STATE OF OKLAHOMA

2nd Session of the 54th Legislature (2014)

HOUSE BILL 3355	By:	Armes

AS INTRODUCED

An Act relating to consumer credit; amending 14A O.S. 2011, Section 6-303, as amended by Section 1, Chapter 328, O.S.L. 2012 (14A O.S. Supp. 2013, Section 6-303), which relates to fee collection; permitting Administrator to reduce annual license fees on a pro rata basis; directing Administrator notify licensees of reduction before certain date; providing exception for initial annual license fee; and providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     AMENDATORY     14A O.S. 2011, Section 6-303, as amended by Section 1, Chapter 328, O.S.L. 2012 (14A O.S. Supp. 2013, Section 6-303), is amended to read as follows:
Section 6-303.  (1)  Beginning on the effective date of this act, eighty percent (80%) of all fees and civil penalties collected by the Department of Consumer Credit pursuant to the Uniform Consumer Credit Code, the Credit Services Organization Act, the Oklahoma Pawnshop Act, the Precious Metal and Gem Dealer Licensing Act, the Oklahoma Rental-Purchase Act, the Oklahoma Health Spa Act, the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act and the Deferred Deposit Lending Act shall be deposited in the Consumer Credit Administrative Expenses Revolving Fund established in Section 6-301 of this title.
(2)  Beginning on the effective date of this act, twenty percent (20%) of all fees and civil penalties collected by the Department of Consumer Credit pursuant to the Uniform Consumer Credit Code, the Credit Services Organization Act, the Oklahoma Pawnshop Act, the Precious Metal and Gem Dealer Licensing Act, the Oklahoma Rental-Purchase Act, the Oklahoma Health Spa Act, the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act and the Deferred Deposit Lending Act shall be deposited in the General Revenue Fund of the State Treasury.
(3)  The provisions of this section shall not apply to fees received for the Oklahoma Mortgage Broker and Mortgage Loan Originator Recovery Fund and fees received from deferred deposit lenders for consumer counseling services pursuant to Section 3119 of Title 59 of the Oklahoma Statutes.
(4)  The Administrator of Consumer Credit may authorize refunds of a portion of collected reduce annual license fees to licensees on a pro rata basis at the conclusion of the annual for a specific license renewal process period.  Refunds made in accordance with this subsection shall be paid from the Consumer Credit Administrative Expenses Revolving Fund established in Section 6-301 of this title The Administrator shall notify licensees of an annual license fee reduction prior to November 1 of the specific license renewal period.  An annual license fee shall not include an initial annual license fee for purposes of this subsection.
SECTION 2.  This act shall become effective November 1, 2014.

54-2-8523	EK	12/10/13