§ 14A-6-303. Deposit of fees in Consumer Credit Administrative Expenses Revolving Fund.

(1)  Beginning on the effective date of this act, eighty percent (80%) of all fees and civil penalties collected by the Department of Consumer Credit pursuant to 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 shall be deposited in the Consumer Credit Administrative Expenses Revolving Fund established in Section 6-301 of this title.

(2)  Beginning on the effective date of this act, twenty percent (20%) of all fees and civil penalties collected by the Department of Consumer Credit pursuant to 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 shall be deposited in the General Revenue Fund of the State Treasury.

(3)  The provisions of this section shall not apply to fees received for the Oklahoma Mortgage Broker and Mortgage Loan Originator Recovery Fund and fees received from deferred deposit lenders for consumer counseling services pursuant to Section 3119 of Title 59 of the Oklahoma Statutes.

(4)  The Administrator of Consumer Credit may authorize refunds of a portion of collected fees to licensees on a pro rata basis at the conclusion of the annual license renewal process.  Refunds made in accordance with this subsection shall be paid from the Consumer Credit Administrative Expenses Revolving Fund established in Section 6-301 of this title.

Added by Laws 2010, c. 415, § 8, eff. July 1, 2010.  Amended by Laws 2012, c. 328, § 1.