Oklahoma Amends its Consumer Credit Code

Effective July 1, 2018, ninety percent (90%) of all fees and civil penalties collected under the Oklahoma Consumer Credit Code will be deposited in the Consumer Credit Administrative Expenses Revolving Fund, and ten percent (10%) will be deposited in Oklahoma’s General Revenue Fund. Currently, eighty percent (80%) of all fees and civil penalties collected under the Oklahoma Consumer Credit Code are deposited in the Consumer Credit Administrative Expenses Revolving Fund.

The Oklahoma legislature explained that the change will help reduce the amount remitted by the Oklahoma Department of Consumer Credit to the General Revenue Fund every year.

The entire bill can be found here.