{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-3150.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-3150.1","heading":"Definitions","body":"As used in this act, unless the context requires otherwise:\n\n1. \"Administrator\" means the Administrator of the Department of\n\nConsumer Credit or the Administrator's designee;\n\n2. \"Affiliate\" means a person or organization directly or\n\nindirectly controlling, controlled by or under common control with\n\nthe licensee;\n\n3. \"Control\" means possession, directly or indirectly, of the\n\npower to direct or cause the direction of management and policies of\n\na person, whether through ownership of voting securities, by\n\ncontract or otherwise. No individual shall be deemed to control a\n\nperson solely on account of being a director, officer or employee of\n\nthe person. For purposes of this paragraph, a person who directly\n\nor indirectly owns, controls, holds the power to vote or holds\n\nproxies representing twenty-five percent (25%) or more of the\n\ncurrent outstanding voting securities issued by another person is\n\npresumed to control the other person, and the Administrator may\n\ndetermine whether a person, in fact, controls another person;\n\n4. \"Controlling person\" means any person in control of a\n\nlicensee;\n\n5. \"Department\" means the Department of Consumer Credit;\n\n6. \"Small loan\" means a loan made pursuant to a written\n\nagreement subject to this act between a licensee and customer\n\nestablishing a credit plan under which the licensee contemplates\n\ncredit transactions from time to time that:\n\na. shall be unsecured,\n\nb. shall not have a term longer than twelve (12) months\n\nor less than sixty (60) days,\n\nc. shall be fully amortized and payable in substantially\n\nequal periodic payments, and\n\nd. are subject to prepayment in whole or in part at any\n\ntime without penalty;\n\n7. \"Licensee\" means a person licensed to offer small loans\n\npursuant to this act;\n\n8. \"Person\" means an individual, group of individuals,\n\npartnership, association, corporation or any other business, unit or\n\nlegal entity; and\n\n9. \"Default\" means:\n\na. the failure of a customer to make a required payment\n\nwithin a certain number of days of the due date as\n\nagreed upon by the licensee and the customer per the\n\nsmall loan agreement; provided, that such agreed-upon\n\nnumber of days not exceed sixty-one (61) days after a\n\nfailure to make a required payment on the due date, or\n\nb. the customer's failure to otherwise perform the\n\nobligations under the small loan agreement.","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":"baca29d7565925936575e68918b9ba521587c7094146c4e6073cd58d64ea50b9","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-3150","next":"us-ok/okla.-stat.-tit.-59-59-3150.10"},"notice":"GroundRules: Original legal text. Not legal advice."}