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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 160. Department of Consumer Credit |
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Chapter 15. Pawn Transactions |
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Subchapter 5. Licensing |
SECTION 160:15-5-1. Licensure forms
Latest version.
- (1) The pawnbroker license application shall be completed by the entity seeking a pawnbroker's license and shall include all fees, forms and exhibits requested.(2) The Administrator may require any applicant to provide additional information. An application is not considered final until all requested information has been submitted. An application that is not reviewed for any failure on the part of the applicant shall be deemed to be a withdrawal of the application and not a denial.(3) The Administrator shall grant or deny a license application within sixty (60) days from the filing of a final application unless the period is extended by written agreement between the applicant and the Administrator [59:1505(C)].(b) License. The license, executed under the hand of the Administrator and delivered, is evidence of a pawnbroker's authority to transact business within Oklahoma.(c) Annual report. Annual reports shall be filed by all pawnbrokers and postmarked on or before the first day of May of each year, reporting pawn transactions and pledged goods not redeemed as of December 31st of the preceding year. The annual reports shall be confidential, but the Administrator may compile a statistical report using the information therein. [59:1508(G)] As a courtesy, the Department may mail a notice of annual report to each licensee, but the failure to do so shall not relieve any licensee of the duty to file timely or impair the authority of the Administrator against any licensee.(d) Renewal application. The pawnbroker license renewal application shall be completed by entities previously issued a license and shall be submitted with all fees and postmarked on or before the first day of December of each year [59:1506(C)]. As a courtesy, the Department may mail a notice of renewal to each licensee, but the failure to do so shall not relieve any licensee of the duty to renew timely or impair the authority of the Administrator against any licensee.(e) Delinquency notice. If the license is not renewed, a delinquency notice shall be mailed to the licensee. The license shall expire on December 31 of the year in which the annual fee has been paid or fifteen (15) days after the notice, whichever is later. [59:1506(C)]