LegalFix
Sign In

§59-3150.9. Transferability and assignability – Change of control requests.

59 OK Stat § 59-3150.9 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

A. A license issued pursuant to this act is not transferable or assignable.

B. 1. The prior written approval of the Administrator of the Department of Consumer Credit is required for the continued operation of a small loan business whenever a change in control of a licensee is proposed. The Administrator may require information deemed necessary to determine whether a new application is required. Reasonable and actual costs incurred by the Administrator in investigating a change-of-control request shall be paid by the person requesting approval. If the person acquiring control of a licensee is already licensed under this act, the person shall notify the Administrator thirty (30) days prior to the acquisition.

2. Whenever control is acquired or exercised in violation of this section, the license shall be deemed revoked as of the date of the unlawful acquisition of control. The licensee or its controlling person shall surrender the license to the Administrator on demand.

C. A licensee shall notify the Administrator thirty (30) days before any change in the licensee's principal place of business, branch office or name.

Added by Laws 2019, c. 89, § 11, eff. Nov. 1, 2019.

Previous Section
§59-3150.8. License expiration - Renewal.
Next Section
§59-3150.10. Limits on loan fees, interest rates, loan to income ratios – Payment methods.