Title 24, Debtor and Creditor

A debtor, within the meaning of this chapter, is one who, by reason of an existing obligation, is, or may become, liable to pay money to another, whether such liability is certain or contingent. R.L. 1910, § 2892.

Any person in this state indebted to other persons shall have the right to prefer one or more of such creditors in good faith to secure a valid debt, which preference may be manifested by payment, by mortgages, either real or chattel, or by the transfer of personal property or re…

This act shall be known and may be cited as the "Uniform Fraudulent Transfer Act". Added by Laws 1986, c. 100, § 1, eff. Nov. 1, 1986.

As used in the Uniform Fraudulent Transfer Act: 1. "Affiliate" means: a. a person who directly or indirectly owns, controls or holds with power to vote, twenty percent (20%) or more of the outstanding voting securities of the debtor, other than a person who holds the securities: …

A. A debtor is insolvent if the sum of the debtor's debts is greater than all of the debtor's assets at a fair valuation. B. A debtor who is generally not paying his debts as they become due is presumed to be insolvent. C. A partnership is insolvent pursuant to the provisions of …

A. Value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or an antecedent debt is secured or satisfied, but value does not include an unperformed promise made otherwise than in the ordinary course of the promisor's …

A. A transfer made or obligation incurred by a debtor is fraudulent as to a creditor, whether the creditor's claim arose before or after the transfer was made or the obligation was incurred, if the debtor made the transfer or incurred the obligation: 1. With actual intent to hind…

A. A transfer made or obligation incurred by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchang…

For the purposes of the Uniform Fraudulent Transfer Act: 1. A transfer is made: a. with respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perf…

A. In an action for relief against a transfer or obligation pursuant to the provisions of the Uniform Fraudulent Transfer Act, a creditor, subject to the limitations of Section 9 of this act, may obtain: 1. Avoidance of the transfer or obligation to the extent necessary to satisf…

In all cases where a debtor has fraudulently contracted a debt, or fraudulently incurred a liability or obligation, for which suit is about to be or has been brought, such debt, liability or obligation shall be deemed due at the time such liability was incurred. R.L. 1910, § 2902…

A. A transfer or obligation is not voidable as provided for in paragraph 1 of subsection A of Section 5 of this act against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee. B. Except as otherwise provided for i…

A cause of action with respect to a fraudulent transfer or obligation pursuant to the provisions of the Uniform Fraudulent Transfer Act, Section 112 et seq. of this title, is extinguished unless action is brought: 1. Pursuant to the provisions of paragraph 1 of subsection A of Se…

Unless displaced by the provisions of the Uniform Fraudulent Transfer Act, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency, or other validat…

The Uniform Fraudulent Transfer Act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this act among states enacting it. Added by Laws 1986, c. 100, § 12, eff. Nov. 1, 1986.

A. Whenever a credit life insurance policy or other insurance policy is obtained on the life of a debtor under or pursuant to the terms of a contract for the sale of a motor vehicle, merchandise or other property, the person, firm, company or corporation obtaining or receiving th…

This act shall be known and may be cited as the "Credit Services Organization Act". Added by Laws 1987, c. 35, § 1, emerg. eff. April 20, 1987.

As used in the Credit Services Organization Act: 1. "Buyer" means any individual who is solicited to purchase or who purchases the services of a credit services organization; 2. a. "Credit services organization" means any person who, with respect to the extension of credit by oth…

A credit services organization, its salespersons, agents, and representatives, and independent contractors who sell or attempt to sell the services of a credit services organization may not do any of the following: 1. Charge or receive any money or other valuable consideration pr…

If a credit services organization is in compliance with paragraph 1 of Section 3 of this act, the salesperson, agent, or representative who sells the services of that organization is not required to obtain a surety bond and establish a trust account. Provided, however, said organ…

Before the execution of a contract or agreement between the buyer and a credit services organization or before the receipt by the credit services organization of any money or other valuable consideration, whichever occurs first, the credit services organization shall provide the …

The information statement required pursuant to Section 5 of this act shall include all of the following: 1. a. a complete and accurate statement of the buyer's right to review any file on the buyer maintained by any consumer reporting agency, as provided under the Federal Fair Cr…

A. Each contract between the buyer and a credit services organization for the purchase of the services of the credit services organization shall be in writing, dated, signed by the buyer, and include the following: 1. A conspicuous statement in bold face type, in immediate proxim…

A. Any waiver by a buyer of any part of this act is void. Any attempt by a credit services organization to have a buyer waive rights given by this act is a violation of this act. B. In any proceeding involving this act, the burden of proving an exemption or an exception from a de…

A. Any buyer injured by a violation of this act may bring any action for recovery of damages. Judgment shall be entered for actual damages, but in no case less than the amount paid by the buyer to the credit services organization, plus reasonable attorney's fees and costs. An awa…

Any person, firm, company or corporation violating any of the provisions of this act shall be guilty of a misdemeanor and upon conviction thereof shall be fined not less than One Hundred Dollars ($100.00) nor more than Five Hundred Dollars ($500.00), or by imprisonment in the cou…

The Department of Consumer Credit shall administer and promulgate rules and regulations to implement the provisions of this act. Added by Laws 1987, c. 35, § 10, emerg. eff. April 20, 1987.

