Okla. Stat. tit. 14A, § 14A-3-211: Fee for small loans – Payments to Consumer Credit

Counseling Revolving Fund and Personal Financial Literacy Education

Revolving Fund.

A. Each licensee authorized to make small loans shall pay

thirty cents ($0.30) for each loan entered into to be deposited into

the Consumer Credit Counseling Revolving Fund and the Personal

Financial Literacy Education Revolving Fund as follows:

1. Eight cents ($0.08) of each thirty-cent payment shall be

deposited into the Consumer Credit Counseling Revolving Fund; and

2. Twenty-two cents ($0.22) of each thirty-cent payment shall

be paid to the Office of the State Treasurer for deposit into the

Personal Financial Literacy Education Revolving Fund.

B. The schedule for payment into the Consumer Credit Counseling

Revolving Fund shall be determined by the Administrator of Consumer

Credit. The schedule for payments to the Office of the State

Treasurer for deposit into the Personal Financial Literacy Education

Revolving Fund shall be made by each lender quarterly.

C. Ten percent (10%) of each scheduled payment of fees pursuant

to this section made into the Consumer Credit Counseling Revolving

Fund may be transferred to the Consumer Credit Administrative

Expenses Revolving Fund established in Section 6-301 of Title 14A of

the Oklahoma Statutes for expenses incurred by the Administrator of

Consumer Credit in administering the requirements of subsection D of

this section.

D. Funds collected and deposited in the Consumer Credit

Counseling Revolving Fund pursuant to this section shall be paid by

the Administrator of Consumer Credit to a third-party, Oklahoma-

based consumer credit counseling provider with a verifiable history

of work with both industry and consumers in the appropriate field

for a program of research and implementation of voluntary consumer

counseling and education specifically designed for consumers

utilizing deferred deposit loans. The program shall be:

1. Selected by a bid process, pursuant to The Oklahoma Central

Purchasing Act; and

2. Designed in consultation with representatives of both the

industry and consumers.

E. Funds paid to the Office of the State Treasurer for deposit

into the Personal Financial Literacy Education Revolving Fund

pursuant to this section shall be used by the State Department of

Education for purposes provided in Section 11-103.6h of Title 70 of

the Oklahoma Statutes.