Okla. Stat. tit. 14A, § 3-502
Authority to Make Supervised Loans
Effective Jul 1, 2000Laws 1969, HB 1001, c. 352, § 3-502, emerg. eff. July 1, 1969; Amended by Laws 2000, SB 1481, c. 217, § 14, emerg. eff. July 1, 2000 (superseded document available).
(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.
Laws 1969, HB 1001, c. 352, § 3-502, emerg. eff. July 1, 1969; Amended by Laws 2000, SB 1481, c. 217, § 14, emerg. eff. July 1, 2000 (superseded document available).