Oklahoma Amends Provisions under Consumer Credit Code
The state of Oklahoma has recently enacted Senate Bill No. 467 regarding the Consumer Credit Code and the Department of Consumer Credit, with an effective date of July 1, 2018.
In the state of Oklahoma, the Department of Consumer Credit receives funds from a variety of fees and civil penalties. These fees and penalties are collected pursuant to the following: the Uniform Consumer Credit Code, the Credit Services Organization Act, the Oklahoma Pawnshop Act, the Precious Metal and Gem Dealer Licensing Act, the Oklahoma Rental-Purchase Act, the Oklahoma Health Spa Act, the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act and the Deferred Deposit Lending Act.
The updated provisions state that 90% of the fees and penalties collected by the Department of Consumer Credit pursuant to these Acts must be deposited in the Consumer Credit Administrative Expenses Revolving Fund. The remaining 10% of fees and penalties collected under these Acts must be deposited in the General Revenue Fund of the State Treasury.
The regulations specifically exempt certain fees from these provisions. The provisions do not apply to fees received for the Oklahoma Mortgage Broker and Mortgage Loan Originator Recovery Fund, or fees received from deferred deposit lenders for consumer counseling services.
Finally, the Bill allows the Administrator of Consumer Credit to reduce annual license fees for a specified renewal period. If he or she chooses to do so, he or she must notify licensees of an annual license fee reduction before November 1 of the renewal period for that license.
Zachary Pearlstein, JD, is a Regulatory Compliance Director with CLA's Mortgage Advisory Division. He joined CLA on January 1, 2014, as part of its acquisition of Bankers Advisory, Inc. Zachary oversees Mortgage Advisory's regulatory compliance team, which focuses on federal and state compliance, fair lending, and the Home Mortgage Disclosure Act (HMDA). He is a graduate of Brandeis University and earned his juris doctor at Suffolk University Law School. He is admitted to the Massachusetts Bar.
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