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53	53	STATE OF OKLAHOMA
54	54
55	55	1st Session of the 59th Legislature (2023)
56	56
57	57	SENATE BILL 211 By: Seifried
58	58
59	59
60	60
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63	63	AS INTRODUCED
64	64
65	65	An Act relating to the Uniform Consumer Credit Code ;
66	66	amending 14A O.S. 2021, Section 6-501, which relates
67	67	to the Commission on Consumer Credit; expanding
68	68	Commission with addi tional supervised lender;
69	69	updating statutory language; and providing an
70	70	effective date.
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75	75	BE IT ENACTED BY THE PEOPLE OF THE S TATE OF OKLAHOMA:
76	76	SECTION 1. AMENDATORY 14A O.S. 2021, Section 6-501, is
77	77	amended to read as follows:
78	78	Section 6-501. There is hereby created:
79	79	(a) the 1. The Department of Consumer Credit ,;
80	80	(b) the 2. The Commission on Consumer Credit. The Commission
81	81	shall be the policy-making and governing authority of the Department
82	82	and shall appoint the Administrator and be responsible for the
83	83	enforcement of the Uniform Consumer Credit Code ,;
84	84	(c) the 3. The Office of Administrator of Consumer Credit ,;
85	85	and
86	86	(d) the 4. The Consumer Credit Advisory Committee.
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138	138	(i) a. The Consumer Credit Advisory Committ ee shall be
139	139	appointed by the Commission on Consumer Credit and
140	140	shall consist of the following members: two three
141	141	licensed supervised lenders, one of whom shall be
142	142	recommended for appointment by the Oklahoma Consumer
143	143	Finance Association and, one of whom shall be
144	144	recommended for appointment by the Independent Finance
145	145	Institute, and one of whom shall be recommended for
146	146	appointment by the Oklahoma Consumer Credit Coal ition;
147	147	one licensed pawnbroker recommended for appointment by
148	148	the Oklahoma Pawnbrokers Associat ion; one licensed
149	149	mortgage broker and mortgage loan originator
150	150	recommended for appointment by the Oklahoma
151	151	Association of Mortgage Professionals; one licensed
152	152	rental dealer recommended for appointment by the
153	153	Oklahoma Rental Deal ers Association; one license d
154	154	precious metal and gem d ealer; one licensed health
155	155	spa; one licensed credit services organization; one
156	156	entity or individual that has filed notification
157	157	pursuant to Section 6 -202 of this title; one entity
158	158	licensed as a deferred deposit lender recommended for
159	159	appointment by the Com munity Financial Services
160	160	Association of America; and the Administrator of
161	161	Consumer Credit. The Administrator of Consumer Credit
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213	213	shall serve as the Ch air of the Advisory Committee.
214	214	If a licensee is an entity, the Commission may appoint
215	215	an employee of the licensed entity to serve on the
216	216	Consumer Credit Advisory Committee. The Commission
217	217	shall have authority to prescribe rules to govern
218	218	appointments to the Consumer Credit Advisory
219	219	Committee.
220	220	(ii) b. The appointments shall be a pub lic record of the
221	221	Department of Consumer Credit. The term of office for
222	222	each appointed member shall begin January 1, 2011, and
223	223	shall continue for a period of four (4) years exp iring
224	224	on January 1. For initial appointments, the
225	225	Commission shall appoint two members to serve for a
226	226	term of one (1) year, two members to serve for a term
227	227	of two (2) years, three members to serve for a term of
228	228	three (3) years, and three members to serve for a term
229	229	of four (4) years from their respective dates of
230	230	appointment and qualification. Each appointed m ember
231	231	shall be eligible for reappointment.
232	232	(iii) c. The Consumer Credit Advisory Committee may
233	233	advise the Commission of on Consumer Credit regarding
234	234	matters pertaining to the Department of Consumer
235	235	Credit and provide recommendatio ns. The Consumer
236	236	Credit Advisory Committee shall also have the
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288	288	authority to adopt rules for conducting its
289	289	proceedings.
290	290	(iv) d. The Consumer Credit Advisory Committee shall
291	291	meet on an annual basis and at such other times as
292	292	necessary.
293	293	(v) e. Meetings of the Consumer Credit Advisory
294	294	Committee shall be held in accordance with the
295	295	Oklahoma Open Meeting Act.
296	296	(vi) f. Members of the Consumer Credit Advisory
297	297	Committee may be reimbur sed for travel costs in
298	298	accordance with the State T ravel Reimbursement Act.
299	299	SECTION 2. This act shall become effective November 1, 2023.
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301	301	59-1-800 MR 1/9/2023 3:39:40 PM

Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB211 Compare Versions