§59-3103. Application of act.
209 words·~1 min read·
/ok/title-59-professions-and-occupations/59-3103·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The scope of this act shall not apply to a supervised lender licensed under the Uniform Consumer Credit Code. Further, nothing in this act shall modify, affect, alter, change or restrict practices or operations of supervised lenders under the Uniform Consumer Credit Code, rules of the Oklahoma Department of Consumer Credit or rules or interpretations of the Administrator of the Department of Consumer Credit.
B. Except as otherwise provided in subsection A of this section, the provisions of this act shall apply to all deferred deposit loans made; provided, the following lenders shall not be subject to the licensing requirements of this act:
1. A bank, savings institution, credit union or farm credit system organized under and regulated by the laws of the United States or any state;
2. Government or governmental agencies or instrumentalities; or
3. Pawnbrokers engaged in pawn transactions as defined in the Oklahoma Pawnshop Act.
C. The provisions of this act shall apply to transactions if the lender, wherever located, enters into the transaction with the debtor by mail, brochure, telephone, print, radio, television, Internet, or any other means. Added by Laws 2003, c. 240, § 3, eff. Sept. 1, 2003. Amended by Laws 2004, c. 557, § 2, emerg. eff. June 10, 2004.