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STATE OF OKLAHOMA
1st Session of the 59th Legislature (2023)
SENATE BILL 211 By: Seifried
AS INTRODUCED
An Act relating to the Uniform Consumer Credit Code ;
amending 14A O.S. 2021, Section 6-501, which relates
to the Commission on Consumer Credit; expanding
Commission with addi tional supervised lender;
updating statutory language; and providing an
effective date.
BE IT ENACTED BY THE PEOPLE OF THE S TATE OF OKLAHOMA:
SECTION 1. AMENDATORY 14A O.S. 2021, Section 6-501, is
amended to read as follows:
Section 6-501. There is hereby created:
(a) the 1. The Department of Consumer Credit ,;
(b) the 2. The Commission on Consumer Credit. The Commission
shall be the policy-making and governing authority of the Department
and shall appoint the Administrator and be responsible for the
enforcement of the Uniform Consumer Credit Code ,;
(c) the 3. The Office of Administrator of Consumer Credit ,;
and
(d) the 4. The Consumer Credit Advisory Committee.
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(i) a. The Consumer Credit Advisory Committ ee shall be
appointed by the Commission on Consumer Credit and
shall consist of the following members: two three
licensed supervised lenders, one of whom shall be
recommended for appointment by the Oklahoma Consumer
Finance Association and, one of whom shall be
recommended for appointment by the Independent Finance
Institute, and one of whom shall be recommended for
appointment by the Oklahoma Consumer Credit Coal ition;
one licensed pawnbroker recommended for appointment by
the Oklahoma Pawnbrokers Associat ion; one licensed
mortgage broker and mortgage loan originator
recommended for appointment by the Oklahoma
Association of Mortgage Professionals; one licensed
rental dealer recommended for appointment by the
Oklahoma Rental Deal ers Association; one license d
precious metal and gem d ealer; one licensed health
spa; one licensed credit services organization; one
entity or individual that has filed notification
pursuant to Section 6 -202 of this title; one entity
licensed as a deferred deposit lender recommended for
appointment by the Com munity Financial Services
Association of America; and the Administrator of
Consumer Credit. The Administrator of Consumer Credit
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shall serve as the Ch air of the Advisory Committee.
If a licensee is an entity, the Commission may appoint
an employee of the licensed entity to serve on the
Consumer Credit Advisory Committee. The Commission
shall have authority to prescribe rules to govern
appointments to the Consumer Credit Advisory
Committee.
(ii) b. The appointments shall be a pub lic record of the
Department of Consumer Credit. The term of office for
each appointed member shall begin January 1, 2011, and
shall continue for a period of four (4) years exp iring
on January 1. For initial appointments, the
Commission shall appoint two members to serve for a
term of one (1) year, two members to serve for a term
of two (2) years, three members to serve for a term of
three (3) years, and three members to serve for a term
of four (4) years from their respective dates of
appointment and qualification. Each appointed m ember
shall be eligible for reappointment.
(iii) c. The Consumer Credit Advisory Committee may
advise the Commission of on Consumer Credit regarding
matters pertaining to the Department of Consumer
Credit and provide recommendatio ns. The Consumer
Credit Advisory Committee shall also have the
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authority to adopt rules for conducting its
proceedings.
(iv) d. The Consumer Credit Advisory Committee shall
meet on an annual basis and at such other times as
necessary.
(v) e. Meetings of the Consumer Credit Advisory
Committee shall be held in accordance with the
Oklahoma Open Meeting Act.
(vi) f. Members of the Consumer Credit Advisory
Committee may be reimbur sed for travel costs in
accordance with the State T ravel Reimbursement Act.
SECTION 2. This act shall become effective November 1, 2023.
59-1-800 MR 1/9/2023 3:39:40 PM