No person shall engage in business as a credit service organization without first obtaining a license from the Administrator pursuant to the provisions of the Credit Services Organization Act. Any extensions of credit brokered or arranged on behalf of a buyer by a credit service …

A. Applications for a credit service organization license shall be under oath and shall state the full name and place of residence of the applicant. If the applicant is a partnership, the full name and place of residence of each member thereof shall be stated. If the applicant is…

A. Upon the filing of an application and bond, payment of an annual license fee and an investigation fee, the Administrator of Consumer Credit shall conduct an investigation. If the Administrator finds that the financial responsibility, experience, character and general fitness o…

A. Each license shall state the name of the license and the address of which the business is to be conducted. The license shall be displayed at the place of business named in the license. The license shall not be transferable or assignable except upon approval by the Administrato…

A. The Administrator shall appoint an independent hearing examiner to conduct all administrative hearings involving alleged violations of the Credit Services Organization Act. The independent hearing examiner shall have authority to exercise all powers granted by Article II of th…

A. At such times as the Administrator of Consumer Credit may deem necessary, the Administrator or a duly authorized representative of the Administrator may make an examination of the place of business of each licensee and may inquire into and examine the transactions, books, acco…

A. Every consumer reporting agency shall, upon request and proper identification of any consumer, clearly and accurately disclose to the consumer: 1. The nature and substance of all information, except medical information, in its files on the consumer at the time of the request; …

A. Prior to requesting a consumer report for employment purposes, the requestor or user of the consumer report shall provide written notice to the person who is the subject of the consumer report. The notice shall inform the consumer that a consumer report will be used and the no…

This act shall be known and may be cited as the “Oklahoma Consumer Report Security Freeze Act”. Added by Laws 2006, c. 283, § 1, eff. Jan. 1, 2007.

No person, firm, company or corporation shall engage in or operate a business known as debt pooling. Laws 1957, p. 161, § 1.

As used in this act: 1. “Consumer” means an individual who is also a resident of this state; 2. “Consumer report” has the meaning ascribed to it in 15 U.S.C., Section 1681a(d); 3. “Consumer reporting agency” has the meaning ascribed to it in 15 U.S.C., Section 1681a(f); 4. “Prope…

A. A consumer may request that a security freeze be placed on his or her consumer report by sending a request in writing by certified mail to a consumer reporting agency at an address designated by the consumer reporting agency to receive such requests. This subsection does not p…

A. If the consumer wishes to allow his or her consumer report to be accessed for a specific period of time while a freeze is in place, he or she shall contact the consumer reporting agency using a method of contact designated by the consumer reporting agency, requesting that the …

A. A consumer reporting agency shall remove or temporarily lift a freeze placed on the consumer report of a consumer only in the following cases: 1. Upon consumer request, pursuant to Sections 4 and 6 of this act; or 2. If the consumer report of the consumer was frozen due to a m…

A. A security freeze shall remain in place until the consumer requests, using a method of contact designated by the consumer reporting agency, that the security freeze be removed. A consumer reporting agency shall remove a security freeze within three (3) business days of receivi…

The provisions of this act do not apply to the use of a consumer credit report by any of the following: 1. A person or entity, or a subsidiary, affiliate, or agent of that person or entity, or an assignee of a financial obligation owed by the consumer to that person or entity, or…

A. This act does not prevent a consumer reporting agency from charging a fee of no more than Ten Dollars ($10.00) to a consumer for each freeze, removal of the freeze, or temporary lifting of the freeze for a period of time, regarding access to a consumer credit report. B. A cons…

The following entities are not required to place a security freeze on a consumer report: 1. A consumer reporting agency that acts only as a reseller of credit information by assembling and merging information contained in the database of another consumer reporting agency or multi…

At any time a consumer is required to receive a summary of rights required under Section 1681g of Title 15 of the United States Code, the following notice shall be included: “Oklahoma Consumers Have the Right to Obtain a Security Freeze. You have a right to place a “security free…

A. Any person who willfully fails to comply with any requirement imposed under the provisions of this act with respect to any consumer is liable to that consumer in an amount equal to the sum of: 1. Any actual damages sustained by the consumer; and 2. In the case of any successfu…

Debt pooling is defined as making a contract with a particular debtor whereby the debtor agrees to pay a sum or sums of money periodically to the person engaged in the debt pooling who shall distribute the same among certain specified creditors in accordance with a plan agreed up…

This act shall be known and may be cited as the “Security Breach Notification Act”. Added by Laws 2008, c. 86, § 1, eff. Nov. 1, 2008.

As used in the Security Breach Notification Act: 1. “Breach of the security of a system” means the unauthorized access and acquisition of unencrypted and unredacted computerized data that compromises the security or confidentiality of personal information maintained by an individ…