Okla. Stat. tit. 59 § 1952

Current through Laws 2024, c. 453.

Section 1952 - License required - Contents - Display - Transferability - Multiple licenses - Exemptions - Applications - Contents - Modifications - Forms

A. No person shall engage in business as a rental-purchase lessor without first obtaining a license issued by the Administrator. Each license shall state the address of the office from which business is to be conducted and the name of the licensee. 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 Administrator. A separate license shall be required for each office operated pursuant to the Oklahoma Rental-Purchase Act. The Administrator may issue more than one license to any one person upon compliance with this section as to each license. This subsection shall not be construed to require a license for any place of business devoted to accounting or other record keeping and where rental-purchase agreements are not made.

B. Each person shall file a license application form with the Administrator within thirty (30) days prior to commencing business in this state for each place of business in which rental-purchase agreements are transacted, and thereafter, by December 1st of each year. The license application must state:

1. The name of the person;

2. The name in which business is transacted if different from paragraph 1 or 3 of this subsection;

3. The address of the principal office;

4. An indication that the lessor engages in the business of making rental-purchase agreements;

5. The address of the designated agent upon whom service of process may be made in this state; and

6. Such other relevant information as the Administrator may desire.

C. If information in an application becomes inaccurate after filing, modifications to the application shall be brought to the attention of the Department of Consumer Credit within thirty (30) days from such change.

D. The license application shall be on a form or forms provided by the Administrator.

Okla. Stat. tit. 59, § 1952

Added by Laws 1988, c. 106, § 3, eff. 11/1/1988. Amended by Laws 1989, c. 106, § 2, emerg. eff. 4/26/1989.