Oklahoma § 59-3106 Prohibited acts.

Oklahoma Statutes

§ 59-3106 — Prohibited acts.

Oklahoma § 59-3106

Title 59Professions And Occupations

This text of Oklahoma § 59-3106 (Prohibited acts.) 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. 59, § 59-3106 (2026).

Text

A deferred deposit lender shall not: 1. Charge fees other than, or in excess of those authorized by the Deferred Deposit Lending Act; 2. Make deferred deposit loans at unlicensed locations; 3. Alter or delete the date on an instrument after it has been accepted by the lender pursuant to a deferred deposit loan; 4. Accept an undated instrument or an instrument dated on a date other than the date of the deferred deposit loan; 5. Accept an instrument unless the account on which the instrument is drawn is a legitimate, open and active account; 6. Require a debtor to provide security for the deferred deposit loan or require a debtor to provide a guaranty from another person; 7. Advance a loan amount greater than Five Hundred Dollars ($500.00) to a borrower in one deferred deposit loan transacti

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A deferred deposit lender shall not: 1. Charge fees other than, or in excess of those authorized by the Deferred Deposit Lending Act; 2. Make deferred deposit loans at unlicensed locations; 3. Alter or delete the date on an instrument after it has been accepted by the lender pursuant to a deferred deposit loan; 4. Accept an undated instrument or an instrument dated on a date other than the date of the deferred deposit loan; 5. Accept an instrument unless the account on which the instrument is drawn is a legitimate, open and active account; 6. Require a debtor to provide security for the deferred deposit loan or require a debtor to provide a guaranty from another person; 7. Advance a loan amount greater than Five Hundred Dollars ($500.00) to a borrower in one deferred deposit loan transaction exclusive of the finance charge allowed in Section 3108 of this title; 8. Engage in a deferred deposit loan with a term of less than twelve (12) days or more than forty-five (45) days; 9. Negotiate or present an instrument for payment unless the instrument is endorsed with the actual business name of the lender; 10. Negotiate any instrument presented by a borrower if the borrower has redeemed the instrument by paying the full amount due under the deferred deposit loan; 11. Make any charge for insurance in connection with a deferred deposit loan transaction; 12. Refuse the borrower’s right to rescind the deferred deposit loan at any time between the time of the deferred deposit loan transaction and 5 p.m. of the next business day following the deferred deposit loan transaction; 13. Charge the borrower an additional finance charge or fee for cashing a lender’s business instrument, if the lender pays the proceeds from the loan transaction in the form of a business instrument; 14. Require or accept more than one dated instrument per deferred deposit loan; or 15. Refuse the borrower’s right to enter into an installment payment plan, pursuant to this act.