Okla. Stat. tit. 59, § 59-3101.1: Termination of licenses upon implementation of Oklahoma

Small Lenders Act.

Any person licensed pursuant to the Deferred Deposit Lending Act

may make application for licensure under the Oklahoma Small Lenders

Act beginning on January 1, 2020. Beginning on and after August 1,

2020, no new deferred deposit loan may be entered into or transacted

by a licensee or other person; provided, however, a licensed

deferred deposit lender may continue to administer and collect all

outstanding deferred deposit loan payments on all loans transacted

before August 1, 2020, until such loans are paid in full according

to the terms of the written loan agreements, at which time the

licensee's authority under the Deferred Deposit Lending Act shall

terminate and expire notwithstanding any period remaining on an

existing deferred deposit lender's license. All Deferred Deposit

Lending Act licenses shall be terminated and be deemed to have

expired on August 1, 2020, upon the implementation of the Oklahoma

Small Lenders Act, except as provided herein.