall not be interpreted as limiting the right of the Administrator to seek civil remedies or make criminal referrals for any violation of the provisions of the Code or these rules.
Added at 16 Ok Reg 2184, eff 6-25-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 65 - Supervised Lenders › Subchapter 11 - Notifications › Section 160:65-11-1 - Notification forms

Current through Vol. 41, No. 20, July 1, 2024
(a)
Filing.
The filing shall be completed by the entity intending to engage in making consumer credit sales, consumer leases or consumer loans within Oklahoma, and shall include the fee requested. The filing shall be submitted within thirty (30) days after the entity has commenced business in Oklahoma [14A:6-202(1)].
(b)
Renewal filing.
The notification renewal filing shall be completed by entities that have previously filed and shall be submitted with all fees and postmarked on or before the last day of January of each year [14A:6-202(1)]. As a courtesy, the Department may mail a notice of renewal to each filer, but the failure to do so shall not relieve any filer of the duty to file timely or impair the authority of the Administrator against any filer.
Added at 16 Ok Reg 2184, eff 6-25-99
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 70 - Deferred Deposit Lenders [REVOKED] › Subchapter 1 - General Provisions [REVOKED] › Section 160:70-1-1 - Purpose [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 20 Ok Reg 2852, eff 9-1-03 (emergency); Added at 21 Ok Reg 2707, eff 7-12-04
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 70 - Deferred Deposit Lenders [REVOKED] › Subchapter 1 - General Provisions [REVOKED] › Section 160:70-1-2 - Severability [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 20 Ok Reg 2852, eff 9-1-03 (emergency); Added at 21 Ok Reg 2707, eff 7-12-04
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 70 - Deferred Deposit Lenders [REVOKED] › Subchapter 1 - General Provisions [REVOKED] › Section 160:70-1-3 - Definitions [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 20 Ok Reg 2852, eff 9-1-03 (emergency); Added at 21 Ok Reg 2707, eff 7-12-04; Amended at 23 Ok Reg 2954, eff 7-13-06; Amended at 24 Ok Reg 2538, eff 7-12-07
Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 70 - Deferred Deposit Lenders [REVOKED] › Subchapter 3 - Licensing [REVOKED] › Section 160:70-3-1 - Licensure forms [REVOKED]

Current through Vol. 41, No. 20, July 1, 2024
Added at 20 Ok Reg 2852, eff 9-1-03 (emergency); Added at 21 Ok Reg 2707, eff 7-12-04