{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-3113","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-3113","heading":"License qualifications - Application - Investigation of","body":"qualifications - Issuance or denial - Appeal - Fees.\n\nA. To qualify for a license issued pursuant to the Deferred\n\nDeposit Lending Act, an applicant shall have:\n\n1. A minimum net worth, determined in accordance with generally\n\naccepted accounting principles, of at least Twenty-five Thousand\n\nDollars ($25,000.00) available for operation of each licensed\n\nlocation, with a maximum aggregate net worth requirement of Two\n\nHundred Fifty Thousand Dollars ($250,000.00) for an owner of\n\nmultiple locations; and\n\n2. The financial responsibility, experience and general fitness\n\nso as to command the confidence of the public and to warrant the\n\nbelief that the business will be operated lawfully, honestly, fairly\n\nand efficiently.\n\nB. An application for a license pursuant to the Deferred\n\nDeposit Lending Act must be in writing, under oath, and on a form\n\nprescribed by the Administrator of Consumer Credit. The application\n\nmust set forth all of the following:\n\n1. The legal name and residence and business addresses of the\n\napplicant and, if the applicant is a partnership, association or\n\ncorporation, of every member, officer, managing employee and\n\ndirector of it;\n\n2. The location of the registered office of the applicant;\n\n3. The registered agent of the applicant if the applicant is\n\nrequired by other law to have a registered agent;\n\n4. The addresses of the locations to be licensed; and\n\n5. Other information concerning the financial responsibility,\n\nbackground, experience and activities, such as other partnerships,\n\nassociations and corporations located at or adjacent to the licensed\n\nlocation of the applicant and its members, officers, managing\n\nemployees and directors as the Administrator may require.\n\nC. On receipt of an application in the form prescribed by the\n\nAdministrator and accompanied by the required license fee, the\n\nAdministrator shall investigate whether the qualifications for\n\nlicense are satisfied. If the Administrator finds that the\n\nqualifications are satisfied, the Administrator shall issue to the\n\napplicant a license to engage in the business of making deferred\n\ndeposit loans. If the Administrator fails to issue a license, the\n\nAdministrator shall notify the applicant of the denial and the\n\nreasons for the denial. The provisions of the Administrative\n\nProcedures Act shall apply to the appeal of the denial of a license.\n\nD. Each application, regardless of the number of locations to\n\nbe operated by a single licensee, must be accompanied by payment of\n\nan application fee as prescribed by rule of the Commission on\n\nConsumer Credit and an investigation fee as prescribed by rule of\n\nthe Commission on Consumer Credit. These fees shall not be\n\nrefundable or abatable. If the license is granted, however, payment\n\nof the application fee shall satisfy the fee requirement for the\n\nfirst license year or its remainder.\n\nE. Each license shall remain in full force and effect until\n\nrelinquished, suspended, revoked or expired. A license expires\n\nannually and may be renewed on payment of a license fee as\n\nprescribed by rule of the Commission on Consumer Credit. The annual\n\nlicense renewal fee for an application with more than one location\n\nshall be as prescribed by rule of the Commission on Consumer Credit\n\nfor each location.\n\nF. The Commission on Consumer Credit shall prescribe by rule a\n\nfee for each license change, duplicate license or returned check.\n\nG. The Commission on Consumer Credit shall prescribe by rule a\n\nlate fee if a license is not renewed on or before the expiration of\n\nthe license.","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":"3a5fa2822063cb62eb9f87092c014b8e4cf47869f303023bf6fdf34bffb89fcf","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-3112","next":"us-ok/okla.-stat.-tit.-59-59-3114"},"notice":"GroundRules: Original legal text. Not legal advice."}