{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-3150.5","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-3150.5","heading":"Application fees – Audited financial statement – Surety","body":"bond – Criminal history records check.\n\nA. Each application for a license required by this act shall be\n\naccompanied by:\n\n1. A filing fee of Seven Hundred Dollars ($700.00), a license\n\nfee of Five Hundred Dollars ($500.00) and a supervision fee of Seven\n\nHundred Dollars ($700.00). In the event of a denial of the\n\napplication per Section 9 of this act, the license and supervision\n\nfees shall be returned to the applicant. The filing fee, the\n\nlicense fee and supervision fee shall be applicable to each\n\nlocation;\n\n2. An audited financial statement including but not limited to\n\na balance sheet, a statement of income or loss and a statement of\n\nchanges in financial position for the immediately preceding fiscal\n\nyear, prepared in accordance with generally accepted accounting\n\nprinciples by a certified public accountant or public accounting\n\nfirm, neither of which is affiliated with the applicant. For a\n\nnewly created entity, the Administrator of the Department of\n\nConsumer Credit may accept only a balance sheet prepared by a\n\ncertified public accountant or public accounting firm, neither of\n\nwhich is affiliated with the applicant, accompanied by a projected\n\nincome statement demonstrating that the applicant will have adequate\n\ncapital after payment of start-up costs. If the applicant does not\n\nhave an audited financial statement meeting the above requirements,\n\nit may submit a financial statement of its company if the financial\n\nstatement is audited in accordance with generally accepted\n\naccounting principles by a certified public accountant or public\n\naccounting firm neither of which is affiliated with the applicant;\n\nand\n\n3. A surety bond, issued by an insurer regulated under the\n\nInsurance Commissioner of this state and not affiliated with the\n\napplicant, in the amount of Twenty-five Thousand Dollars\n\n($25,000.00) for each location. However, the aggregate amount of\n\nthe surety bond required for a single licensee shall not exceed Two\n\nHundred Thousand Dollars ($200,000.00). In lieu of the surety bond,\n\nthe applicant shall file an irrevocable letter of credit, in the\n\namount of the surety bond, issued by any federally insured bank,\n\nsavings bank or credit union, none of which is affiliated with the\n\napplicant. The surety bond or irrevocable letter of credit shall be\n\nin a form satisfactory to the Administrator and shall be payable to\n\nthe Department of Consumer Credit for the benefit of any person who\n\nis injured pursuant to a small loan by the fraud, misrepresentation,\n\nbreach of contract, financial failure or violation of any provision\n\nof this act by a licensee. In the case of a surety bond, the\n\naggregate liability of the surety bond shall not exceed the\n\nprincipal sum of the surety bond. In the case of an irrevocable\n\nletter of credit, applicants shall obtain letters of credit for\n\nterms of not less than three (3) years and renew the letters of\n\ncredit annually. If the licensee fails to pay a person or the\n\nAdministrator, as required by this act, then a person may bring suit\n\nagainst the licensee directly on the surety bond or irrevocable\n\nletter of credit in any court of competent jurisdiction, or the\n\nAdministrator may bring suit in the District Court of Oklahoma\n\nCounty or the county of the aggrieved, which shall have exclusive\n\nvenue in all matters relating to this section on behalf of those\n\npersons, in either one or successive actions. The surety bond or\n\nirrevocable letter of credit shall be maintained by the licensee for\n\nnot less than three (3) years following the expiration, revocation\n\nor surrender of the licensee's license.\n\nB. 1. The Administrator is authorized to require an applicant\n\nfor a license to consent to a criminal history records check and to\n\nprovide fingerprints with the application in a form acceptable to\nned by the licensee for\n\nnot less than three (3) years following the expiration, revocation\n\nor surrender of the licensee's license.\n\nB. 1. The Administrator is authorized to require an applicant\n\nfor a license to consent to a criminal history records check and to\n\nprovide fingerprints with the application in a form acceptable to\n\nthe Administrator. The Administrator may require such consent and\n\nfingerprints from any individual who is a director, officer or ten\n\npercent (10%) or more shareholder of the applicant or who owns or\n\ncontrols the applicant, as well as from any other individual\n\nassociated with the applicant as is reasonably necessary to meet the\n\npurposes of this act. Refusal of any person to consent to a\n\ncriminal history records check or to provide fingerprints pursuant\n\nto this subsection constitutes grounds for the Administrator to deny\n\nthe applicant a license.\n\n2. Any criminal history records check conducted pursuant to\n\nthis subsection shall be conducted by the Oklahoma State Bureau of\n\nInvestigation, the Federal Bureau of Investigation or both, and the\n\nresults of the criminal history records check shall be forwarded to\n\nthe Administrator.","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":"33412d413ea75a90a464cecb14f659de5b1967940b8c229973ed3f305c8310b8","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-3150.4","next":"us-ok/okla.-stat.-tit.-59-59-3150.6"},"notice":"GroundRules: Original legal text. Not legal advice."}