History
The Department of Consumer Credit is a state regulatory agency originally created in 1969 to regulate the consumer lending business in Oklahoma through the newly adopted Oklahoma Uniform Consumer Credit Code. The Code represented the first body of law in Oklahoma comprehensively regulating non-commercial credit, small loans, installment sales and usury. Oklahoma was one of the first states in the nation to adopt a unified code in this field. The Code also exempts Oklahoma from federal regulation, although Oklahoma's rules must be substantially similar to Federal Truth in Lending requirements.
Over the years, the Oklahoma Legislature has given the following additional duties to the Department:
| Duties | Year | Title |
|---|---|---|
Oklahoma Pawnshop Act |
1972 |
Title 59 §§ 1501-1515 |
Precious Metal & Gem Dealer Licensing Act |
1981 |
Title 59 §§ 1521-1532 |
Credit Services Organization Act |
1987 |
Title 24 §§ 131-148 |
Oklahoma Health Spa Act |
1987 |
Title 59 §§ 2000-2012 |
Rental-Purchase Act |
1988 |
Title 59 §§ 1950-1957 |
Deferred Deposit Lender Act |
2003 |
Title 59 §§ 3101-3119 |
Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act |
2009 |
Title 59 §§ 2095-2095.26 |
Oklahoma Small Lender |
2019 |
Title 59 §§ 3150 -3150.27 |
The rules of the Administrator of the Department promulgated pursuant to the above referenced Code and Acts are codified in the Oklahoma Administrative Code at Title 160.
The Department of Consumer Credit furthers understanding of the terms of credit transactions; protects consumer buyers, lessees and borrowers against unfair practices; permits and encourages the development of fair and economically sound consumer credit practices, and implements the Uniform Consumer Credit Code in the State of Oklahoma.
