Supervised Lender
STATUTE: 14A O.S. 1-101 (Click "next section" on each page to advance)
Oklahoma Administrative Code: Title 160, Chapters 1, 3, 5, 10, 20, 25, 45, 65 (Click on Title 160: Department of Consumer Credit)
DESCRIPTION: This license allows a lender, as a business, to make or take assignment of supervised loans from other Consumer Credit organizations.
TIME FRAME TO ISSUE: The approval process for this license requires up to 90 days to complete.
FEES: The fees for this license include a $425.00 one-time investigation fee, a $290.00 license fee and a $500.00 examination fee of books and records.
LICENSING PERIOD: This license is valid for one year, beginning on January 1st. Click Here to download the application and instructions.
PREREQUISITES: The business must have a $5,000 surety bond, and a financial statement showing net assets of at least $25,000.
2023 Dollar Changes July 1, 2023
2023 Loan Rate Chart, effective July 1, 2023
2023 Daily Refund Chart, effective July 1, 2023
Federal Fund Rate Instructions for SL-A lenders
Oklahoma Consumer Finance Association Website