STATE OF OKLAHOMA

2nd Session of the 53rd Legislature (2012)

HOUSE BILL 2305	By:	Hilliard

AS INTRODUCED

An Act relating to consumer credit; amending 14A O.S. 2011, Section 6-303, which relates to fees and deposits collected by the Department of Consumer Credit; modifying apportionment of fees; amending 14A O.S. 2011, Section 6-605, which relates to the Administrator; deleting requirement that salary be paid from funds appropriated by the Legislature; providing an effective date; and declaring an emergency.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     AMENDATORY     14A O.S. 2011, Section 6-303, is amended to read as follows:
Section 6-303.  (1)  Effective July 1, 2010 2012, seventy percent (70%) 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 Title 14A of the Oklahoma Statutes this title.
(2)  Effective July 1, 2010 2012, thirty percent (30%) 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)  On July 1, 2010, any unencumbered, unobligated and unexpended funds remaining in the Consumer Credit Investigation Fund, the Health Spa Revolving Fund, the Oklahoma Mortgage Broker and Mortgage Loan Originator Revolving Fund and the Oklahoma Deferred Deposit Lending Regulatory Revolving Fund shall be transferred to the credit of the Consumer Credit Administrative Expenses Revolving Fund.
(4)  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.
SECTION 2.     AMENDATORY     14A O.S. 2011, Section 6-506, is amended to read as follows:
Section 6-506.  The Administrator of the Commission on Consumer Credit shall be a person of good moral character, at least twenty‑five (25) years of age, and a resident taxpayer of Oklahoma, and shall have a minimum of five (5) years' experience with consumer credit and consumer transactions.  The Commission may also require additional qualifications.  The Administrator, while serving as such, shall not directly or indirectly be financially interested in or associated with any other person subject to the jurisdiction of the Commission or the Administrator.  The salary of the Administrator shall be fixed by the Commission, from appropriations made by the Legislature.
SECTION 3.  This act shall become effective July 1, 2012.
SECTION 4.  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.

53-2-8308	EK	01/08/12