Oklahoma Statutes
§ 14A-3-502 — Authority to make supervised loans - Administrative
Oklahoma·Title 14A Consumer Credit Code
actions against unlicensed persons.
(1)Unless a person is a supervised financial organization or has first obtained a license from the Administrator authorizing the person to make supervised loans, a person shall not engage in the business of:
(a)making supervised loans; or (b) taking assignments and undertaking direct collection of payments from or enforcement of rights against debtors arising from supervised loans.
(2)In addition to civil and criminal penalties, the Administrator may initiate administrative action against an unlicensed person as if the person held a license if the person is found to be engaging in the business of making supervised loans.
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Legislative History
Added by Laws 1969, c. 352, § 3-502, eff. July 1, 1969. Amended by Laws 2000, c. 217, § 14, eff. July 1, 2000.
Nearby Sections
15
§ 14A-1-101
Short title.§ 14A-1-102
Purposes - Rules of construction.§ 14A-1-104
Construction against implicit repeal.§ 14A-1-105
Repealed§ 14A-1-108
Effect of act on powers of organizations.§ 14A-1-110
Use of cash discounts.§ 14A-1-111
Location of amendments.§ 14A-1-201
Territorial application.§ 14A-1-201A
Extraterritorial application.§ 14A-1-202
Exclusions.§ 14A-1-301
General definitions.