Deferred Deposit Lender

STATUTES & RULES: 59 O.S. 3101-3119 (Click "next section" on each page to advance)
Oklahoma Administrative Code: Title 160, Chapters 1, 3, 5, 70

DESCRIPTION: This license allows a 12 to 45 day loan of $1 to $500 by accepting a dated instrument and agreeing to hold the instrument for a period of time.

TIME FRAME TO ISSUE: The approval process for this license may require up to 90 days to complete.

FEES: The fees for this license include a $500.00 investigation fee, $250.00 license fee and a $300.00 examination fee of books and records for a total of $1050.00.

LICENSING PERIOD: Calendar year, all licenses expire December 31^st each year.

RENEWAL PERIOD: This license may be renewed by submitting renewal documents and fees by December 1^st each year.

PREREQUISITES: Completed application includes a current financial statement showing net assets of at least $25,000.

Deferred Deposit Lending Act Rate Chart

Sample Repayment Plan

Payday Lending Borrowers Rights

Deferred Deposit Loan - Notice of Cancellation Suggested Language

Oklahoma Trends in Deferred Deposit Lending - March 2009

Letter regarding clarification for having two loans within 13 days

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