§ 59-3119. Fee for deferred deposit loan - Funds to consumer credit counseling provider.

A.  Each lender shall pay five cents ($0.05) for each deferred deposit loan entered into to be deposited into the Consumer Credit Counseling Revolving Fund.  The schedule for payment shall be determined by the Administrator of Consumer Credit.  Lenders shall be prohibited from including such payment in the fees and charges provided for under Section 3108 of this title.  Ten percent (10%) of each scheduled payment of fees pursuant to this section may be transferred to the Consumer Credit Administrative Expenses Revolving Fund established in Section 6-301 of Title 14A of the Oklahoma Statutes for expenses incurred in administering the requirements of this section.

B.  Funds collected pursuant to this section shall be paid by the Administrator to a third-party, Oklahoma-based consumer credit counseling provider with a verifiable history of work with both industry and consumers in the appropriate field for a program of research and implementation of voluntary consumer counseling and education specifically designed for consumers utilizing deferred deposit loans.  The program shall be:

1.  Selected by a bid process, pursuant to The Oklahoma Central Purchasing Act; and

2.  Designed in consultation with representatives of both the industry and consumers.

Added by Laws 2004, c. 557, § 9, emerg. eff. June 10, 2004.  Amended by Laws 2010, c. 415, § 36, eff. July 1, 2010.