Title 14A, Title 14A — Consumer Credit Code

(1) With respect to a consumer credit sale, consumer lease, or consumer loan, if the court as a matter of law finds the agreement or any clause of the agreement to have been unconscionable at the time it was made the court may refuse to enforce the agreement, or it may enforce th…

For purposes of the provisions of this part on civil liability for violation of disclosure provisions (Section 5-203) and on debtor's right to rescind certain transactions (Section 5-204), consumer credit sale and consumer loan include the transactions covered in Sections 2-301 a…

(1) If a creditor has violated the provisions of this act applying to certain negotiable instruments (Section 2-403 of this title), or limitations on the schedule of payments or loan term for supervised loans (Section 3-512 of this title), the debtor is not obligated to pay the c…

(1) Except as otherwise provided in this section, any creditor who fails to comply with any requirement imposed by the provisions on disclosure (Part 3), other than the provisions on advertising pursuant to Sections 2-313 of Article 2 of this title and 3-312 of Article 3 of this …

(1) Except as otherwise provided in this section, in the case of a consumer credit sale or consumer loan, including opening or increasing the credit limit for an open-end credit plan, with respect to which a security interest, including any such interest arising by operation of l…

Refunds or penalties to which the debtor is entitled pursuant to this part may be set off against the debtor's obligation, and may be raised as a defense to a suit on the obligation without regard to the time limitations prescribed by this part. Added by Laws 1969, c. 352, § 5-20…

property or dwelling consummated before September 30, 1995 - Nonliability of creditor. (1) For any closed-end consumer credit transaction that is secured by real property or a dwelling, that is subject to Title 14A of the Oklahoma Statutes, and that is consummated before Septembe…

(1) A supervised lender who willfully makes charges in excess of those permitted by the provisions of the article on loans (Article 3) applying to supervised loans (Part 5) is guilty of a misdemeanor and upon conviction may be sentenced to pay a fine not exceeding Five Hundred Do…

A person is guilty of a misdemeanor and upon conviction may be sentenced to pay a fine not exceeding Five Thousand Dollars ($5,000.00), or to imprisonment not exceeding one (1) year, or both, if he willfully and knowingly (1) gives false or inaccurate information or fails to prov…

This article shall be known and may be cited as Uniform Consumer Credit Code - Administration. Added by Laws 1969, c. 352, § 6-101, eff. July 1, 1969.

(1) This part applies to persons who in this state make or solicit consumer credit sales, consumer leases, and consumer loans; or who directly collect payments from or enforce rights against debtors arising from the sales, leases, or loans previously specified wherever they are m…

"Administrator" means the Administrator of Consumer Credit. Added by Laws 1969, c. 352, § 6-103, eff. July 1, 1969. Amended by Laws 2012, c. 172, § 7, eff. July 1, 2012.

(1) In addition to other powers granted by this title, the Administrator of Consumer Credit may, within the limitations provided by law: (a) receive and act on complaints, take action designed to obtain voluntary compliance with this title, or commence proceedings on the Administ…

supervised financial institutions. (1) With respect to supervised financial organizations, the powers of examination and investigation under Sections 3-506 and 6- 106 of this title and administrative enforcement under Section 6-108 of this title shall be exercised by the official…

(1) If the Administrator has probable cause to believe that a person has engaged in an act which is subject to action by the Administrator, he may make an investigation to determine whether the act has been committed, and, to the extent necessary for this purpose, may administer …

Except as otherwise provided, the State Administrative Procedure Act (Title 75, Oklahoma Statutes, Chapters 7 and 8) applies to and governs all administrative action taken by the Administrator pursuant to this article or the part on regulated and supervised Loans (Part 5) of the …

(1) After notice and hearing, the Administrator or the independent hearing examiner may order a creditor or a person acting in the creditor's behalf to cease and desist from engaging in violations of this title. (2) A respondent aggrieved by an order of the Administrator may obta…

If it is claimed that a person has engaged in conduct subject to an order by the Administrator (Section 6-108) or by a court (Sections 6-110 through 6-112), the Administrator may accept an assurance in writing that the person will not engage in the conduct in the future. If a per…

The Administrator may bring a civil action to restrain a person from violating this act and for other appropriate relief. Added by Laws 1969, c. 352, § 6-110, eff. July 1, 1969.

fraudulent or unconscionable conduct. (1) The Administrator may bring a civil action to restrain a creditor or a person acting in his behalf from engaging in a course of (a) making or enforcing unconscionable terms or provisions of consumer credit sales, consumer leases, or consu…

With respect to an action brought to enjoin violations of the act (Section 6-110) or unconscionable agreements or fraudulent or unconscionable conduct (Section 6-111), the Administrator may apply to the court for appropriate temporary relief against a respondent, pending final de…

(1) After demand, the Administrator of Consumer Credit may bring a civil action against a creditor for making or collecting charges in excess of those permitted by the Uniform Consumer Credit Code. An action may relate to transactions with more than one debtor. If it is found tha…

In an action brought by the Administrator under this act, the Administrator has no right to trial by jury. Added by Laws 1969, c. 352, § 6-114, eff. July 1, 1969.

