{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-1511","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-1511","heading":"Limitation on agreements and practices","body":"\n\nA. Multiple Agreements. No pawnbroker shall separate or divide\n\na pawn transaction into two or more transactions for the purpose or\n\nwith the effect of obtaining a total pawn finance charge in excess\n\nof that authorized for an amount equal to the total of the amounts\n\nfinanced in the resulting transactions.\n\nB. Customer's Personal Liabilities Prohibited. Even though a\n\npawn transaction subject to Section 1501 et seq. of this title\n\ncreates a debtor-creditor relationship, no pawnbroker shall make any\n\nagreement requiring the personal liability of a customer in\n\nconnection with a pawn transaction, and no customer shall have an\n\nobligation to redeem pledged goods or make any payment on a pawn\n\ntransaction. The only recourse of a pawnbroker where the customer\n\nhas pledged goods shall be to the pledged goods themselves, unless\n\nthe pledged goods are found to be stolen, embezzled, mortgaged or\n\notherwise pledged or encumbered. Upon the customer being officially\n\nnotified by a peace officer that the goods he pledged or sold to a\n\npawnbroker were stolen or embezzled, the customer shall be liable to\n\nrepay the pawnbroker the full amount the customer received from the\n\npawn or buy transaction. Any pledged goods not redeemed within\n\nthirty (30) days following the last fixed maturity date may\n\nthereafter, at the option of the pawnbroker, be forfeited and become\n\nthe property of the pawnbroker.\n\nC. Prohibited Practices. A pawnbroker shall not:\n\n1. Accept a pledge or purchase property from a person, male or\n\nfemale, under the age of eighteen (18) years;\n\n2. Accept any waiver, in writing or otherwise, of any right or\n\nprotection accorded a customer under this act;\n\n3. Fail to exercise reasonable care to protect pledged goods\n\nfrom loss or damage;\n\n4. Fail to return pledged goods to a customer upon payment of\n\nthe full amount due the pawnbroker on the pawn transaction, unless a\n\nhold order has been placed on the pledged goods by an authorized\n\npeace officer or the pledged goods are in the custody of law\n\nenforcement;\n\n5. Make any charge for insurance in connection with a pawn\n\ntransaction, except as provided in subsection F of this section;\n\n6. Enter any pawn transaction which has a maturity date more\n\nthan one (1) month after the date of the transaction; or\n\n7. Accept collateral or buy merchandise from a person unable to\n\nsupply verification of identity by photo I.D. by either a state-\n\nissued identification card, driver's license or federal government-\n\nissued identification card or by readable fingerprint of right or\n\nleft index finger on the back of the pawn or buy transaction copy to\n\nbe retained for the pawnbroker's record.\n\nD. Presumption. Except as otherwise provided by this act, any\n\nperson properly identifying himself as the original customer in the\n\npawn transaction or as the assignee thereof, and presenting a pawn\n\ntransaction agreement to the pawnbroker shall be presumed to be\n\nentitled to redeem the pledged goods described therein.\n\nE. Lost or Destroyed Transaction Agreement. If the pawn\n\ntransaction agreement is lost, destroyed or stolen, the customer may\n\nso notify the pawnbroker in writing, and receipt of such notice\n\nshall invalidate such pawn transaction agreement, if the pledged\n\ngoods have not previously been redeemed. Before delivering the\n\npledged goods or issuing a new pawn transaction agreement, the\n\npawnbroker may require the customer to make affidavit of the loss,\n\ndestruction or theft of the agreement.\n\nF. Insurance. 1. A pawnbroker may offer insurance to a\n\ncustomer at the time of the pawn transaction to provide coverage\n\nduring the pawn contract period for the declared value of the items\n\npawned. The purchase of insurance shall be at the option of the\n\ncustomer.\n\n2. A pawnbroker may not offer insurance coverage unless the\n\npawnbroker:\nidavit of the loss,\n\ndestruction or theft of the agreement.\n\nF. Insurance. 1. A pawnbroker may offer insurance to a\n\ncustomer at the time of the pawn transaction to provide coverage\n\nduring the pawn contract period for the declared value of the items\n\npawned. The purchase of insurance shall be at the option of the\n\ncustomer.\n\n2. A pawnbroker may not offer insurance coverage unless the\n\npawnbroker:\n\na. is licensed as a limited insurance representative for\n\nthe purpose of providing insurance coverage for pawned\n\nmerchandise, as required by Section 1424 of Title 36\n\nof the Oklahoma Statutes,\n\nb. has filed with the Administrator of the Department of\n\nConsumer Credit a copy of the insurance policy which\n\nshall have been issued by an insurer authorized by the\n\nInsurance Commissioner to transact insurance in this\n\nstate, and\n\nc. has posted a copy of the policy in a conspicuous place\n\nwhich is readily available to the customer.","path":["OK Code","Title 59"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os59.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"6f1d9bac2932c71737a2d35294f6c6968b997dc48774f44ceb8e3bdb40a5af08","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-1510","next":"us-ok/okla.-stat.-tit.-59-59-1512"},"notice":"GroundRules: Original legal text. Not legal advice."}