A. Beginning on August 1, 2020, no person shall engage in the business of making small loans as defined in this act, unless the person is licensed by the Department of Consumer Credit as provided by this act. A person shall be deemed to be engaged in the business of making small loans in this state if the person regularly makes loans for a fee or induces a consumer, while located in this state, to enter into a small loan in this state through the use of facsimile, telephone, Internet or other means. A separate license shall be required for each location from which the business of making small loans is conducted.

B. Any nonresident person seeking licensure under this act shall furnish the Administrator of the Department of Consumer Credit with the name and address of a resident of this state upon whom notices or orders issued by the Administrator, or process affecting a licensee under this act, may be served. A nonresident licensee shall notify the Administrator in writing of any change in its designated agent for service of process as provided in paragraph 2 of Section 5 of this act, and the change shall not become effective until approved by the Administrator.

C. No person doing business under the authority of any law of Oklahoma or of the United States relating to banks, savings institutions, trust companies, building and loan associations, industrial loan associations or credit unions shall be eligible for licensure under this act.

Added by Laws 2019, c. 89, § 4, eff. Nov. 1, 2019.