STATUTES & RULES: Uniform Consumer Credit Code § 14A 6-201 - 6-203. (Click "next section" on each page to advance)
Oklahoma Administrative Code: Title 160 (Click on Title 160: Department of Consumer Credit)
DESCRIPTION: Person other than a supervised financial organization or licensed supervised lender engaged in making consumer credit sales, consumer leases or consumer loans in the state of Oklahoma OR Persons with an office or place of business in Oklahoma that take assignments of and undertake direct collection of payments from or enforcement of rights against debtors arising from consumer credit sales, consumer leases or non-supervised consumer loans. Definitions:
"Consumer Credit Sales"; Uniform Consumer Credit Code §14A 2-104.
"Goods"; "Merchandise certificate"; "Sale of an Interest in land"; "Precomputed", Uniform Consumer Credit Code §14A 2-105.
Pursuant to Subsection 2009(B), Title 14A Sections 6-201 & 6-202 of the Oklahoma Statutes said Health Spas are required to file a Notification with Administrator of the Department of Consumer Credit within thirty (30) days after commencing business if the Spa performs any of the following:
- allows payments on purchases or services to be made in four or more installments
- assesses a finance charge or late charge on accounts
- arranges financing by assignment of a sales contract to a financial institution
PROCESS: This filing may by accomplished by contacting the Department of Consumer Credit for an application packet, or by downloading from the links below. Complete the application following the guidelines enclosed. Submit the application, including supporting documentation and proper fee, to the Department of Consumer Credit.
Oklahoma law requires NOTIFICATION filing by entities which undertake direct collection of payments from or enforcement of rights against debtors arising from consumer sales.
TIME FRAME TO ISSUE: The approval process may require up to 30 days to complete.
FEES: The initial application license fee is $120.00 and an investigation fee of $100.00; for a total of $220 for each business location. Click here for the form and instructions.
LICENSING PERIOD: This filing is valid for one year, beginning on February 1st.
RENEWAL PERIOD: Send the appropriate fees with renewal form to our office before January 31st each year.
2022 Dollar Changes July 1, 2022