{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-3102","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-3102","heading":"Definitions","body":"As used in the Deferred Deposit Lending Act:\n\n1. “Administrative Procedures Act” means the general act of\n\nthis state governing administrative procedures and is cited in\n\nSection 250 et seq. of Title 75 of the Oklahoma Statutes;\n\n2. “Administrator” means the Administrator as defined in the\n\nUniform Consumer Credit Code;\n\n3. “Business instrument” means a draft, check or evidence of\n\nthe proceeds paid to a debtor in a deferred deposit loan transaction\n\nby a deferred deposit lender;\n\n4. “Consecutive loan” means a new deferred deposit loan that\n\nany lender enters into with a debtor no later than seven (7) days\n\nafter the date on which a previous deferred deposit loan made to the\n\nsame debtor is paid in full;\n\n5. “Debtor” means the signer of an instrument which is\n\ninitially payable to a deferred deposit lender;\n\n6. “Deferred deposit lender” or “lender” means any person\n\nlicensed under this act to make deferred deposit loans, including an\n\nassignee of the lender’s right to payment, but use of the term does\n\nnot itself impose on an assignee any obligation of the lender with\n\nrespect to events occurring before the assignment;\n\n7. “Deferred deposit loan” means a transaction whereby a lender\n\nmakes a cash advance to a debtor not as part of a revolving loan\n\naccount as defined in Section 3-108 of Title 14A of the Oklahoma\n\nStatutes and, for a finance charge or other consideration, does the\n\nfollowing:\n\na. accepts a dated instrument from the debtor,\n\nb. agrees to hold the instrument for a period of time\n\nprior to negotiation, deposit or presentation of the\n\ninstrument for payment, and\n\nc. advances to the debtor, credits to the debtor’s\n\naccount, or pays to another person on the debtor’s\n\nbehalf, the amount of the instrument, less the finance\n\ncharge permitted by this act;\n\n8. “Finance charge” means the finance charge as defined in\n\nRegulation Z;\n\n9. “Instrument” means a personal check, negotiable order of\n\nwithdrawal, or authorization to transfer or withdraw funds from a\n\ndeposit account of the debtor signed by the debtor and made payable\n\nto a deferred deposit lender in a deferred deposit loan subject to\n\nthis act;\n\n10. “Licensed location” means the place of business where a\n\nlender is allowed to make deferred deposit loans under a license\n\nissued pursuant to this act;\n\n11. “Licensee” means a person licensed to make deferred deposit\n\nloans pursuant to this act;\n\n12. “Loan amount” means the principal which the debtor actually\n\nreceives after signing an instrument payable initially to a deferred\n\ndeposit lender;\n\n13. “Person” includes a natural person, an individual,\n\norganization, partnership, corporation, joint venture, trust,\n\nassociation or any other legal entity, however organized;\n\n14. “Principal of a deferred deposit loan” means the total of\n\nthe net amount paid to, receivable by or paid or payable for the\n\naccount of the debtor;\n\n15. “Regulation Z” means Title 160, Chapter 45 of the Oklahoma\n\nAdministrative Code, adopted in conformity with the Consumer Credit\n\nProtection Act, Public Law 90-321, 82 Stat. 146, as amended,\n\nincluding the amendments to the Federal Consumer Credit Protection\n\nAct in the Truth in Lending Simplification and Reform Act, Public\n\nLaw 96-221, 94 Stat. 168-185; and\n\n16. “Renewal” means a transaction in which a debtor pays in\n\ncash the finance charge payable under a deferred deposit loan and\n\nrefinances all or part of the unpaid balance of the principal of the\n\ndeferred deposit loan with a new deferred deposit loan. A\n\ntransaction is also considered a renewal if a debtor pays off an\n\nexisting deferred deposit loan with the proceeds of a deferred\n\ndeposit loan from another lender.","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":"9626c42c88213b0919f3645e737b0fae9f5fbcd3537705db0dfa066f1f0cc6be","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-3101.1","next":"us-ok/okla.-stat.-tit.-59-59-3103"},"notice":"GroundRules: Original legal text. Not legal advice."}