About Us

History

The Department of Consumer Credit is a state regulatory agency originally created in 1969 to regulate the consumer lending business in Oklahoma through the newly adopted Oklahoma Consumer Credit Code. The Code represented the first body of law in Oklahoma comprehensively regulating non-commercial credit, small loans, installment sales and usury. Oklahoma was one of the first states in the nation to adopt a unified code in this field. The Code also exempts Oklahoma from federal regulation, although Oklahoma's rules must be substantially similar to Federal Truth in Lending requirements.

Over the years, the Oklahoma Legislature has given the following additional duties to the Department:

The rules of the Administrator of the Department promulgated pursuant to the above referenced Code and Acts are codified in the Oklahoma Administrative Code at Title 160.

The Department of Consumer Credit furthers understanding of the terms of credit transactions; protects consumer buyers, lessees and borrowers against unfair practices; permits and encourages the development of fair and economically sound consumer credit practices, and implements the Uniform Consumer Credit Code in the State of Oklahoma.

Mission Statement

We serve consumers and creditors through education, protection, and regulation.

The Commission

The Commission on Consumer Credit consists of eight members appointed by the Governor with the consent of the Senate. Five of those members are at-large members. The three additional members are appointed as follows: one member is recommended by the Oklahoma Consumer Finance Association, one from the Independent Finance Institute and one from the Oklahoma Pawnbrokers Association. The State Banking Commissioner is a non-voting ninth member of the Commission.

The term of each member is five years from the date of his appointment and qualification. Members of the Commission are eligible for reappointment. No more than three members at-large of the Commission are to be of the same political party. No more than two of the additional members are to be of the same political party.

OKDOCC Commissioners

Duties / Responsibilities

The Department of Consumer Credit is charged with the responsibility of administering the Uniform Consumer Credit Code, which includes provisions with respect to maximum charges, rate ceilings, disclosure requirements, enforcement rights, contract terms, advertising requirements and administration control. That responsibility includes investigation and licensing of creditors designated as Supervised Lenders, and regulation through filing of notice by non-lender extenders of credit. The Commission also has investigation and licensing duties under the Pawnshop Act, Precious Metal and Gem Dealers Act, Credit Services Organization Act, Health Spa Act and Rental-Purchase Lessor Act and the Mortgage Broker Licensure Act. The Commission conducts customer records exams of licensed Supervised Lenders, Pawnbrokers, Credit Service Organizations and Rental-Purchase Lessors.

Statutory References

Title 14A
Title 24, Section 131-147
Title 59, Sec. 1501-1515, 1521-1531, 1950-1957, 2000-2012, 2081-2091 and 3101-3118.

Oklahoma Department of Consumer Credit
4545 North Lincoln Boulevard, Suite 164
Oklahoma City, Oklahoma 73105-3403
Phone: (405) 521-3653 | Fax: (405) 521-6740
In-state Consumer Hotline: (800) 448-4904