{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-3150.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-3150.2","heading":"License required – Eligibility for licensure","body":"A. Beginning on August 1, 2020, no person shall engage in the\n\nbusiness of making small loans as defined in this act, unless the\n\nperson is licensed by the Department of Consumer Credit as provided\n\nby this act. A person shall be deemed to be engaged in the business\n\nof making small loans in this state if the person regularly makes\n\nloans for a fee or induces a consumer, while located in this state,\n\nto enter into a small loan in this state through the use of\n\nfacsimile, telephone, Internet or other means. A separate license\n\nshall be required for each location from which the business of\n\nmaking small loans is conducted.\n\nB. Any nonresident person seeking licensure under this act\n\nshall furnish the Administrator of the Department of Consumer Credit\n\nwith the name and address of a resident of this state upon whom\n\nnotices or orders issued by the Administrator, or process affecting\n\na licensee under this act, may be served. A nonresident licensee\n\nshall notify the Administrator in writing of any change in its\n\ndesignated agent for service of process as provided in paragraph 2\n\nof Section 5 of this act, and the change shall not become effective\n\nuntil approved by the Administrator.\n\nC. No person doing business under the authority of any law of\n\nOklahoma or of the United States relating to banks, savings\n\ninstitutions, trust companies, building and loan associations,\n\nindustrial loan associations or credit unions shall be eligible for\n\nlicensure under this act.","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":"73ab3de4a278971783e25ea03c5b0f5b5d08c214a750f1be103a7b8ddb10d14b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-3150.19","next":"us-ok/okla.-stat.-tit.-59-59-3150.20"},"notice":"GroundRules: Original legal text. Not legal advice."}