Oklahoma Small Lender
STATUTE:
Title 59 O.S. §§ 3150-3150.27 Oklahoma Small Lenders Act
DESCRIPTION:
This license allows a person to engage in the business of making small loans in this state if the person regularly makes loans for a fee or induces a consumer, while located in this state, to enter into a small loan in this state through the use of facsimile, telephone, Internet or other means.
TIME FRAME TO ISSUE:
The approval process for this license may require up to 90 days to complete.
FEES:
The fees for this license include a $700.00 filing fee, $500.00 license fee and a $700.00 supervision fee of books and records for a total of $1900.
LICENSING PERIOD:
Calendar year, all licenses expire December 31st each year.
PREREQUISITES:
Completed application includes: a current audited financial statement showing $50,000 tangible net worth for each location, a surety bond in the amount of $25,000 per location (not to exceed an aggregate amount of $200,000).
