STATE OF OKLAHOMA

1st Session of the 53rd Legislature (2011)

HOUSE BILL 1198	By:	McDaniel (Jeannie)

AS INTRODUCED

An Act relating to consumer credit; creating the Task Force on Payday Lenders and Rental Purchase Lessors; providing for membership; requiring organizational meeting; providing for selection of chair and cochair; prescribing quorum requirement; prescribing areas of study; providing for travel reimbursement; providing for staff assistance; requiring final written report; specifying date of report; providing for termination of Task Force; providing for codification; providing an effective date; and declaring an emergency.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     NEW LAW     A new section of law to be codified in the Oklahoma Statutes as Section 6-601 of Title 14A, unless there is created a duplication in numbering, reads as follows:
A.  There is hereby created the Task Force on Payday Lenders and Rental Purchase Lessors.
B.  The Task Force shall be composed of nine (9) members to be appointed as follows:
1.  Three members to be appointed by the Governor;
2.  Three members, who shall be members of the Oklahoma House of Representatives, to be appointed by the Speaker of the Oklahoma House of Representatives; and
3.  Three members, who shall be members of the Oklahoma State Senate, to be appointed by the President Pro Tempore of the Oklahoma State Senate.
C.  Members of the Task Force shall serve at the pleasure of the appointing authority.  Vacancies in a position shall be filled in the same manner as the original appointment.
D.  The Task Force shall hold an organizational meeting not later than September 1, 2011.  The Task Force shall select from among its membership a chair and cochair.  Meetings of the Task Force shall be held at the call of the chair of the Task Force.  A quorum of the members present at a meeting of the Task Force shall be sufficient to conduct any business or to take any action authorized or required.
E.  The Task Force shall review the following topics:
1.  The Deferred Deposit Lending Act;
2.  Payday lending and rental purchase laws in other states; and
3.  Requiring payday lenders to comply with the interest caps on consumer loans.
F.  The Task Force shall be authorized to meet as necessary in order to perform the duties imposed upon it.  Legislative members of the Task Force shall be reimbursed for travel expenses pursuant to the provisions of Section 456 of Title 74 of the Oklahoma Statutes.  Other members of the Task Force shall be reimbursed by the respective appointing authorities pursuant to the State Travel Reimbursement Act.
G.  Staff assistance for the Task Force shall be provided by the staff of the Oklahoma House of Representative and the Oklahoma State Senate.
H.  The Task Force shall produce a final written report of its findings and any recommendations regarding state law with respect to payday lending and rental purchase lessors.  The report shall be submitted to the Governor, the Speaker of the Oklahoma House of Representatives and the President Pro Tempore of the Oklahoma State Senate not later than December 31, 2011.
I.  The Task Force shall terminate by operation of law on January 1, 2012.
SECTION 2.  This act shall become effective July 1, 2011.
SECTION 3.  It being immediately necessary for the preservation of the public peace, health and safety, an emergency is hereby 
declared to exist, by reason whereof this act shall take effect and be in full force from and after its passage and approval.

53-1-5575	EK	01/14/11