Rental Purchase Lessor
STATUTES & RULES: Title 59 O.S. §§ 1950-1957 - Oklahoma Rental-Purchase Act
Oklahoma Administrative Code: Title 160, Chapters 1,3,5,35 (Click link and select "VIEW CODE", then Title 160 Department of Consumer Credit)
DESCRIPTION: This license allows a business to contract with individuals to provide the use of personal property for personal, family or household use in return for compensation. The initial period of agreement is 4 months or less: renewal with each payment thereafter. The renewal with additional payments allows the consumer to become the owner of the property.
TIME FRAME TO ISSUE: The approval process for this license requires 30 days to complete.
FEES: The fees for this license include a $200.00 license fee, $400.00 examination fee of books and records and $200.00 one-time Investigation Fee.
LICENSING PERIOD: This license is valid for one year, beginning January 1st. Click here to download the application and instructions.