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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 70. Deferred Deposit Lenders |
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Subchapter 3. Licensing |
SECTION 160:70-3-5. Change of ownership
Latest version.
- (a) At least thirty (30) days before any proposed change of ownership of any licensed deferred deposit lender, the licensed owner shall notify the Administrator of the intent to change ownership, and the proposed new owner shall apply for a license. The Administrator shall notify the licensed owner and the proposed new owner when the new owner's license application has been granted. After the licensed owner surrenders its license and transfers the ownership interest, a license shall be issued to the new owner.(b) If the change of ownership changes the payee on loan obligations, then the licensed owner shall notify the debtors of the change of ownership within thirty (30) days following the change of ownership. The notice shall include the business telephone number and mailing and business addresses of the new owner. The licensed owner shall certify to the Administrator the date the notice was mailed and shall attach a copy of the notice with a list of the names and addresses of the debtors notified.(c) For purposes of this section, "change of ownership" means a change of an individual owner; a change of partners; a change of the service agent or a change of the principal parties in interest in a corporation.