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 Oklahoma Statutes (Last Updated: September 18, 2014)
 Title 59. PROFESSIONS AND OCCUPATIONS

  § 59-3106. Prohibited acts.  

Latest version.

  • A deferred deposit lender shall not:

    1.  Charge fees other than, or in excess of those authorized by the Deferred Deposit Lending Act;

    2.  Make deferred deposit loans at unlicensed locations;

    3.  Alter or delete the date on an instrument after it has been accepted by the lender pursuant to a deferred deposit loan;

    4.  Accept an undated instrument or an instrument dated on a date other than the date of the deferred deposit loan;

    5.  Accept an instrument unless the account on which the instrument is drawn is a legitimate, open and active account;

    6.  Require a debtor to provide security for the deferred deposit loan or require a debtor to provide a guaranty from another person;

    7.  Advance a loan amount greater than Five Hundred Dollars ($500.00) to a borrower in one deferred deposit loan transaction exclusive of the finance charge allowed in Section 3108 of this title;

    8.  Engage in a deferred deposit loan with a term of less than twelve (12) days or more than forty-five (45) days;

    9.  Negotiate or present an instrument for payment unless the instrument is endorsed with the actual business name of the lender;

    10.  Negotiate any instrument presented by a borrower if the borrower has redeemed the instrument by paying the full amount due under the deferred deposit loan;

    11.  Make any charge for insurance in connection with a deferred deposit loan transaction;

    12.  Refuse the borrower’s right to rescind the deferred deposit loan at any time between the time of the deferred deposit loan transaction and 5 p.m. of the next business day following the deferred deposit loan transaction;

    13.  Charge the borrower an additional finance charge or fee for cashing a lender’s business instrument, if the lender pays the proceeds from the loan transaction in the form of a business instrument;

    14.  Require or accept more than one dated instrument per deferred deposit loan; or

    15.  Refuse the borrower’s right to enter into an installment payment plan, pursuant to this act.

Added by Laws 2003, c. 240, § 6, eff. Sept. 1, 2003.  Amended by Laws 2004, c. 557, § 4, emerg. eff. June 10, 2004.