The grant of powers to the Administrator in this article does not affect remedies available to debtors under this act or under other principles of law or equity. Added by Laws 1969, c. 352, § 6-115, eff. July 1, 1969.

examinations and reports. A. Upon the conclusion of any examination conducted by the Department of Consumer Credit pursuant to this or any other act administered by the Administrator of Consumer Credit, the Administrator may make and file in the Office of the Administrator a repo…

confidential. A. The following records in the Oklahoma Department of Consumer Credit are designated as public records: 1. All applications for licensure and supporting information with the exception of personal financial records of individual applicants, dates of birth, Social Se…

supervisory authority. A. A supervisory agency shall make available to a requesting agency any data obtained or generated by, and in the possession of, the supervisory agency and that the requesting agency deems necessary for review in connection with the supervision of any perso…

This part applies to a person other than a supervised financial organization or a person holding a license to make supervised loans issued under Part 5 of Article 3 of this act, engaged in making in this state consumer credit sales, consumer leases, or consumer loans and to a per…

(1) Persons subject to this part shall file notification with the Administrator within thirty (30) days after commencing business in this state, and thereafter, on or before January 31 of each year. The notification shall state (a) name of the person; (b) name in which business i…

(1) Any person required to file notification pursuant to the provisions of Section 6-201 of this title, on or before January 31 of each year, shall pay to the Administrator of Consumer Credit an annual fee as prescribed by rule, and an investigation fee of One Hundred Dollars ($1…

There is hereby created in the State Treasury a revolving fund for the Commission on Consumer Credit to be designated as the "Consumer Credit Administrative Expenses Revolving Fund". The fund shall be a continuing fund, not subject to fiscal year limitations and shall consist of …

(1) The Commission on Consumer Credit shall prescribe by administrative rules all fees authorized by the Uniform Consumer Credit Code, the Credit Services Organization Act, the Oklahoma Pawnshop Act, the Precious Metal and Gem Dealer Licensing Act, the Oklahoma Rental-Purchase Ac…

Expenses Revolving Fund. A. Beginning on the effective date of this act, ninety percent (90%) of all fees and civil penalties collected by the Department of Consumer Credit pursuant to the Uniform Consumer Credit Code, the Credit Services Organization Act, the Oklahoma Pawnshop A…

Credit - Administrator of Consumer Credit. There is hereby created: (a) the Department of Consumer Credit, (b) the Commission on Consumer Credit. The Commission shall be the policy-making and governing authority of the Department and shall appoint the Administrator and be respons…

A. The Commission on Consumer Credit shall consist of nine (9) members to be appointed by the Governor by and with the advice and consent of the Senate. The State Banking Commissioner shall be an ex officio voting tenth member of the Commission. B. It is unlawful for any member o…

Bipartisan composition. The Governor annually shall appoint one Commission member to serve at large for a term of five (5) years, expiring on January 1. However, for the initial appointments, the Governor shall appoint five at-large members, and designate one member to serve for …

Records - Rules and regulations. The Commission shall select a chair and is hereby authorized to adopt rules for conducting its proceedings. A majority of the voting members shall constitute a quorum for transacting Commission business. The Commission may meet monthly on such dat…

The Administrator of the Commission on Consumer Credit shall be a person of good moral character, at least twenty-five (25) years of age, and a resident taxpayer of Oklahoma, and shall have a minimum of five (5) years' experience with consumer credit and consumer transactions. Th…

The Administrator, with the approval of the Commission, may designate a deputy administrator, who shall satisfy and meet the same qualifications, including bond, required for the Administrator and who shall perform all the duties required to be performed by the Administrator when…

Before assuming office, the Administrator shall give a bond in the sum of Fifty Thousand Dollars ($50,000.00) payable to the State of Oklahoma, to be approved by the Attorney General of the State of Oklahoma, conditioned that he will faithfully execute the duties of his office. T…

The internal administrative organization of the Department shall be determined by the Commission in such manner as to promote the efficient and effective enforcement of this act. Added by Laws 1969, c. 352, § 6-509, eff. July 1, 1969.

The Administrator shall prepare in writing a manual of necessary employee positions for the Department, including job classifications, personnel qualifications, duties, maximum and minimum salary schedules, and other personnel information for approval by the Commission. The Admin…

(1) Except as otherwise provided in this section, this act takes effect at 12:01 a. m. on July 1, 1969. (2) To the extent appropriate to permit the Administrator to prepare for operation of this act when it takes effect and to act on applications for licenses to make supervised l…