Oklahoma § 14A-3-502 Authority to make supervised loans - Administrative

Oklahoma Statutes

§ 14A-3-502 — Authority to make supervised loans - Administrative

Oklahoma § 14A-3-502

Title 14AConsumer Credit Code

This text of Oklahoma § 14A-3-502 (Authority to make supervised loans - Administrative) is published on Counsel Stack Legal Research, covering Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Okla. Stat. tit. 14A, § 14A-3-502 (2026).

Text

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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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.