Credit Services Organizations
STATUTES AND RULES:
Credit Services Organizations Act: Title 24 O.S. §§ 131-148
Oklahoma Administrative Code: Title 160 Chapters 1, 3, 5 and 30
DESCRIPTION:
This license allows a business to work with individuals to improve their credit history, record or rating, or to obtain an extension of credit for those individuals. Also, the business may provide advice or assistance with regard to credit issues.
TIME FRAME TO ISSUE:
The approval process for this license may require up to 60 days to complete.
FEES:
The fees for this license include a $300.00 one-time investigation fee, $200.00 license fee and a $400.00 fee for examination of books and records for a total of $900.00.
LICENSING PERIOD:
This license is valid for one year, beginning on January 1st.
PREREQUISITES:
The business must have a surety bond in the amount of $10,000.00 at the time of application.
