1. (1) On filing such application, bond, and payment of the required fees, the Administrator shall investigate the facts and if he shall find the financial responsibility, experience, character and general fitness of the applicant are such as to command the confidence of the public and to warrant belief the business will be operated lawfully and fairly, within the purposes of this act, and the applicant has available for the operation of such business net assets of at least Twenty-five Thousand Dollars ($25,000.00), he shall grant such application and issue to the applicant a license which shall be his license and authority to make supervised loans under the provisions of this act.
2. (2) If the Administrator shall not so find, he shall notify the applicant, who shall, on request within thirty (30) days be entitled to a hearing on such application within sixty (60) days after the date of said request. The investigation fee shall be retained by the Administrator, but the annual fee shall be returned to the applicant in the event of denial.
3. (3) The Administrator shall grant or deny each application for a license within sixty (60) days from its filing with the required fees, or, from the hearing thereon, if any, unless the period is extended by written agreement between the applicant and the Administrator.
4. (4) Each license shall state the address of the office from which the 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.
5. (5) Each license shall remain in full force and effect until relinquished, suspended, revoked or expired. Every licensee shall, on or before each December 1, pay to the Administrator One Hundred Fifty Dollars ($150.00) for each license held by him, as the annual fee for the succeeding calendar year. If the annual fee remains unpaid fifteen (15) days after written notice of delinquency has been given to the licensee by the Administrator the license shall thereupon expire but not before December 31 of any year for which an annual fee has been paid.
6. (6) Every licensee shall maintain net assets of at least Twenty-five Thousand Dollars ($25,000.00), either used or readily available for use, in the conduct of the business of each licensed office.
7. (7) A separate license shall be required for each office operated under this act. The Administrator may issue more than one license to any one person upon compliance with this part as to each license. Nothing contained herein, however, shall be construed to require a license for any place of business devoted to accounting or other record keeping and where supervised loans are not made.
8. (8) When a licensee wishes to move his office to another location he shall give thirty (30) days' written notice to the Administrator, who shall amend the license accordingly.

9. (9)

   1. (a) For purposes of this section (3-504), the term "office" shall mean a location occupied by a licensee with the following characteristics:

   2. i. a manager for the office who is not common to any other supervised lender's office,

      ii. a street and mailing address separate from any other supervised lender's office,

      iii. an entrance through which the public may access only one supervised lender's office,

      iv. separation from any other supervised lender's office by walls or otherwise and through which neither employees nor the public may pass, and

   3. v. any other characteristics required pursuant to rule adopted by the Administrator.
   4. (b) Any licensee holding a license prior to the effective date of this subsection (9) shall be subject to enforcement of the provisions of this subsection (9) from and after a transition period ending not later than May 31, 1998, in accordance with a transition rule to be adopted by the Administrator. Any licensee obtaining a license on or after the effective date of this act will be immediately subject to the requirements of this subsection (9).
10. (10) Any person holding a license under this act who shall violate any provision hereof shall be subject to forfeiture of each license held by him and if a corporation, its charter shall be subject to forfeiture, and it shall be the duty of the Attorney General, when any such violation is called to his attention, to file suit for such forfeiture of charter and cancellation of the license in a district court in Oklahoma County.

Laws 1969, HB 1001, c. 352, § 3-504, emerg. eff. July 1, 1969; Amended by Laws 1987, SB 61, c. 208, § 41, emerg. eff. July 1, 1987; Amended by Laws 1987, HB 1473, c. 236, § 67, emerg. eff. July 20, 1987; Amended by Laws 1997, HB 1393, c. 288, § 5 (superseded document available).