{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-3-504","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-3-504","heading":"Issuance or denial of license to make supervised loans","body":"(1) On filing such application, bond, and payment of the\n\nrequired fees, the Administrator of Consumer Credit shall\n\ninvestigate the facts and if the Administrator shall find the\n\nfinancial responsibility, experience, character and general fitness\n\nof the applicant are such as to command the confidence of the public\n\nand to warrant belief the business will be operated lawfully and\n\nfairly, within the purposes of this title, and the applicant has\n\navailable for the operation of such business net assets of at least\n\nTwenty-five Thousand Dollars ($25,000.00), the Administrator shall\n\ngrant such application and issue to the applicant a license which\n\nshall be the applicant's license and authority to make supervised\n\nloans under the provisions of this title.\n\n(2) If the Administrator shall not so find, the Administrator\n\nshall notify the applicant, who shall, on request within thirty (30)\n\ndays be entitled to a hearing on such application within sixty (60)\n\ndays after the date of the request. The investigation fee shall be\n\nretained by the Administrator, but the annual fee shall be returned\n\nto the applicant in the event of denial.\n\n(3) Each application for a license shall be granted or denied\n\nwithin ninety (90) days from its filing with the required fees, or,\n\nfrom the hearing thereon, if any, unless the period is extended by\n\nwritten agreement between the applicant and the Administrator or the\n\nindependent hearing examiner.\n\n(4) Each license shall state the address of the office from\n\nwhich the business is to be conducted and the name of the licensee.\n\nThe license shall be displayed at the place of business named in the\n\nlicense. The license shall not be transferable or assignable except\n\nupon approval by the Administrator.\n\n(5) Each license shall remain in full force and effect until\n\nrelinquished, suspended, revoked or expired. Every licensee shall,\n\non or before each December 1, pay to the Administrator a fee for\n\neach license held by the licensee, as the annual fee for the\n\nsucceeding calendar year. The license shall expire December 31 of\n\nany year for which an annual fee has not been paid. There shall be\n\na late fee for a late application for renewal of a license received\n\nafter December 1. The fee for a duplicate or amended license shall\n\nbe prescribed by rule of the Commission on Consumer Credit.\n\n(6) Every licensee shall maintain net assets of at least\n\nTwenty-five Thousand Dollars ($25,000.00), either used or readily\n\navailable for use, in the conduct of the business of each licensed\n\noffice.\n\n(7) A separate license shall be required for each office\n\noperated under this title. The Administrator may issue more than\n\none license to any one person upon compliance with this part as to\n\neach license. Nothing contained herein, however, shall be construed\n\nto require a license for any place of business devoted to accounting\n\nor other record keeping and where supervised loans are not made.\n\n(8) When a licensee wishes to move an office to another\n\nlocation, the licensee shall give thirty (30) days' written notice\n\nto the Administrator, who shall amend the license accordingly.\n\n(9) For purposes of this section, the term \"office\" shall mean\n\na location occupied by a licensee with the following\n\ncharacteristics:\n\n(a) a manager for the office who is not common to any\n\nother supervised lender's office,\n\n(b) a street and mailing address separate from any other\n\nsupervised lender's office,\n\n(c) an entrance through which the public may access only\n\none supervised lender's office,\n\n(d) separation from any other supervised lender's office\n\nby walls or otherwise and through which neither\n\nemployees nor the public may pass, and\nder's office,\n\n(b) a street and mailing address separate from any other\n\nsupervised lender's office,\n\n(c) an entrance through which the public may access only\n\none supervised lender's office,\n\n(d) separation from any other supervised lender's office\n\nby walls or otherwise and through which neither\n\nemployees nor the public may pass, and\n\n(e) any other characteristics required pursuant to rule\n\nadopted by the Administrator.\n\n(10) Any person holding a license under this title who shall\n\nviolate any provision hereof shall be subject to forfeiture of each\n\nlicense held by the licensee and if a corporation, its charter shall\n\nbe subject to forfeiture, and it shall be the duty of the Attorney\n\nGeneral, when any such violation is called to the Attorney General's\n\nattention, to file suit for such forfeiture of charter and\n\ncancellation of the license in a district court in Oklahoma County.","path":["OK Code","Title 14A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os14A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"af2bd6d093699526e743a1e36f525b3528612bfe0160b2876e913f982a4eb6ef","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-3-503","next":"us-ok/okla.-stat.-tit.-14a-14a-3-505"},"notice":"GroundRules: Original legal text. Not legal advice."}