Definitions.

  1. Law
  2. Oklahoma Statutes
  3. Professions and Occupations
  4. Definitions.

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As used in this act, unless the context requires otherwise:

1. "Administrator" means the Administrator of the Department of Consumer Credit or the Administrator's designee;

2. "Affiliate" means a person or organization directly or indirectly controlling, controlled by or under common control with the licensee;

3. "Control" means possession, directly or indirectly, of the power to direct or cause the direction of management and policies of a person, whether through ownership of voting securities, by contract or otherwise. No individual shall be deemed to control a person solely on account of being a director, officer or employee of the person. For purposes of this paragraph, a person who directly or indirectly owns, controls, holds the power to vote or holds proxies representing twenty-five percent (25%) or more of the current outstanding voting securities issued by another person is presumed to control the other person, and the Administrator may determine whether a person, in fact, controls another person;

4. "Controlling person" means any person in control of a licensee;

5. "Department" means the Department of Consumer Credit;

6. "Small loan" means a loan made pursuant to a written agreement subject to this act between a licensee and customer establishing a credit plan under which the licensee contemplates credit transactions from time to time that:

  • a.shall be unsecured,
  • b.shall not have a term longer than twelve (12) months or less than sixty (60) days,
  • c.shall be fully amortized and payable in substantially equal periodic payments, and
  • d.are subject to prepayment in whole or in part at any time without penalty;

7. "Licensee" means a person licensed to offer small loans pursuant to this act;

8. "Person" means an individual, group of individuals, partnership, association, corporation or any other business, unit or legal entity; and

9. "Default" means:

  • a.the failure of a customer to make a required payment within a certain number of days of the due date as agreed upon by the licensee and the customer per the small loan agreement; provided, that such agreed-upon number of days not exceed sixty-one (61) days after a failure to make a required payment on the due date, or
  • b.the customer's failure to otherwise perform the obligations under the small loan agreement.

Added by Laws 2019, c. 89, § 3, eff. Nov. 1, 2019.


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