Any person licensed pursuant to the Deferred Deposit Lending Act may make application for licensure under the Oklahoma Small Lenders Act beginning on January 1, 2020. Beginning on and after August 1, 2020, no new deferred deposit loan may be entered into or transacted by a licensee or other person; provided, however, a licensed deferred deposit lender may continue to administer and collect all outstanding deferred deposit loan payments on all loans transacted before August 1, 2020, until such loans are paid in full according to the terms of the written loan agreements, at which time the licensee's authority under the Deferred Deposit Lending Act shall terminate and expire notwithstanding any period remaining on an existing deferred deposit lender's license. All Deferred Deposit Lending Act licenses shall be terminated and be deemed to have expired on August 1, 2020, upon the implementation of the Oklahoma Small Lenders Act, except as provided herein.
Added by Laws 2019, c. 89, § 1, eff. Nov. 1, 2019.