{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-3109","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-3109","heading":"Renewal of deferred deposit loan transaction -","body":"Determination of outstanding loans - Completion of transaction -\n\nRepayment plan - Redemption of instrument.\n\nA. A lender may not enter into a renewal of a deferred deposit\n\nloan transaction.\n\nB. Upon any application being made for a deferred deposit loan,\n\nthe lender shall determine if the applicant has any outstanding\n\ndeferred deposit loans as follows:\n\n1. The applicant shall be required to sign an affidavit stating\n\nwhether the applicant has any deferred deposit loans outstanding\n\nwith the lender or any other deferred deposit lender and if so, the\n\nstatus of each such loan; and\n\n2. The lender shall be required to verify the accuracy of the\n\naffidavit through commercially reasonable means. A lender's method\n\nof so verifying shall be considered in compliance with the\n\nprovisions of this section if the verification method includes a\n\nmanual investigation or an electronic query of:\n\na. the lender's own records, including both records\n\nmaintained at the location where the loan is being\n\napplied for and records maintained at other locations\n\nthat are owned and operated by the lender or the\n\nlender's affiliates, and\n\nb. any private database approved by the Administrator of\n\nConsumer Credit, if the lender subscribes to such a\n\ndatabase; provided, all lenders shall be required to\n\nsubscribe to such a database or otherwise obtain the\n\nrequired information in a manner approved by the\n\nAdministrator not later than July 1, 2004. The lender\n\nmay charge the applicant a fee for database\n\nverification not to exceed the actual fee charged to\n\nthe lender by the database provider.\n\nIf the lender determines that the applicant has more than one\n\noutstanding deferred deposit loan, the loan applied for shall not be\n\nmade.\n\nC. A deferred deposit loan transaction is completed when the\n\ndeferred deposit loan transaction is paid in full after the lender\n\npresents the instrument for payment or initiates an ACH debit to the\n\ndebtor's bank account to collect on the instrument, or the debtor\n\nredeems the instrument by paying the full amount of the instrument\n\nto the lender. Once the debtor has completed the deferred deposit\n\nloan transaction, the lender may enter into a new deferred deposit\n\nloan agreement with the debtor, and the new deferred deposit loan\n\ntransaction shall not be deemed to be a renewal of the previous\n\ndeferred deposit loan; provided, a new deferred deposit loan made\n\nwithin thirteen (13) calendar days after a previous deferred deposit\n\nloan has been entered into between the lender and the debtor shall\n\nbe considered a renewal and shall not be made.\n\nD. If a debtor enters into a third consecutive loan, the lender\n\nshall provide the consumer an option to repay such loan and each\n\nconsecutive loan pursuant to a written repayment plan subject to the\n\nfollowing terms:\n\n1. The debtor shall request the repayment plan, either orally\n\nor in writing, prior to the due date of the loan;\n\n2. The debtor shall repay the loan in four equal installments\n\nwith one installment due on each of the next four dates on which the\n\ncustomer receives regular wages or compensation from an employer,\n\npursuant to a written repayment plan agreement;\n\n3. The consumer shall pay a processing fee of ten percent (10%)\n\nof the principal amount of the loan per loan not to exceed Fifteen\n\nDollars ($15.00) for administration of the payment plan;\n\n4. The consumer shall agree not to enter into any additional\n\ndeferred presentment loans during the repayment plan term and for a\n\nperiod of fifteen (15) days after termination of the repayment plan\n\nterm; and\n\n5. Upon positive completion of the repayment plan, the lender\n\nshall report the debtor's positive payment history to at least one\n\nnational consumer credit reporting agency.\n\nE. A lender shall negotiate or present an instrument for\n\npayment only if the instrument is endorsed with the actual business\n\nname of the lender.\neriod of fifteen (15) days after termination of the repayment plan\n\nterm; and\n\n5. Upon positive completion of the repayment plan, the lender\n\nshall report the debtor's positive payment history to at least one\n\nnational consumer credit reporting agency.\n\nE. A lender shall negotiate or present an instrument for\n\npayment only if the instrument is endorsed with the actual business\n\nname of the lender.\n\nF. Prior to the lender negotiating or presenting the\n\ninstrument, the debtor shall have the right to redeem any instrument\n\nheld by a lender as a result of a deferred deposit loan if the\n\ndebtor pays to the lender the unpaid balance of the principal and\n\nall accrued fees and charges.","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":"1bff112fa0a68f5a84ef9d5f70105063c7e843255fed87758360125a215deebb","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-3108","next":"us-ok/okla.-stat.-tit.-59-59-3110"},"notice":"GroundRules: Original legal text. Not legal advice."}