ENGROSSED SENATE
BILL NO. 1940	By:	Newberry of the Senate

			and

		Armes of the House

[ Department of Consumer Credit - reduction in license fees - effective date - 		emergency ]

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~~ August 24, 2012, 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~~ August 24, 2012, 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 fees to licensees~~ reduce annual license fees on a pro rata basis ~~at the conclusion of the annual license renewal process.  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~~ for a specific renewal period.  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 does not include an initial annual license fee for purposes of this subsection.
SECTION 2.  This act shall become effective July 1, 2014.
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.
Passed the Senate the 10th day of March, 2014.

	
	Presiding Officer of the Senate

Passed the House of Representatives the ____ day of __________, 2014.

	
	Presiding Officer of the House
	of Representatives